How much more could you achieve with autonomous AP software handling your invoices?
Medius accounts payable software links invoice capture, processing, and payment to replace the worry and wondering of managing AP with calm and confidence.
Why Medius Accounts Payable
Automation Software?
Treat every invoice equally.
Bring the same level of speed and accuracy to every invoice – using a combination of intelligent technologies to electronically capture, digitize, process and pay invoices regardless of their format.
Integration is already done.
Avoid the time and cost of ERP integration with pre-packaged and fully managed ERP connectors. Enjoy easy deployment with little effort and no risk for a smooth AP automation integration.
Stop mistakes before
they happen.
Automatically identify potential fraud or duplicate payments – using anomaly detection technology to proactively spot supplier address or bank changes, out-of-the-ordinary invoice amounts, or other patterns that reveal risks.
Improve compliance.
Global invoicing and tax compliance are complex and constantly evolving. Medius can help you manage local and cross-border requirements related to sending and receiving invoices, ensure tax compliance in your AP processes, adhere to local archiving regulations, and manage government mandates.
Discover how Medius AP Automation software works.
Spend a few minutes exploring our interactive demo to get a firsthand look at how Medius accounts payable works.
Want to explore our full AP offering?
Watch a recorded demo led by one of our product experts or explore our library of on-demand video tutorials.
Read the IDC report to learn how you can modernize AP to mitigate risk and improve efficiency.
Are you stuck with legacy tools and outdated processes in accounts payable, creating massive inefficiencies? Peruse this guide from IDC and Medius, exploring the pressures driving AP departments to adopt automation and AI, which in turn helps them manage spend within their organizations, and get beyond basic automation.
The work of finance is hard enough, but these core challenges are making it even harder.
The setting for finance looks a lot different than it did a decade ago, and with these changes have come a new host of hurdles for finance professionals to overcome. From shady characters using AI to try and deceive businesses and steal thousands, to the growing asks and tasks that weigh on finance causing them to jump ship from their jobs and their careers altogether. To put it plainly, it’s not easy for anyone working in finance today, but there are ways to overcome some of the stress and strain.
For the 2024 Financial Census, we surveyed over 1,500 finance professionals and the data reveals key challenges of finance teams, including rising fraud, growing deepfake scams, issues of internal fraud, fear of retaliation for whistleblowing, and the difficulty of retaining talent.
Break invoice processing bottlenecks.
Intelligent invoice and
touchless data capture.
Medius Capture uses intelligent technology such artificial intelligence (AI) to extract invoice data automatically – removing manual data entry and guesswork. Original invoices are automatically archived in Medius' automated AP software to review and audit any time.
See Medius Capture in action
Multi-way matching reduces errors.
The ability to automatically match invoice line details against purchase orders, goods receipts and/or contracts allows you to resolve discrepancies in invoices, POs, and receivables. Safeguard your assets, avoid fraudulent invoices, and make sure you pay the correct amounts.
See PO-based invoice flow in action
Use prepayments to secure an order or to help plan and budget your cash flow.
Use advance payments capabilities to manage and reconcile down payments and deposits before the due date or in advance of goods receipt.
Fully managed ERP connectors mean zero burden for you or IT.
Pre-packaged and fully managed ERP connectors make it easy to connect Medius AP software to your ERP system.
See, understand and act on data.
Stay on top of costs, forecasts and cashflow with a full, real-time view into supplier invoices through pre-defined reports, dashboards and KPIs.
See Medius Analytics in action
Streamline the supplier
payment process.
Integrate Medius AP Automation with Medius Pay for a simple, secure, and streamlined vendor payment process that allows you to pay all your domestic and international suppliers via a single channel.
Success Story
Medius’s capture capabilities allow Chadwell Supply to see just how many invoices are touchless, and how much time they are saving with the solution. Thanks to the Medius patent pending invoice capture tool, Chadwell Supply was able to determine they went from 20% touchless to 89.4% since investing in Medius. Learn more.
Benefits of AP Automation
Reduces risk
Automatically digitizes documents
Enables better visibility into spend
Enhances payment controls
Discover the key benefits of Accounts Payable Automation including improved time efficiency, cost savings, fraud detection, and streamlined processes.
