What is AP automation for events companies?

AP automation for events companies digitizes and streamlines the entire accounts payable workflow — from invoice capture using AI/OCR, through configurable approval chains, budget tracking, payment execution, and reporting. Platforms like EvedAP are specifically designed for the high-volume, event-centric invoice processing needs of the events and entertainment industry.

How much does AP automation save events companies?

Events companies typically see cost per invoice drop from $15-25 to $3-5, processing time decrease from 10-15 days to 2-3 days, and early payment discount capture increase from 10-20% to 80-95%. For a company processing 10,000 invoices per year, this translates to $150,000-200,000 in direct savings.

What is the best AP automation tool for entertainment companies?

EvedAP is the only AP automation platform designed specifically for events, media, and entertainment. It organizes invoices and budgets by event or production, integrates with EvedPay for global payments in 140+ currencies, and includes white-glove service where Eved's team handles vendor onboarding and invoice exceptions.

What is AP automation for events and entertainment companies?

AP automation for events and entertainment companies is a digital solution that streamlines the entire accounts payable process, from invoice capture and approval to payment execution, specifically designed to handle the high volume and complexity of vendor payments in the industry.

How does AP automation benefit event and entertainment companies?

AP automation benefits event and entertainment companies by reducing manual invoice processing, cutting operational costs by 60-80%, improving budget tracking, ensuring timely vendor payments, and enhancing compliance with financial regulations.

Can AP automation handle the diverse vendors in the entertainment industry?

Yes, robust AP automation platforms are designed to manage a diverse range of vendors, from AV companies to caterers, by centralizing vendor data, automating invoice processing, and facilitating quick, compliant payments to hundreds of unique suppliers per event.

What is the typical accuracy rate for invoice data extraction in AP automation?

Modern AP automation systems, utilizing AI and OCR technology, typically achieve 95%+ accuracy on first-pass data extraction from invoices, significantly reducing the need for manual data entry and improving efficiency.

How does AP automation help with budget management for events?

AP automation aids budget management for events by providing real-time tracking of spend against purchase orders and approved budgets, automatically flagging invoices that exceed allocated funds before payment is processed, thus preventing overspend.

Complete Guide to AP Automation for Events & Entertainment