Accounts Payable Automation
#1 Platform specifically designed for automated invoice processing and exception management.
Proven to reduce costs below best-in-class global standards by enabling enterprise transparency, auditability and control of the end-to-end invoice life-cycle.
Streamline accounts payable and improve cash flow
RapidAP is the most effective and efficient web-based, user-friendly, digital on-ramp for any finance system or ERP on the market today.
Accurate Data Export
Time Saved With Every Invoice Processed
ARTIFICIAL INTELLIGENCE DRIVEN OCR
Built on artificial intelligence principles, our technology leverages deep learning methods and multi-level analysis. Our solution can process text, documents and data in the same way that the human brain would analyse them, yet faster, in continuous flow and in much greater volume, eliminating manual work and streamlining document-intensive processes.
NON PURCHASE ORDER PROCESSING
The non-purchase order invoice process will allow an invoice to be automatically assigned to a business user (coder) for GL coding and based on the vendor identified on the invoice. If a business user was not identified, the invoice will be assigned to the AP or Coding team to manually reassign to the appropriate business user.
Once coded, the financial delegation will be checked against the current business user to identify if an approval is required. Multiple approvals may be required based on each approver’s limit, which forms the approval chain. The invoice will be automatically assigned to each approver sequentially.
Once fully approved, the invoice will be automatically sent for final review, if required, before being exported to the financial system.
PURCHASE ORDER PROCESSING
The purchase order invoice process will allow an invoice to be automatically matched against a PO number quoted on the invoice. The matching process is a 3-way match against the invoice line items, the PO line details, and the receipted items (or just a 2-way match if required).
If one or more exceptions are identified during matching, the invoice will be passed to the matching team to review the exception(s) and take the appropriate action.
Once all exceptions are handled, the invoice will be exported to the financial system.
The task list is a collection of tasks and each task represents an activity that a business user needs to action. These tasks could be a combination of invoice approvals, GL coding, and exception or discrepancy handling. By selecting a task, the operator is presented with a form to conduct the activity. Depending on the type of task, various actions/buttons are made available for the user to action the invoice.
Discrepancy resolution is a fundamental component of the system. At any point in the process where data verification, process integrity, security and/or non-compliance are triggered RapidAP provides discrepancy resolution functionality based on roles, groups and business units. The system guides the user effectively through the workflow in a user-friendly way to manage the myriad of potential ways a process might require intervention.
SYSTEM ADMIN CONSOLE
Another essential function of RapidAP is the ability to enforce governance, compliance and control with a self-service capability. Providing access to the configuration module (the controlling unit of the solution) enables any organisation to be self-reliant and capable of making configuration changes as the business needs change.
The application provides effective management to model and change complex processes using conditions, events, and relationships with toggles, switches and controls at multiple user levels.
This process is fully automated by the business rules engine. The automated compliance rules cross-check information extracted off the invoice against the ERP master vendor data such as, but not limited to, BSB & Account information, vendor codes, PO syntax, and duplicates to ensure any anomalies are identified. If the system finds an error then a specific user, role or group will be automatically notified and sent an alert and supporting Information to assist with resolving the issue.
The system performs several automated fraud detection checks. Some of these checks include a tax algorithm query that automatically validates against the entry in the ASIC online Australian Business Register (ABR). The system will also run a GST vendor check to ensure that the vendor claiming GST on their invoice has not deregistered since they were on-boarded by your organisation. Equally, performing a matching process with the BSB and Account information extracted off the invoice against the ERP will identify changes in data and potentially fraudulent behaviour.
The Document Repository comprises a standard SQL database that stores all the application data and metadata. The Document Repository contains a single point of storage for structured and unstructured information such as invoices, expense forms, supporting documents, notes, and more. It provides a rich user interface to the business to not only track and search documents, but to view documents history, access the task list, action tasks and access various other features.
The application is highly secure and provides seamless management of users and groups. The application is equipped to enhance granular controls provided by process, file and field-level permissions. User profiles dictate permissions in terms of who can perform what and allow for the creation of access control lists and several layers of security ranging from access rights governing processes and information within those processes.
ERP INTEGRATION STUDIO
By using the Integration Studio, you can add data sources and data targets to provide access to legacy ERP systems. You can retrieve subsets of information using conditions dependent on data within forms and allow external databases to be updated when critical events occur. Several supported protocols including REST, SOAP, and FTP allow integration with almost any ERP system.