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Accounts Payable Automation for your growing business
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Reduce operational costs
Cut the manual labour by automating repetitive data entry and reconciliation tasks.
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Speed up financial close
Reduce time to close the books by processing thousands of invoices in minutes, not weeks.
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Eliminate payment errors
No more incorrect payments due to spreadsheet errors, manual data entry and double-handling.
How it works
Automate everything tedious from invoice to payment
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Your secure invoice inbox and digital archive
Automatically forward supplier invoices to Relay. Store all documents in one place - accessible at all times, from anywhere.
What's included
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Capture invoices via email
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Search documents by any level of detail
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Securely store documents for 7 years
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Add or import credit notes
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Audit trail of invoices, approvals and payments​
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Scan, match and approve with accuracy
Goodbye busywork. Eliminate data entry tasks with AI-powered data extraction. Drastically reduce the time you spend reconciling and approving invoices with automated purchase order matching.
What's Included
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OCR data extraction for PDF documents
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Integrate with existing systems to pull PO data
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Match invoices to POs for auto-approval
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Approval workflows for variances and non-PO invoices
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Code the invoice or line-items to your GL
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Schedule your payments to go out on the due date
Pay suppliers without CSV uploads to your banking system. Simply schedule invoices to be paid on the due date and payments are processed in Relay directly.
What's Included
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Schedule one or multiple invoices for payment
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Process payments directly in Relay
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Auto-sync with your accounting software
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Option to offer early payment and earn cashback
Integrations
Easily connect with the systems you're already using
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Frequently Asked Questions
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What is OCR scanning?Optical Character Recognition (OCR) technology is used as part of an end-to-end accounts payable automation solution. OCR scans documents to automatically extract data. During invoice processing, OCR technology scans incoming invoice documents to extract fields like invoice number, purchase order number, supplier and invoice amount, therefore eliminating manual data entry work. Be aware of two different types of software: template-based and AI-based OCR technology. Template-based solutions require you to set up a template for every document that is formatted differently. If you are dealing with hundreds of suppliers who have different document layouts, a template-based solution quickly becomes unviable. An AI-based solution on the other hand intelligently understands where to find the required information and is therefore more appropriate for dealing with large volumes of unstructured data. AI-based OCR technology also learns over-time and therefore continuously increases the amount of invoices that can be processed automatically.
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What is accounts payable automation?Accounts Payable (AP) Automation is technology that automates manual accounts payable tasks from receiving to paying an invoice. Typically those tasks include extracting invoice data from PDF documents through Optical Character Recognition (OCR), matching invoice data with purchase order data, streamlining the approval process through workflows, scheduling payments and automating reconciliation. Organisations that process a high volume of invoices benefit the most from accounts payable automation because they can eliminate significant amounts of low value tasks like manual data entry and reconciliation work. Additionally, accounts payable automation enables organisations to speed up time to financial close and reduce payment and accounting errors.
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How does Relay's AP automation work with my existing systems?Relay's AP automation seamlessly integrates with your technology stack. Typically, Relay integrates with your existing systems to pull purchase order data. This is then matched to the data on the invoice to speed up invoice processing and reduce manual work. Relay also integrates with your accounting software so invoice and payment data are auto-synced to your GL.
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How do we choose an accounts payable automation platform?Implementing an accounts payable solution can be the starting point to building a future-proof financial operating system for your organisation. When choosing an AP automation platform, you should partner with a vendor who can enable your long-term goals while delivering short-term ROI. To understand more, you can book a free consultation at www.relay.ai/contact
