Optimize across POs, invoicing, approvals,
and payments with Corcentric
Accounts Payable Automation
Whether you are a small business or a large public enterprise, automating your accounts payable process, end-to-end, eliminates costly, time-consuming manual tasks. That’s where our accounts payable automation software comes in. Cor360 Payables Automation solution gives you the power to manage 100% of your invoices electronically, reducing invoice processing cost by up to 80% and unlocking the strategic value of AP automation from day one. Remove bottlenecks, establish compliance, and improve supply chain visibility with Cor360 Payables Automation.
on day 1
Standardize the coding and approval workflow so your AP teams can move invoices from receipt to payment faster, and with fewer errors.
With 24/7 accessibility and visibility, you always view invoice status in real time, relieving those pain points that inhibit efficiency and accuracy.
Automated payments eliminate manual checks
Effortless integration with your existing ERP platform ensures greater accuracy and timeliness of payments, freeing up your team for more strategic endeavors.
on real-time and historical data
A wide range of on-demand reporting capabilities provides the information necessary to gain greater control over your cash flow and working capital.
Electronic Purchase Orders
Paper and manual handling slow down the purchase order process; remove both with Cor360 Purchase Order. Electronically create POs, automatically route them for approval, and transmit them to suppliers. If you don’t currently use manual or electronic purchase orders, you’re relinquishing cost-saving benefits.
Reduce the cost, time, and errors inherent in manual, paper-based processes by shifting to electronic invoicing. Electronic invoicing gives you the ability to create a solution that fits your unique business, including configuration of rules, parameter and threshold definitions, online supplier portal, and scan-and-capture capability as needed that turns paper invoices into e-invoices.
Automating the approval process can reduce invoice processing time by up to 70% and eliminate the possibility of duplicate payments. Ensure accuracy and timing of payments through Cor360 Approval Workflow’s automated three-way match capability that matches invoices to POs and receipt of goods, without human intervention.
Automated B2B Payments
Centralize and manage 100% of your payments electronically with Corcentric Payments via ACH, wire, vCard/p-Card, or check. Automated payments cost an average of $2.94/invoice vs. $15.96/invoice with manual processes. Plus, you will significantly reduce the chance for check fraud.
When it comes to enterprise resource planning (ERP), you need to break down barriers between business units so that you achieve cash flow visibility and process efficiency across the entire organization. One key struggle companies have is to integrate their ERP system with their other systems. The Cor360 Payables Automation solution is designed to integrate seamlessly with any ERP or accounting system.
Accounts Payable Automation FAQs
AP Automation is the application of cloud-based technology to optimize the flow of invoices through your business, thereby reducing costs, increasing efficiency and accuracy, and providing visibility into the status of every invoice and expense.
AP automation does this by eliminating manual and paper-based processes. You can streamline the workflows, from invoice receipt to approval routing to purchase order and receipt matching. This enables analysis and exception management to be the focal points of your accounting process. This seamlessly then captures final approval and a full payment process.
Corcentric’s SaaS solution, Cor360 Payables Automation, takes this a step further by automating the entire transaction process, from electronic purchase orders to automated B2B payments.
Automating accounts payable allows you to process invoices up to 70% faster, reduce invoice processing costs by up to 80%, and handle 100% of payment disbursements.
AP automation also allows the department to scale for growth without increasing the number of AP employees. Some other benefits are better supply chain visibility, greater compliance; fewer disputes, and elimination of duplicate invoices; and freeing up your AP team’s time so they can focus on value-added tasks. Details of these benefits can be found in our Definitive Guide to Accounts Payable Automation.
Automation enables AP to process invoices up to 70% faster, thus cutting both cost and time.
The average cost to manually process an invoice is $15.96 compared to $2.94 per invoice for best-in-class AP teams that have implemented automation.
It’s all about streamlining the approval workflow. Automation eliminates the need for time-consuming manual matching and approval of invoices. Automating the process cuts exceptions and other bottlenecks; issues which require valuable AP time to resolve.
