Total control, zero hassle with accounts payable automation
Are you tired of inefficient and long-lasting AP invoicing? Leave manual data entry and human errors in the past. Our accounts payable automation software streamlines invoice approvals and verification, freeing up your team to focus on what truly matters.
What is AP automation software?
Accounts payable (AP) automation software simplifies and automates the entire invoice and payment process. It captures invoices from multiple sources, extracts essential data, routes them for approval, and handles payments electronically. As a result, software minimizes manual work and reduces the risk of human error.
Accounts payable solution with a real impact
less manual data entry
faster approvals
lower invoice processing costs
faster month-end close
Fix AP bottlenecks once and for all with the accounts payable software
Accounts payable automation provides your team with full visibility, control, and the tools to speed up processes.
Manual approval workflows often lead to invoices getting lost or overlooked in email chains. Remote teams or different time zones make delays worse, causing approvals to pile up and create bottlenecks.
AP automation solves this by routing invoices to the right people at the right time. Teams can approve invoices from anywhere with cloud access and the dedicated mobile app. Automated notifications and real-time tracking ensure nothing gets lost or forgotten.
Without a centralized system, AP teams struggle to track invoices through the approval and payment processes. This lack of visibility makes it hard to spot outstanding invoices, identify discrepancies, and forecast cash flow.
Accounts payable automation software provides teams with real-time visibility into invoice statuses. Plus, it’s easy to find related documents and improve cash flow forecasting within a single, streamlined platform.
Lost early payment discounts are essentially free savings wasted due to delays in invoice processing. Worse yet, consistently late payments can erode supplier trust, leading to higher costs and less favorable payment terms in future negotiations.
With Precoro, tracking upcoming invoices is effortless. Streamlining routine tasks reduces manual errors and ensures timely processing. Automated AP operations help businesses maintain strong supplier relationships and secure early payment discounts.
AP teams are frequent targets for fraud, particularly when invoices are processed manually or through insecure channels. Fraudulent invoices, altered payment details, or internal mistakes can result in major financial losses.
Accounts payable automation boosts security with automatic 3-way matching to verify invoices before payment. Encrypted digital channels reduce the risk of fraud or altered payment details. Meanwhile, built-in approval workflows and audit trails provide full transparency and accountability.
As businesses grow, so does the volume of invoices and payments. Manual AP invoicing that worked for a smaller company quickly becomes inefficient when the business scales. As a result, teams struggle with more workload, errors, and delays.
AP automation software scales with your business, handling increasing invoice volumes with ease. By automating tasks and centralizing data, it reduces manual work, cuts errors, and prevents delays. This keeps workloads manageable without sacrificing accuracy or speed.
For global businesses, managing AP invoicing across different currencies, tax regulations, and regions is overwhelming. Without automation, tracking exchange rates, tax compliance, and local payment terms becomes time-consuming and error-prone.
Account payable automation simplifies managing global payments by automating currency conversions and tax calculations. This helps global businesses stay compliant with regional regulations, no matter how complex their operations become.
Award-winning platform chosen by 1,000+ companies worldwide
Streamline AP operations for everyone’s convenience
Precoro minimizes the manual work and offers a clear view of every invoice. That way, your team can handle cash flow smoothly and keep suppliers happy without the hassle.
Accounts payable team
Precoro’s AI-driven OCR technology automatically extracts all fields from uploaded supplier invoices, reducing manual data entry and errors. Our software for accounts payable instantly routes invoices for approval, eliminating the risk of lost emails or invoice status confusion. Moreover, the finance team can complete three-way matching in seconds as our AP automation software automatically verifies invoices against purchase orders and receipts, alerting users to discrepancies. Accounts payable automation is key to avoiding invoice duplicates, late payments, and unauthorized spending.
Other employees
With accounts payable automation, employees can easily submit purchase requisitions and requests for expense reimbursements in one centralized system. This ensures faster approvals and compliance with company policies. No more chasing the AP team — employees can track invoice approvals and payment statuses in real time. Plus, there’s no need for back-and-forth emails or hunting down missing documents when purchase orders, invoices, and receipts are all stored in a single system.
Suppliers
The best accounts payable automation software comes with a dedicated Supplier Portal and allows vendors to create invoices directly from purchase orders. If needed, suppliers can edit invoices and track their statuses in real time. By using accounts payable management software like Precoro, the company and its suppliers can foster trustworthy relationships and benefit from timely AP closure.
