Digitize your AP processes with Medius Accounts Payable Automation
With Medius Accounts Payable Automation, turn manual, paper-based invoices into digital workflows. Manage and pay invoices on time, reduce risk of fraud and payment errors, improve compliance, and optimize your working capital.
Streamline your AP collections process, comply with local invoicing legislation, and distribute all your customer supplier invoices electronically – regardless of your customers’ digital capabilities. Set up rules according to each customer’s needs so you can automatically fulfil requirements while maintaining a fully digital workflow.
AP automation software converts your suppliers’ invoices into a standard digital format and then uses a series of digital workflows to verify and process the information throughout the procure-to-pay lifecycle.
AP automation software uses Artificial Intelligence (AI), machine learning, optical character recognition (OCR), and other technologies to extract information from invoices and convert them from paper documents into digital formats. These supplier invoices can then be processed via digital workflows to manage steps in the procure-to-pay process previously handled by an AP staff member.
With AP automation software, you can automate the entire AP process – from invoice capture to payment so your organization can:
- Control costs and get better visibility of working capital
- Reduce time AP staff spends on data entry, auditing, and exception handling
- Improve supplier relations
- Capture early payment discounts
- Reduce the risk of payment fraud
Capture remittance advice details line item data from electronic images such as (TIFF, JPG or PDF) from the respective bank
The electronically captured inputs such as Invoice Number, Supplier Invoice Amount, Date, etc.) are turned into a payment advice note in your financial system and is ready to link.
Automatically match the payment advice to the customers open items
Automatically match the payment to invoices; resulting in matches or no matches. Any variance such as overages or shortages may require approval before further posting