DocuPhase LLC, the industry-leading software provider for business process automation solutions, continues to expand core features and functions in its ongoing effort to provide clients with a truly comprehensive automation platform.
DocuPhase is pleased to announce the addition of Vendor Payments as an exciting new capability for its AP Automation Solution. The announcement comes in conjunction with IOFM’s APP2P Fall Conference where finance professionals learn about new best-in-class accounting automation tools.
Read More: SalesTechStar Interview With Chris Loretto, Executive Vice President At Adtaxi
Vendor Payment automation will streamline an organization’s payments to vendors, alleviating their payment process pains and enabling a more efficiency way to process payments. Eliminating the need for tedious double-checking or manual data entry ensures the accuracy of invoices, so suppliers get paid faster. Quick, consistent, and visible B2B payments not only allow users to optimize cashflow, but also save money with early-payment discounts and strengthen relationships with vendors.
DocuPhase CEO Dan Gaertner said: “Our accounts payables solution already excels in eradicating data entry errors, accelerating approvals, and increasing visibility thanks to its advanced workflow capabilities and Optical Character Recognition (OCR) technology. Incorporating vendor payments is another big step towards enabling a truly end-to-end automation solution that can transform not just an accounting department, but an entire organization within a single, configurable platform.”
Upon the receipt of an invoice, OCR recognizes and extracts all important data before DocuPhase’s industry best automatic 3-way matching confirms the accuracy of that information. Then in conjunction with customizable workflow tools, the new invoices are dynamically routed to the appropriate team member for approval based on unique pre-set rules – accelerating the process while ensuring compliance.
Now the vendor payment solution can automatically issue payments based on the preferred method on file for the individual account in question. Electronic payments in particular are made easier and are not only faster and safer than paper checks but can save both the user and their supplier money over the long haul.
Read More: Chili Piper Brings Frictionless Scheduling To RingCentral Video Meetings As A Premier Partner
And if an error does occur somewhere during this process? The software will detect discrepancies, flag the invoice, and issue an automated alert – eliminating costly errors from progressing and saving valuable time that might otherwise be spent scouring documents for mistakes.
Payment automation is proven to save organizations time and money by streamlining the accounts payable process from invoice entry and matching, all the way through the issuing of a payment. Contact us today to learn how DocuPhase’s innovative AP automation and vendor payment systems can revolutionize your accounting processes.