Improve the accounts payable process step-by-step with AP automation software
Use Precoro’s functionality to make the most out of automated AP operations. Streamline daily work and close accounts payable faster than ever — all while saving time and reducing costs.
Receiving and recording an invoice
AP automation software makes invoice processing a breeze. Precoro offers multiple easy ways to upload supplier invoices, streamlining the process with:
- Flexible creation options. Create a new invoice from scratch or from a PO, or let your supplier submit an invoice directly via the Supplier Portal.
- Optical character recognition. Attach scanned documents and get notified when they’re created in our accounts payable solution. Precoro uses Google’s AI for maximum accuracy in prefilled invoices.
Making sure the invoice is legit
Finance teams use our AP automation solution to quickly match the purchase order, receipt, and invoice to verify that the supplier invoice is valid. Some companies only conduct the 2-way matching of POs and invoices. Precoro helps with:
- Automatic matching. Perform 2- or 3-way matching automatically to quickly identify discrepancies.
- Centralized document storage. Store all the documents in the accounts payable software, interlink them, and access them anytime
Approving the invoice for payment
Once the invoice is verified, it moves through the approval process. In Precoro, AP managers can set up sequential or parallel approval workflows for different invoices based on factors like invoice amount or supplier. Our accounts payable automation software streamlines approvals with:
- Multi-level approval workflows. Route invoices to the correct approvers automatically.
- Budgeting. Set and track budget limitations to regulate cash flow.
Executing payment
The AP team can easily select approved invoices in the accounts payable software solution and proceed with payment. The system records current financial data and payment history for analysis and auditing. Precoro makes the payment process easier with the following:
- Statuses. Track real-time statuses to filter invoices that need to be paid.
- Reporting. Easily access the necessary data and create custom reports to get spending insights.
Benefit from accounts payable automation and free up time for more strategic tasks
With accounts payable software, small businesses, midsize companies, and enterprises can work magic on their AP operations. Take a look at the benefits that come with our accounts payable solution.
Streamlined invoice management
Receive, record, validate, and approve invoices within one platform. Centralize invoice processing and eliminate risks associated with manual invoicing by switching to accounts payable management software.
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Record invoices in the system as soon as they’re received. You can use our AI-powered OCR to fully automate the process.
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Don’t risk losing invoices in old emails and missing a due date. Implementing the accounts payable solution saves employees hours of document search.
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Create customizable approval workflows and enable parallel approvals to ensure invoice processing runs like clockwork.
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Ensure stakeholders get timely notifications the moment an invoice is ready for review, so approvals happen quickly and payments stay on schedule.
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Minimize the risk of late payment fees and even qualify for early payment discounts.
Increased visibility and overall transparency
Keep everything in the accounts payable management software to fully control the procure-to-pay cycle and easily analyze the audit trail. Check the status of any invoice at any time and get notified when it changes.
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Achieve absolute transparency and prevent expensive mistakes by centralizing data in a dedicated AP automation solution.
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Protect your company from intentional fraud or accidental discrepancies and avoid additional penalties with automated AP operations.
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Generate comprehensive preset reports to monitor current accounts payable balances, analyze historical spending, prepare data-based projections, and thoughtfully plan your finance strategy.
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Create custom reports with over 150 reporting data points to get insights into the accounts payable data you need.
Cost and resource optimization
Get rid of paperwork using our accounts payable automation software. After implementing AP automation practices, invoice processing will cost a fraction of what it used to and take much less time.
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Say goodbye to maverick spending and duplicate payments thanks to automated data recognition, 2- and 3-way matching, and invoice approval workflows.
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Leave human errors in the past and design a reliable invoice processing workflow using accounts payable software.
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Cut down the time spent on invoice processing, saving the company money and giving the finance team more hours to focus on the strategic tasks.
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Boost visibility and control with interactive dashboards and real-time invoice statuses, ensuring accurate reporting and better cash flow management.
Better collaboration with suppliers
Using the AP automation solution, you can process documents from vendors faster and keep invoices recorded and paid on time. Build trust and transparency with suppliers, making sure everyone is well aware of details surrounding the AP operations.
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Process invoices timely and prevent late fees or any issues that might arise due to non-compliance with the pre-agreed terms.
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Invite your preferred vendors to join our dedicated Supplier Portal.
