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Accounts payable software Rapid AP is a modular, web-based, configurable automation framework, specifically designed to complement your ERP and finance function. Rapid enables the delivery of user-friendly Procure-to-Pay solutions, with fast deployment capabilities, strong efficiency dividends and high user-adoption levels.
One of Rapid’s modules – Rapid AP – can reduce AP department keystrokes by more than 90%, slashing both processing times and costs, with its AI-driven OCR capture. By automating the manually intensive data entry process, automatically classifying information and performing data validation tasks when required, strong efficiency dividends can be delivered to any organisations AP department.
As part of the technology offering, Rapid AP provides an integrated invoice library to complement the end-to-end invoice life-cycle. This library will provide deep search access to what has traditionally been dark data. This data can then be accessed for a myriad of requests such as supplier queries, audit history reporting, invoice tracking, supplier spend, invoice status and monthly accruals. Information can be accessed through drop-down filters, at the click of a button, from anywhere on any device, all the while improving visibility and transparency at every point in the process.
Another essential function of Rapid AP 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. An organisation would then only use Efficiency Leaders for complex additions and customisations to the solution when required.
Rapid AP will cater for 90% of most organisations requirements out-of-the-box, which ensures a more robust and streamlined solution, with a quicker deployment time and at a lower cost than a traditional deployment.
Efficiency gains of over 100% can be expected in many cases when the Accounts Payable process is automated and leveraged using Rapid AP. Increased capacity will be delivered without the need for additional resources while concurrently providing improved communication and service to internal and external customers.