Choosing the best AP Automation software for you.
Selecting the right AP automation software is crucial for enhancing the efficiency of your accounts payable processes. This decision not only impacts your day-to-day operations but also aligns with your broader financial management strategies. Here’s a brief overview to guide you in choosing the best AP automation software for your organization:
1
Understand your needs
Identify the specific challenges and requirements of your accounts payable process including pain points in your current system.
2
Consider integration capabilities
Ensure that the AP automation software integrates seamlessly with your existing ERP systems and financial software to maintain data consistency and streamline operations.
3
Evaluate scalability
Choose a solution that can grow with your business. The software should be able to handle an increasing volume of transactions and adapt to changing business needs without compromising performance.
4
Assess user friendliness
The software should have an intuitive user interface that is easy to navigate. High usability ensures quicker adoption by your team and reduces the learning curve.
5
Analyze cost-effectiveness
Consider both the initial investment and the long-term costs associated with the software, including updates, maintenance, and customer support.
6
Check for real-time analytics
Advanced reporting features and analytics will help you make informed decisions, offering insights into your AP processes and financial health.
7
Prioritize security and compliance
Ensure the software meets regulatory compliance standards and offers robust security features to protect sensitive financial data.
To learn more about each of these factors and how Medius can help streamline your AP processes, read our full guide on choosing the best AP automation software.
How to achieve AP Nirvana. Four steps to complete visibility.
Despite the many advantages of the digital age, many CFOs still struggle to gain visibility into their business's cash flow and operating costs. It's a well-known challenge that even the biggest organizations face.
Fortunately, achieving a holistic view of spending is possible, and it all starts with Accounts Payable. In this blog, we'll show you how top-performing companies are using AI-driven technologies to gain greater financial visibility, and how CFOs can reach true AP Nirvana.
Accounts Payable Automation Software FAQs
Accounts payable automation software is a tool designed to streamline and enhance the efficiency of the entire AP process. It automates manual tasks such as invoice processing, payment execution, and financial record keeping, reducing errors and increasing speed. This technology supports better financial management and compliance by providing real-time insights and reports.
AP automation is the use of technology to streamline and enhance the efficiency of the accounts payable processes within an organization. It involves automating tasks such as invoice processing, payment execution, and financial reconciliations to reduce manual work, minimize errors, and improve operational efficiencies.
For more detailed information on AP automation, visit our AP Automation Guide
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.
To automate the accounts payable process, implement software that digitizes invoices, utilizes optical character recognition (OCR) and AI for data capture, and applies rule-based algorithms for invoice matching and approval workflows. This system streamlines payment processing, improves accuracy, and enhances financial reporting, all while reducing manual intervention.
Get started with AP automation by installing an AI engine to learn and extract information from paper invoices in the background. The AI software builds digital workflows to automate invoice and payment processes.
- Digitize paper documents
- Select an AP automation solution
- Automate manual processes
- Consolidate AP processes under one digital portal
- Unlock AP data with reports and dashboards
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
Electronic invoicing (eInvoicing) is an electronically-delivered invoice in a standardized format. AP automation software leverages eInvoicing to save time and money in accounts payable workflows.
- See more: What is eInvoicing
Automated invoicing uses configured AP software to process invoices. Accounts payable automation software improves invoicing processing efficiency, from creation to payment reconciliation.
Accounts payable (AP) automation software saves businesses time and money by reducing manual tasks and the costly errors associated with them. AP automation is important for scaling your business because it reduces overhead costs associated with manual processing.
Absolutely. Medius AP automation software supports multiple currencies, enabling seamless processing of transactions in different monetary units without manual conversion. This feature is crucial for businesses operating on a global scale, providing accurate financial reporting and simplifying international payment operations.
Yes, AP automation software like Medius is designed to manage international invoices effectively. It accommodates various invoice formats and tax requirements from different countries, ensuring compliance and simplifying the processing of global transactions. This capability helps businesses streamline their accounts payable processes, even across diverse geographical locations.
"Medius has been really important for me to be able to do my job - gone are the days where we go to cabinets and pull invoices!"
Blanca McGrory
AP Manager, Lush Handmade Cosmetics
