What is AP automation
AP automation, also known as Accounts Payable automation, refers to the use of technology to streamline the accounts payable processes. It involves the digitization and automation of tasks that were traditionally done manually, such as invoice processing, route approvals, payments, and reconciliation.
How does AP software work?
AP software like Centime integrates seamlessly with your accounting system to capture invoice data, automatically categorize and code invoices, and instantly post the approved documents to the account system. This makes it easier to plan payment runs, streamline supplier payments, and make informed payment decisions based on your cash position.
What is E-invoicing?
E-invoicing in accounts payable refers to the process of electronically generating and managing invoices between suppliers and buyers. It involves the exchange of invoice data in a structured format, which streamlines invoice management and simplifies the integration of invoice and compliance documents.
How does Centime handle data security and privacy?
Centime is committed to protecting businesses with bank-level security. Our PCI SAQ A and SOC 1 certifications ensure that your data remains safe at all times.
What KPIs are tracked through AP?
Centime’s streamlined AP automation software enables businesses to track Days Payable Outstanding, Turnover Ratio, Paid Early, Paid Late and more. Easily view performance by period and monitor payment patterns by customer.
How long does it take to implement Centime AP automation?
Your timeline to implement Centime AP Automation is entirely in your hands! Your Centime Customer Success Manager will guide you through the steps of onboarding and you will set your target go-live date. Go-live can occur within 4-6 weeks in collaboration with your CSM. We support your onboarding and training every step of the way to ensure that you are getting the most out of the AP module.
How can I build a business case for automating AP?
Finance teams can build a compelling business case for accounts payable automation software by emphasizing its potential to streamline operations, reduce errors, and improve financial management. By automating manual tasks, AP automation solutions significantly reduce processing times and free up staff for more strategic activities. Additionally, the reduction in human error can lead to more accurate financial reporting and better decision-making. Furthermore, such systems often offer real-time visibility into financial data, enabling more effective cash flow management and strategic planning. If you’re looking to build a business case for automating AP, we recommend using an ROI calculator to estimate your potential savings. This is a great tool to start quantifying the ROI of AP automation for your team.
What are the benefits of AP automation?
Automating the accounts payable process offers a number of business benefits, including comprehensive cost savings, cash flow optimization, improved vendor relationships, optimized cash visibility, improved internal controls, and operational flexibility.
What are my options for paying suppliers with Centime’s AP software?
With Centime’s AP software, businesses can send payments by check, ACH*, or credit card.
Will Centime’s AP software work with my accounting software?
Centime works exclusively with NetSuite, Sage Intacct and QuickBooks Online. Our targeted focus means we deliver one of the deepest ERP integrations on the market for these accounting systems. There’s little IT lift needed to connect Centime with NetSuite or QuickBooks so businesses can start processing invoices and monitoring payment patterns immediately.
How does AP Automation help reduce invoice processing costs?
AP automation software like Centime helps reduce invoice processing costs by eliminating manual data entry and improving efficiency. By automating tasks such as invoice data capturing, approval workflows, and payment processing, businesses can save time and reduce labor costs. Additionally, AP automation reduces errors and delays, leading to cost savings associated with rectifying mistakes and late payment fees.
What is the difference between AP and AR automation?
While both AP and AR both affect your cash flow, they are fundamentally opposite. Accounts receivables refer to outstanding balances due to a company for providing goods or services on credit, whereas accounts payables refer to money that your business owes another for goods or services received. More specifically, AP automation refers to any technology that digitizes part of or the entire AP workflow, while AR automation refers to tools that optimize the AR workflow.
What does the implementation process look like for Centime?
The implementation process starts with Kickoff & GL Connect and is followed by training sessions before go-live. Your dedicated Customer Success Manager will support you through your onboarding and training sessions. Early on, you will set a target-go live date and all of your training activities will target this date so that you are live with Centime in a timely manner.
