Medius AP Automation

Product Reviews
08.04.2022 02:46 pm

What does the product do?

Medius AP Automation provides efficient invoice management, removing manual tasks and enabling fully automated, touchless invoice processing. The solution transforms supplier invoices of all types into one standard digital format, regardless of their origin.

Medius combines automated data capture and intelligent data extraction technologies to help automate invoice and payment processes, and detect anomalies that could lead to fraud and risk, and increases visibility into critical finance metrics.

Who needs the product?

Now, more than ever, businesses are falling foul to invoicing errors and fraudulent invoice claims as they undertake their AP processes. Less than half of all organizations can measure key AP metrics, and 57% of finance professionals say that invoice and payment processes take too long. Every business requires AP automation software to future-proof its long-term strategies.

What is special about the product?

By using Artificial Intelligence (AI), optical character recognition (OCR), and leading technologies, Medius AP Automation electronically captures, digitizes, and processes invoices within the unique Medius accounts payable platform – regardless of their format.

The solution stops inefficient, manual processes to increase straight-through processing, only stopping to highlight anomalies that can lead to risk and fraud.

The AP Automation software also synchronizes all invoice data from the company’s ERP or accounting system – from supplier details to payments -ensuring accurate, real-time information for critical financial insights.

What features are relevant?

The native Medius data capture solution is thorough in extracting data automatically. Powered by Medius’ ‘touchless capture’ technology, AI removes guesswork and risks of error, and learns throughout the process so you only have to correct errors once. Medius archives original invoices – removing the need to rummage through cabinets when auditing.
Automatic three-way matching allows businesses to resolve discrepancies between invoices, POs, and receivables. With this feature, a company can safeguard assets, avoid fraudulent invoices, and ensure correct payments.
Medius also manages the coding and routing of non-PO invoices through the digital workflow, based on the specific logic and rules configured by the business user. AI allows the system to adapt to patterns and historical transactions to make suggestions, and further automate the process.
The software includes Medius Pay for a single vendor payment process that allows for multi-channel payments to all domestic and international suppliers.
Predefined reports, out of the box analytics, and KPIs give businesses a complete view into how money is spent and how to manage cash flow. This spend data provided by Medius doesn’t just stop at analytics but also extends to advice – with Medius providing a dedicated success portal and never-outsourced customer support for ongoing help.
Medius AP Automation integrates with any organization's ERP or accounting system to connect solutions across the procure-to-pay lifecycle. Integrations include Microsoft Dynamics, SAP, and Infor. Integration makes it easy for IT teams to onboard AP Workflow Automation, managing the systems and processes with a predictable timescale and resource set.