Accounts Payable Invoicing Automation (APIA)

APIA - Quick Win - Benefit Realisation 6-9 Months

APIA refers to the use of technology to streamline and automate the process of managing and processing invoices within an organization. The goal is to reduce the manual effort, errors, and time associated with the accounts payable process.

Keystone has experience with the sourcing of these systems and their extensive benefits. Significant efficiencies are realised for medium and large entities. The most notable benefit is the improvement of cash flow management for Treasury as invoices cannot be left in drawers and then rushed for payment. Invoices are emailed in PDF and the system learns how to read these invoices and process them with 3-way matching. Errors and duplicates are automatically re-routed to alternative workflows for human intervention. 

APIA Overview

The development of Robotic Process Automation (RPA) tools, Optical Character Recognition (OCR) and Artificial Intelligence(AI) has allowed companies to automate previously human driven activities with substantial benefits. 

By implementing automation business can move from a cumbersome, paper-based system to a streamlined, efficient process that improves accuracy, speed and overall financial control. 
APIA offers significant improvements across various aspects of business operations, from operational efficiency to cost savings, compliance, and vendor relations. By automating this process, organizations can reduce headcount, administrative burdens, mitigate risks, and re-focus on higher-value strategic initiatives. 
The systems can exist in the cloud or on premise and will integrate directly into your accounting systems. 

APIA Benefits

Specific benefits include:

  • Time saving especially with repetitive tasks
  • Accuracy and error reduction
  • Headcount and cost reduction
  • Duplicate/fraudulent invoice detection
  • Regulatory compliance
  • Improved supplier relationships (SRM)
  • Improved cash flow and treasury management
  • Alignment with Environment Sustainability Impact Objectives