Efficiency Leaders has announced ‘Rapid AP’, described as an accounts payable “appliance”, that promises to slash processing times for mid-sized companies in the Australia and New Zealand. Rapid AP will automate the manually intensive process of receiving invoices from paper or email, classifying automatically and performing data validation tasks, before sending the digitised invoice to the company’s finance or ERP system.

“We could see a market between low cost cloud solutions and the enterprise AP automation solutions provided by Efficiency Leaders. Rapid AP allows mid-sized companies to enjoy the benefits of automation like efficiency gains and work flow escalation,” said Carl Terrantroy, GM Sales & Marketing.

“Rapid AP enables businesses to reduce processing costs, increase visibility of cash flow and allow staff to concentrate on higher value activities, which improves productivity. Furthermore, businesses who take up this exciting offering will be able to leverage their initial investment, in ELAP technology, by extending the platform’s automation capabilities beyond Accounts Payable.

“The platform can be extended to cater for process improvement initiatives across all lines of business, so whether it’s AP, AR, HR, Payroll or many other business process challenges, ELAP Rapid is the answer. By reinvesting the cost savings and productivity gains realised from the first phase of automation, organisations can essentially create a self-funding, continuous improvement plan for their business,” said Lee Fisher, CEO Efficiency Leaders.

Rapid AP is a solution that leverages Efficiency Leaders’ ELAP Cloud, for extraction and validation of supplier invoice data, coupled with a pre-configured workflow engine to manage exceptions. ELAP Rapid AP workflows include receipt, approvals, GL coding and escalation, prior to being submitted to the finance system.

Rapid AP is available today from $A2,499 + GST per month for 36 months and can be deployed in the cloud, on premise or a hybrid of the two.

For more information, visit Rapid AP or on twitter @2automate