Manual keying of invoices is error-prone while automating the process ensures data accuracy. Automation also eliminates the likelihood of lost or misplaced invoices. Errors and lost or misplaced invoices can lead to delayed or late payments, impacting relationships with suppliers.
When you remove paper and manual tasks from the invoice approval process, you also remove the incidence of lost invoices and mis-keyed data.
With Cor360 Approval Workflow, you become 100% paperless from Day 1. Our Smart Routing technology ensures invoices are routed to the appropriate person for approval and review.
Cor360 Approval Workflow’s automated three-way match capability matches invoices to POs and receipt of goods without human intervention. This allows invoices that match to be routed straight through to your ERP or accounting system for accurate and timely payment.
An e-invoice is a fully digital electronic document from the point of creation straight through to its approval and entry into the company’s ERP or AP system. An e-invoice is not a fax, email, or pdf.
Corcentric’s e-invoicing software can help make you paperless from Day 1 by centralizing and digitizing all your invoices. We set up managed digital and physical mailboxes so all of your invoices can be immediately centralized and converted to accurate, easy-to-manage electronic invoices.
Our e-invoicing solution lets you define the allowable parameters for invoice conversion, configure invoicing rules to fit your business, and generate audit trails quickly.
The gold standard for AP is matching an invoice to its PO and Receipt of Goods. However, manually matching invoices to POs is extremely inefficient.
What makes Corcentric’s three-way match capability so compelling is our matching algorithm that gives you full control over how invoices match and what line-item matching fields are required.
This enables the vast majority of invoices to pass straight through to your AP system or ERP for payment, and provides confidence that payments are accurate.
Digitizing and centralizing every invoice provides real-time, 24/7 visibility into the approval and payment status of every invoice.
That visibility into invoices and spend can give better insight into your Days Payable Outstanding (DPO), capture early payment discounts, and enable better forecasting and more informed decision making.
Corcentric’s Supplier Portal gives your suppliers visibility into their own invoice status. This will reduce the amount of time your employees spend answering inquiries and handling disputes.
Automation technology allows finance departments to control payables more effectively and provides real-time visibility into liabilities. By gaining insight into DPO, AP can define better payment timeframes and capture supplier discounts.
Corcentric’s Cor360 Payables Automation also provides a wide range of on-demand reporting capabilities, which reveals the information necessary to gain greater control over cash flow and working capital.
Some solutions find ERP integration problematic. Our automation solution is ERP-agnostic, integrating seamlessly with all popular ERP, financial systems, and enterprise platforms. There is no need for laborious synchronization processes or complex data extraction algorithms.
Suppliers need to know when their invoices will be paid and if there are any exceptions that could impede payment. Automation streamlines the invoice approval process and substantially reduces late payments and thus, reduces payables friction.
Corcentric’s Supplier Portal lets suppliers see the date and amount of every payment to increase transparency. Corcentric can make those payments via paper check, ACH, ghost cards, wire, Vcards, or whatever medium you and your supplier agree on.
Corcentric can also provide accelerated payments to suppliers with our supply chain financing capability.
Corcentric will scan, capture, and convert paper to 100% electronic invoices at our Invoice Virtualization Center, whether they are submitted via PDF, web, fax, email, or snail mail.
Using invoice scanning and double-blind keying technology, we extract 99.95% accurate, standardized information from invoices and convert them to true electronic invoices. This will enable accurate matching and exception handling.
Manually cutting and mailing checks is both costly and time-consuming. Electronic B2B payments eliminate potential fraud and duplicate payments. This is done through the digital transfer of payments in real-time directly from your own ERP or AP system into the supplier’s designated bank account.
Corcentric is able to disburse payments in multiple formats in 18 countries and 140 currencies.
Did you know?
achieve more efficient processing
from paying suppliers electronically.
of AP staff’s time is spent
responding to supplier inquiries.
say too much paper is one of the
top challenges holding AP back.