Download: [White Paper] The Portfolio Management Approach To A Modern AP Process For Multi-Entity and Multi-Location Businesses
When organizations employ software that streamlines all areas of AP, the top benefits are seen in process reduction, compliance, vendor relationships, and scalability. A portfolio management approach brings finance closer to the vision of an efficient and modern department.
Companies that Trust us:
Factura.ai Leverages AI and RPA
Capture, Code & Send
Automatically captures & codes invoice information and sends for approval
The approval workflow is configured to your company’s policies either by vendor, location, department, dollar amount, or legal entity
Accounting or ERP
Send invoice information into the accounting or ERP system to be paid
Obtain full control and visibility over your AP process with an audit trail that captures every step
A lifetime of document management to easily search and retrieve any invoice by any criteria
Go live in days and let our customer success team ensure your workflow is configured to your business needs.
No IT resource needed, our team provides white glove onboarding service
Browser based to access anywhere
Simple, easy to use software = simple onboarding
Remove the workflow roadblocks and achieve “Approval Bliss”
Remove the stress of tracking down approvals, not paying vendors on time and working overtime to close your books. Factura.ai easily configures the approval process based on your company’s unique policies and expedites approvals to days, not weeks.
Centralized invoice inbox for approvers
Built in notes & communication between AP and approvers
Full transparency over the status of each invoice
Escalation reports to ensure approvals get expedited
Not Your Grandma’s OCR
Factura.ai uses the most advanced AI optical character recognition (OCR) that continuously learns and improves over time.
Our technology is blazing fast and extracts invoice information and codes in under 30 seconds. Afterall, automation is supposed to speed up processes not slow you down.
Handles line item invoices
Intelligently remembers GL codes based on the description
Built for a high volume of invoices to process multiple invoices simultaneously
Works for both PDF and scanned images
90% Cost Reduction
Companies spend an average of $12.90 / invoice (as per IOFM). Factura.ai reduces the time spent on handling invoices and all the other ancillary fees including duplicate invoices and late fees to vendors
Do more with less
Makes your employees 12x more productive
Paperless; no storage of courier fees
A Digital Document Management System
As you move to a digital AP process, Factura.ai acts as a document management system that stores for all your invoices as digital copies. We store these invoices forever which it makes it perfect for an audit that may arise at any time. Plus, we capture every step of the invoices journey in our audit trail
Search and retrieve invoices by any criteria
Lifetime of storage
Audit trail to see every step of the invoice process
Fraud prevention features such as smart duplicate detection to ensure you don’t pay your vendors twice nor enter erroneous information into your accounting or ERP system
Smart Duplicate Detection
Intelligent Warnings When Information Anomalies Arise
Audit trail the captures every step along the AP path
From A to Pay
Factura.ai Pay makes it super simple to post invoices and pay your vendors using their preferred method – with a single click.
Custom payment approval process
Earn real cash on invoice spend
Syncs with accounting system to keep payments records up-to-date
ACH, Checks and Virtual Cards
Blazing Fast Capture & Coding
Let our software capture, extract your line item invoice data and code in under 30 seconds
Streamlined Approval Process
Approval workflow configured to your business needs with easy communication access between AP and the approvers
Work Remotely, Anywhere
Cloud based to remotely manage the entire invoice process
Gain full transparancy and visibility over the entire AP process
Remote Team Collaboration
Cloud based platform for your finance department and managers to access and communicate from anywhere & on any device.
Hands Free Integration
Works with your existing accounting systems, and can easily adapt to future changes. The Factura.ai team will take care of the integration.
Save Trees and Go Paperless
No need to print out documents, all invoices are stored on our platform
We work well with any business that operates multi-unit locations including restaurants, hotels, c-stores, cannabis, grocery and retail.
Five Star Reviews
Simple platform, easy to onboard to our multi-unit locations, everything we need is in one place — image, approval, audit trail, archives
Mod Pizza Franchisee
Seamless workflow for our multi user / multi location invoice approval process. Significantly reduces manual entry and the need to print out paper copies of invoices. Factura team is very helpful when it comes to setup and addressing any configuration issues.
Tim Hortons Franchisee
User friendly and able to navigate through all the invoices and downloads in a most efficient manner.Greatest AP System ever invented
Learn how the QSR Group Inc. navigates their AP process for 54 locations using Factura.ai
AP Automation FAQs
Why is the Factura.ai platform best suited for multi-unit business looking for AP Automation?
Factura.ai can work with any size company and we have customers that are not multi-unit businesses. However, Factura.ai excels for multi-unit businesses and was designed and developed from the beginning with multi-location businesses in mind. 1) We receive all invoices in one email address for all your store locations vs. an individual email address per store location. 2) Our workflow approval process was specifically designed to handle multiple locations with multiple approvers. 3) We have a fully automated workflow approval process vs. semi-automated. 4) If you have multiple holding companies you will be able to manage the entire AP process from one view/account vs. having to switch accounts between the holding companies. 5) Our turnaround time to process an invoice is 30 seconds vs. 24 hours.
How does AP automation fix the invoice approval process?
AP Automation from Factura.ai streamlines the accounts payable invoice approval process by identifying the correct approvers, sending notifications, and automating reminders. In addition, AP Automation enables businesses to keep all invoices in one place so everyone has what they need to take action.
How does AP Automation improve document management?
Factura.ai securely stores all invoice documents electronically within the system forever. Easily search for any invoice by multiple criteria to extract the invoice copies within seconds.
Can AP Automation prevent duplicate accounting entries, and approvals?
Factura.ai has a built-in warning system that will notify you of a duplicate invoice. We catch duplicate invoices by looking at information on an invoice to identify a duplicate including the vendor and invoice number. Factura.ai makes it easy to compare the duplicate invoice to the original to ensure that it truly is a duplicate. This prevents duplicate payments to vendors, data entry into your accounting system and even making the approvers work for nothing.
How does AP automation use machine learning component?
Factura.ai uses a mix of various artificial intelligence algorithms to ensure the best data extraction performance and parsing of the invoice to direct it to the proper approver within the workflow.
Does AP Automation work with my accounting system?
Factura.ai AP Automation offers API integrations to connect directly with a company’s accounting, financial, or ERP system. The Factur.ai API integration ensures up-to-date and constant data flow between systems. Factura.ai also offers a file integration for systems without an API integration.
Where can you access AP automation software?
The Factura.ai AP Automation platform is cloud-based and can be accessed from anywhere in the world as long there is an internet connection