Select Page

RapidAP version 4 is now live! With each new release of RapidAP, Efficiency Leaders incorporates new and best practice technologies to respond to customer feedback, and to deliver a better solution and user experience. 

Technology is an extremely fast-moving industry; as such, we never stand still. We continuously develop, innovate, and find ways to improve our product and the user-experience we provide. Version 4 further meets the needs of clients with complex business requirements through delivering:  

  • further efficiencies,
  • greater functionality, and
  • more sophisticated artificial intelligence.

While our clients’ needs differ and not every enhancement will be relevant to all, here are some of the main upgrades that version 4 brings:

1. New dashboard 

According to access permissions, when logging into RapidAP users will now arrive at a screen that provides a visual representation of accounts payable process and performance. This dashboard offers numerous display charts that can be presented as line or bar graphs and modified to show results for different reporting periods. The data presented covers the: 

  • invoice exception rate,
  • percentage of credit notes,
  • percentage of invoices linked to a purchase order,
  • count of all invoices,
  • percentage of documents linked to a purchase order,
  • percentage of invoices linked to a purchase order,
  • cost to process a single invoice,
  • number of invoices processed per day per accounts payable clerk.

The arrangement of the charts on the dashboard can be changed or specific graphs removed, according to what the business requires. These visuals and their underlying data can also be exported to be used outside of the RapidAP platform 

The dashboard complements RapidAP’s existing reporting capabilities. Accounts payable operators and other authorised individuals can filter the integrated invoice library by multiple search categories for purposes such as: 

  • retrieving specific invoices,
  • responding to supplier queries,
  • audit history reporting,
  • invoice tracking,
  • viewing invoice volume by status,
  • spend analysis,
  • monthly accruals, and more.

2. New tags for search purposes   

Version 4 improves useability and transparency by providing the capability for further data categorisation. Invoices are searchable in the invoice library and an individual’s task list by tags added by a user. For example, invoices could be flagged #urgent to prioritise immediate payment, or flagged with one or more other tags, as needed, to further segment the data. 

3. Parallel approval provided

The latest release of RapidAP better accommodates the complex business requirements often required in large multi-entity organisations. For example, many invoices require multiple concurrent approversline items may relate to different parts of the business, a payment may be shared between cost centres, or authorisation may be required at a departmental as well as site or entity level. This can slow approvals 

RapidAP version 4 allows multiple approvers to be allocated a task simultaneously. As a resultthe workflow does not need to repeat after the first approval is given. Allowing for multiple approvals to happen in parallel achieves greater efficiencyhelps fast track the approval process, and makes sure that all necessary internal compliance controls are met with no business requirements compromised.     

What’s coming next? 

Nows an exciting time for accounts payable in Australia; the Federal Government is committed to tackling late payments, which have such a negative effect on the nation’s economy 

As such, the Government has legislated that large businesses and government entities must publicly report on their payment times to small businesses. It is also currently considering mandating PEPPOL e-Invoicing (the digital exchange of invoices between a supplier’s and buyer’s finance systems) for all businesses.  

Both policies would force change in accounts payable, significantly reducing payment times. To support these initiatives, RapidAP version 5 will launch later this year offering: 

  • Additional reporting to meet the requirements of the Payment Times Reporting Act 2020
  • A PEPPOL access point to allow clients to receive PEPPOL e-Invoices.

 

Watch this space for further updates!

 

Check All RapidAP Features!


Yes, I want to improve my accounts payable function and

learn more about RapidAP.

You have Successfully Subscribed!

Check All RapidAP Features!


Yes, I want to improve my accounts payable function and

learn more about RapidAP.

You have Successfully Subscribed!

Find out more about the construction industry's digital future

You have Successfully Subscribed!

Find out more about the manufacturing industry's digital future

You have Successfully Subscribed!

Find out more about the local government authorities' digital future

You have Successfully Subscribed!

Find out more about PEPPOL e-Invoicing

You have Successfully Subscribed!

Find out more about PEPPOL e-Invoicing works

You have Successfully Subscribed!

Unleash your AP automation potential!

You have Successfully Subscribed!