RapidAP is a highly configurable accounts payable (AP) automation product. With business requirements varying considerably from one company to another, its sophisticated base framework offers multiple options and arrangements to cater for the different needs of businesses.
Further, RapidAP can be configured to complement the capabilities of a company’s enterprise resource planning (ERP) system, or even work with another Optical Character Recognition (OCR) data capture engine. This means companies can fully leverage their existing systems while achieving the highest rate of straight-through processing via AP automation.
How to configure RapidAP?
Here are some of the ways that RapidAP is commonly deployed, with different combinations of the following configurations available:
- Peppol eInvoicing + compliance checks
This may suit organisations that have OCR and an ERP that offers invoice processing, but do not have Peppol eInvoicing on their software. RapidAP is connected to a Peppol access point for receiving invoices and will run a series of compliance checks to validate this data, before passing it to the ERP in the format it requires for downstream processing.
- Peppol eInvoicing + OCR + compliance checks
Companies may have automated invoice processing in their ERP, but still require AP staff to manually enter data into the system. RapidAP can handle Peppol eInvoices and extract and process data from emailed file attachments. RapidAP then validates this data by running a series of compliance checks, before passing it to the ERP in the format it requires for downstream processing.
- Peppol eInvoicing + OCR + compliance checks + workflows
RapidAP can offer end-to-end AP automation from data capture through to integration with the finance system for payment. This includes matching purchase order invoices and administering approval workflows for non-purchase order invoices. While many modern ERPs offer procurement and invoice processing modules, they may be gaps that require manual intervention. RapidAP can be configured to manage the complete procure-to-pay process, or to work alongside the ERP and plug specific gaps.
As a software product designed to meet AP needs across the board, the client has access to the controlling unit of their solution. This means they can personalise RapidAP and manage its role in their accounts payable. System administrators can make simple changes without the need to code, such as:
- configuring new business rules,
- updating user permissions and access rights,
- creating groups for roles and responsibilities,
- changing page layouts,
- adding the company logo to the user interface, and more.
At a more granular level, RapidAP also allows administrators to create rules for specific vendors to cater for more complex business requirements. For example, system administrators can:
- set a ‘no purchase order, no pay’ policy for all or just some vendors,
- enable/disable automatic validation/rejection of a document at a vendor or global level if it does not meet certain criteria,
- select default approvers and/or coders for vendors,
- activate auto-GL coding for regular non-purchase order invoices,
- set up dimension coding.
Benefits of configurability
The product’s configurability allows it to accommodate an extensive range of business rules and invoice processing scenarios. This makes the product suitable for all types of businesses, as well as able to adapt to changing business requirements. Administrators can make changes easily via an intuitive user interface, updating their solution should people move on, or business needs evolve. Having this self-service capability saves time and money, while ensuring the product remains up-to-date and effective.
Because of the out-of-the-box design of RapidAP, the product can be deployed in as little as 4 weeks. This is thanks to numerous prior deployments finetuning the product and implementation process. Consequently, less system integration testing, user acceptance testing, and training are required than with a custom-built solution. With a quick implementation and savings generated from go-live, the return on investment for clients is strong and typically delivered in around 12 months.
RapidAP is a highly configurable, modular AP automation software product. It is ready to use out-of-the box, catering for companies with varied and complex business requirements and meeting these with best practice workflows.
The product can be deployed as an end-to-end AP automation solution or be configured to work alongside existing systems, complementing their capabilities by bridging specific gaps in the accounts payable process to increase the rate of straight-through processing.
System administrators can manage the product’s settings via an intuitive user interface to keep the solution up-to-date and effective as people change roles and business processes evolve. This self-service capability helps to personalise the product and give clients ownership over its role in their AP. It also helps to increase user adoption, assist with change management, and save clients time and money – all of which contribute to a strong ROI.