Magic Lamp Software

Grow Your Business with Accounts Payable (AP) Automation

Posted on November 20th, 2020 Blog

As companies shifted to remote work this spring, it brought to light various gaps in business operations among other issues.  Suddenly, business process automation was a priority on many information technology project lists.

Accounting and financial departments are the lifeline of a business. Automating processes in these areas are key to survival and give businesses the ability to grow and thrive.

What are your AP Challenges?

Accounting and Finance Managers in many industries tell us that they would like to:

  • Reduce manual tasks
  • Minimize data entry errors
  • Support remote workforce
  • Speed up payment approvals
  • Save on late fees
  • Take advantage of early pay discounts
  • Remain compliant
  • Reduce fraud risk

AP Automation Benefits

In addition to reducing reliance on paper, there are many benefits of accounts payable automation. AP automation makes invoice processing and approval much faster and almost eliminates human error. Organizations can increase volume without adding staff.

Improved vendor relations are also a benefit – businesses can audit the money trail, avoid paying late fees, even take advantage of early pay discounts. With increased visibility and data, the accounting department can optimize cash flow.

Perhaps the most important benefit is increase customer service. Customers and employees can access order and payment information more quickly, resulting in better overall communication.

Why MagicLamp Software?

Whether you need to optimize your current AP automation solution or need help implementing a new one, MagicLamp has the industry expertise to guide you along the way.

MagicLamp has a health check to review current automation solutions to identify gaps and bridge them together.

If you are seeking a new solution, MagicLamp offers software for document capture, business process automation and content management including solution accelerators that can connect multiple systems and elevate your business processes in the most efficient way.

MagicLamp helps businesses automate the process of capturing invoices to increase processing and reduce manual errors. Our solution provides multichannel document capture with automated extraction, validation and classification to streamline the accounts payable function with one or multiple ERP systems.

We have the experience to integrate solutions securely with multiple systems and across multiple networks. MagicLamp has worked with many Fortune 50 companies and managed complex AP projects.

MLS offers solution accelerators that our development team has written to enhance features of existing solutions and implement your AP automation solution in the best way possible.

The MagicLamp formula for capture & automation success is a mix of people, processes and technology. We take a holistic approach of your business and determine the optimal solution for a successful outcome.

Contact us today to find out more about AP Automation Solutions.

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