Nanonets helps you optimize accounts payable processes by automating supplier payments, invoice processing & matching. Save costs, maintain strong vendor relationships, improve your productivity & reduce late payments with intelligent accounts payable template.
Nanonets Accounts Payable Template
Vendors are your valuable assets. But are they happy with you? Are they satisfied with the payment processes? Do you have strategic relations with them?
If any of the answers are no, you need to look at improving your vendor relations. As a business, you don’t want your suppliers moving to your competitors just because of your inefficient invoice processes. It can lead to difficulties in getting short-term credit, bad deals, and higher late fees.
Using our Nanonets accounts payable template, you can automate all your processes and ensure that vendors get paid on time.
Using our Accounts Payable template, you can help ensure that bills are settled on time, and if you have a dispute, there is a comments field to make notes.
Streamlining your accounts payable workflow using automation helps future-proof your business and makes you more competitive. Suppliers know they can rely on you for prompt and effortless payment. You can reap the benefits of early payment discounts or virtual payment cashback rewards. You’ll also improve your security and make it much easier to reconcile finances and access data for analysis and insights.
Benefits of using Nanonets Accounts Payable Template
Outstanding invoices are a ticking time bomb. As a finance professional, you want them out as soon as possible. Nanonets Accounts Payable Template helps you clear vendor invoices on time, reduce late payments, identify cost-saving opportunities & get early payment discounts. With our Accounts Payable Template, you can
- Set up Accounts Payable Automation in a single day
- Implement invoice processing, matching & payments from a single platform
- Eliminate approval bottlenecks with automated approval workflows
- Improve accountability, enhance financial visibility & reduce fraud with role based access
Looking to automate your manual AP Processes?
Get started with Nanonets Accounts Payable Template. Use the template for free & automate your AP process in minutes!
How to use Nanonets Accounts Payable Template?
To use the Nanonets Accounts Payable template, log in to your Nanonets account or create a free account if you haven’t already.
Once you’ve logged in, select Accounts Payable workflow from the main screen. This will redirect you to the Accounts Payable workflow on Nanonets.
The workflow contains the following modules to jumpstart your AP workflow:
- Importing Documents
- Document Processing AI model
- Line Item Checks
- 3-way matching
- GL coding
- Approval Processes
- Syncing with ERP systems
Steps:
Importing Documents
Select workflow from the left-hand side menu. You can send your documents, like invoices, purchase orders, receipts, bills, etc., to Nanonets by selecting any option. You can set up email forwarding, integrate via API, import from Google Drive or your other databases, or receive your files from other Nanonets models.
Extract Data from documents
Nanonets AI model will extract data in the format of your choice. You can check and set up data extraction by selecting EXTRACT DATA > Extract Data from your left menu.
Data Enhancements
Once that is done, you can move on to the next step to do the following:
- General Ledger Coding
- Looking up values from databases
- Modifying auto-capture data automatically – e.g. removing currency symbols, etc
Check out the “Add a new step” to explore all the available options.
Approval Checks
This is the stage where you can set up rules for:
- Line item checks
- Flagging invoices
- Sending rules to send documents for reviews
- Approvers and review stages
- Vendor verification requirements – steps to verify vendor details from documents.
Export Options
This stage gives you multiple options to
- Export data as CSV
- Sync databases
- Sync data on ERP and accounting systems
Set up touchless AP workflows and streamline the Accounts Payable process in seconds with no-code Accounts Payable template.
Components of Nanonets Accounts Payable Template
Automate manual approval processes
Get approvals efficiently with no-code workflows. Just add rule-based checks, stakeholders, and review stages in 10 minutes. That’s it!
Classify documents on the go
Just submit ten documents, train the document classifier model and classify incoming documents on autopilot.
Automate 3-way PO matching
Match PO, sales order, and invoices in seconds. Reduce the 3-way matching error rate to zero with AI document matching.
Run invoice processing on autopilot
Capture all relevant information from invoices and enhance the extracted data with rule-based workflows on the go.
Update data in accounting systems in seconds
Sync data in real time. Update your databases, accounting, or ERP software with seamless out-of-the-box integrations.
Send payments globally within the platform
Integrate your processes with Nanonets Flow to send global payments seamlessly.
Keep your vendors updated
Improve vendor confidence by updating them with the status of payments in real-time.
Book a live demo to see how to automate manually data entry from invoices or receipts into ERP software.
Why Nanonets?
No specific format is required!
Our models extract data from invoices no matter what the format is. No need to train our model for different templates and designs.
Seamless ERP integrations
Sync data from Nanonets with your favorite business tools with out-of-the-box integrations.
24×7 Support
Get complete migration assistance, round-the-clock support, a dedicated customer success team, and more with Nanonets.
No-code platform
Integrate, automate and implement sophisticated AP automation without writing a single line of code.
Optimize your business performance, save costs and boost growth. Find out how Nanonets’ use cases can apply to your product.
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