Accounts Payable (AP)
Definition
The business function responsible for processing and paying vendor invoices and managing supplier relationships.
Overview
Accounts Payable (AP) manages the money a company owes to vendors and suppliers. AP processes include invoice receipt, validation, approval, and payment. AP automation can dramatically reduce processing costs and cycle times while improving accuracy and capturing early payment discounts. Key automation opportunities include invoice capture, three-way matching, and payment execution.
Why It Matters
AP is one of the most paper-intensive functions in finance, with manual invoice processing costing $15-$40 per invoice. Late payments damage supplier relationships, while missed early payment discounts leave money on the table—often totaling hundreds of thousands annually.
How New Odyssey Helps
New Odyssey automates the full AP cycle from invoice capture through three-way matching and payment approval, reducing per-invoice costs by up to 80% and capturing early payment discounts automatically.
Related Solutions & Use Cases
Invoice Reconciliation
AI-powered invoice matching and reconciliation. Eliminate manual data entry and accelerate your financial close.
Learn moreInvoice Data Capture
Automatically extract and validate invoice data from any format for faster processing and accurate payments.
Learn moreProcure-to-Pay Automation
Automate the complete procure-to-pay cycle from requisition through payment for better control and efficiency.
Learn more