|Accounts Payable Services Workflow
APIís Accounts Payable Services makes it easier for customers to pay their bills, on time, with discounts and without penalties. It combines APIís state-of-the art workflow technology with its document management technology to enable the transformation of manual paper based accounts payables processes into automated paperless processes driven by business rules.
APIís Accounts Payable Service is built around a workflow engine which allows for the routing of tasks according to pre-defined business rules and based on individualsí roles and access rights. It provides customers with the ability to track and manage the approval of invoices. The service provides automatic notifications to users when specific tasks need to be performed, reminder messages, and escalation procedures.
In addition to streamlining the invoice approval process by providing electronic routing of invoices, automated GL coding and exception processing, the Accounts Payable Service will provide built-in controls such as duplicate payment protection, secured electronic invoice approval, and audit trails. Users are also provided with enhanced business intelligence through the ďdrill-downĒ capabilities from the invoice to the support documents and robust management reporting capabilities, standard pre-defined reports and ad hoc reports. In addition to application level security, the Accounts Payable Service features location based security which provides flexibility for multi-location companies.
If the accounts payable process includes a purchase order system, invoices are automatically matched to the purchase orders and receiving records. All unmatched invoices are automatically routed for exception processing. The flexibility of the service allows invoices to be sent directly to API via mail, email, EDI, and/or FAX.
APIís Accounts Payable Service is an implementation and delivery service which can be setup with 24 hour or 48 hour turn times which meet customerís requirements. Third party payment management services can be integrated to complete the payment process by ACH, wire or check. Customers can also utilize APIís MICR check printing capabilities, with customized logos, which provide security and cost savings through favorable postage rates.By using APIís Accounts Payable Services, customers can save significant accounts payable processing costs, increase financial control, improve working capital and meet Sarbanes-Oxley compliance requirements.
"Providing an automated accounts payable solution is a natural extension of our current product offering and sets us apart as an industry leader. API's Accounts Payable Solution is a natural extension of our current product offering and sets us apart as an industry leader."
Fifth Third Bank