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Your suppliers can generate invoices themselves and send them to you directly within the system.
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Both your company and the supplier can track order statuses and invoice progress without the need for constant back-and-forth.
Enhanced data security
Implement our software for accounts payable to enhance data security and ensure that only authorized team members are involved. With Precoro, your data is protected from external breaches and hackers.
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Instead of sending sensitive company information via email or post, transmit it securely via Precoro’s protected system.
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Limit employee access to documents, budgets, approval workflows, and supplier data by configuring user roles in the AP automation software.
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Track who made changes to each document, ensuring better accountability, reducing human error, and minimizing fraud.
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Choose your preferred server location (US or EU) during account setup. We value your trust, which is why our cloud-based accounts payable management software uses secure, compliant hosting facilities across multiple regions.
Integrations with other platforms
Stop entering the same data into multiple business tools. Our accounts payable software solution simplifies the sync between accounting, procurement, and finance with its built-in integrations.
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Seamlessly connect with your ERP system to streamline data flow and maintain accurate records across all departments.
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Send purchase orders and invoices directly to your accounting software to speed up AP invoicing and pay bills faster.
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Avoid typos by synchronizing company and vendor data across your software stack.
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Use punchout catalogs to access product lists and pricing from your preferred suppliers, all within our AP automation solution.
Accounts payable automation is easier with Precoro’s extensive integrations
Supercharge your AP invoicing with smooth, seamless integrations. Precoro connects effortlessly to your favorite ERP, accounting, and business software, including QuickBooks, Xero, and NetSuite. Approve invoices from Slack and browse products directly in Precoro via punchout catalogs. Plus, you can create custom integrations with other tools using API.
Fisher Scientific PunchOut
Automate procurement of laboratory equipment, chemicals, and supplies by accessing Fisher Scientific’s full catalog directly from Precoro.
Grainger PunchOut
Simplify the process of purchasing industrial supplies by shopping directly in Grainger and having all item details automatically imported into Precoro PO or PR.
Sage Intacct
Simplify accounting with automated sync of invoices, suppliers, payments, and more between Precoro and Sage Intacct.
QuickBooks Desktop
Integrate Precoro with QuickBooks Desktop to sync invoices, payments, GL accounts, and tax codes seamlessly.
QuickBooks Online
Send orders, bills, and vendors from Precoro to QuickBooks Online automatically.
Xero
Sync POs, invoices, and supplier info from Precoro to Xero accounting software.
Value in every click
Our AI-powered accounts payable automation solution revolutionizes how you receive, process, and pay invoices and boosts efficiency, visibility, and control. Our platform easily integrates with your existing ERP or accounting system and allows you to manage invoices and make payments entirely paper-free.
Ready to see how accounts payable automation software can save you money?
Find actionable tips about automated AP operations and procurement
Check out our blog to learn more about accounts payable automation and other closely related business topics. We discuss ways to streamline invoice processing, improve supplier relationship management, and achieve procurement excellence.
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Spend Management
Implement the best spend management software to ensure 100% spend control and achieve up to 5% of yearly budget savings.
Procure-to-Pay Automation
Adopt procure-to-pay software and simplify your workday – because you can’t manage everything in spreadsheets forever.
Accounts Payable Automation
Optimize your accounts payable operations by automating manual processes with Precoro. Simplify document processing and focus on strategic tasks.
Supplier Relationship Management
Streamline your supplier management. Onboard and evaluate suppliers with ease and provide them with a convenient tool for cooperation.
Vendor Management
Build better relationships with vendors and get better deals. Check out how Precoro streamlines onboarding, evaluating, tracking, and collaborating with vendors.
Purchase Requisition Management
Use straightforward purchase requisition software with easy-to-follow templates and customizable approval workflows.
Mobile Procurement
Speed up procurement processes with the Precoro mobile app. Easily monitor spending, approve orders, and collaborate with your team on the go.
Intake Management
Transform your requesting and buying processes with seamless, effortless intake management.
Three-Way Matching and OCR
Check out how our 3-way match software uses Google's custom data extractor to process invoices and match them to POs and receipts.
Invoice Approval Process
Approve invoices 3.5x faster with Precoro. Enjoy full visibility into documents and pay only for verified bills.
AI in Procurement
Simplify your AP workload and achieve flawless document accuracy with our AI procurement software.
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