Businesses need to manage invoices to ensure seamless operations effectively. However, across most enterprises, invoices are processed manually; typically, AP teams read and extract the data from invoices, perform reconciliation, and then manually key it into the Enterprise Resource Planning (ERP) system. Dependency on manual processing can be detrimental for the business as it can lead to an increase in costs, increasing average invoice processing time leads to process cycle time in days, and unintentional errors. The repetitive and manual work also takes its toll and hampers staff morale and productivity.
Learn more about how Invoice Processing Automation can help modern finance teams.
Automating the manual touchpoints across AP invoice process using AP invoice automation software brings multiple benefits to AP departments. It streamlines invoice processing, empowers AP teams to have more control over the processing of invoices, and improves speed and accuracy. In addition, AP automation software exhibits similar characteristics as that of automation. It helps AP teams automatically ingest inbound invoices, extract data from invoices, perform reconciliation, and extract it to the ERP systems.
Why should enterprises consider AP invoice processing automation?
The average cost of processing an invoice across all AP centers keeps on increasing. Businesses having automation first mindset while calibrating AP cost center strategy have an exponential positive impact on their businesses - majorly driven by the reduction of manual work. However, if not done correctly it can lead to multiple challenges and complications. An ideal way to approach automating the invoice process is through the combination of AI and automation.
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Deploying AI-powered automation across invoice processing ensures high data extraction accuracy from invoices - up to 99.5%. Gartner recognized AP Invoice automation software like Kanverse - seamlessly integrates with multiple systems present across different business networks without disrupting the current IT (Information Technology) environment. As a result, it connects multiple stakeholders and brings process visibility. Automation enhances operational effectiveness and turbocharges your business operation. Kanverse supports accounts payable invoice processing in SAP, Oracle, NetSuite, Coins ERP and others.
Kanverse platform combines multiple AI technologies Machine Learning (ML), Natural Language Processing (NLP), fuzzy logic, Computer vision, etc. with Optical Character Recognition (OCR) to extract insights from unstructured invoices. As a result, invoice processing teams witness up to 99.5% extraction accuracy with Kanverse. With its astronomical extraction accuracy, it has now become a preferred technology partner for digital transformation projects where companies want to inculcate data-powered decision-making into downstream functions. In addition, process owners can manage and monitor their processes with a complete 360-degree view. Learn more about the 10 Things you need to know about Intelligent Document Processing (IDP) products .
Zero-Touch AP Invoice Processing with AI and automation
Invoice automation powered by AI entails intelligently digitizing the entire document processing (invoice, Purchase Order (PO), Cash receipts, etc.) workflow for the Accounts Payable (AP) department. Powerful AI technology makes invoice processing touchless - the system automatically recognizes, classifies, captures, and extracts data from inbound invoices or other documents without manual intervention with 99.5% extraction accuracy.
Learn more about the Role of AI in AP Invoice Automation. The E-Book talks about the five most important roles played by Artificial Intelligence (AI) technology enterprises should be mindful of before considering automating invoice processing
Gartner recognized - Kanverse AP invoice automation software is made to bring end-to-end automati/on to AP teams. It channelizes the extracted data through an intelligent business rule framework where it is processed based on business requirements; data is also pulled out from other systems across the enterprise for reconciliation at the time of extraction. It ensures that the data is reconciled appropriately and then organizes the new information based on business needs. The extracted raw data is now validated and verified. The system then automatically exports the data to the ERP system, a task AP staff typically does manually. Powering the entire process with Artificial Intelligence (AI) technologies makes business processes more resilient to disruptions and helps mitigate risks.
Consumer good major transforms AP invoice processing with Kanverse
Fellowes Brands - A global manufacturer of office and technology accessories. It owns and operates 17 subsidiaries worldwide, notably in Canada, Germany, United Kingdom, France, Australia, China, and Singapore, to name a few. Tracing invoices for processing was complex at Fellowes - as most of their suppliers do not maintain an Electronic Data Interchange (EDI) system or have the necessary IT software capabilities to manage their finances.
These are small-scale businesses Fellowes needs to engage with to import the raw materials for their product. The Fellowes's AP team often witnessed a surge in incoming invoices- totaling up to 100,000 + documents per year. Arriving through email or via postal services. These invoices were in different formats and in various languages - as Fellowes imports its raw materials from global suppliers. Previously, the AP team at Fellowes used to take printouts, manually read and keyed in the data into the ERP system. In case of errors, mismatches, or incorrect data (purchase order, amount, GL (General Ledger) code, etc.), the AP team had to manually track down and call the vendor - who had provided the incorrect information and then had to ask them to resubmit the invoice. This increased process cycle time led to many time-consuming manual, repetitive tasks and often overburdened the AP team – hampering their productivity.
Kanverse AP Invoice Automation product transformed invoice processing at Fellowes - by making invoice processing touchless and effortless. It listens in on multiple online channels and then detects the arrival of inbound invoices. It classifies, captures, and extracts all data from invoices - automatically. It also seamlessly parses multi-page, skewed, and multi-invoice documents. Kanverse IDP sends the information through a new generation of business rules, which validates the extracted data from existing records in the ERP systems. In addition, the system automatically pulls information like GL Code, PO details, and Cost Centre information for verification and validation purposes. Invoices at Fellowes are now automatically extracted, reconciled, approved, and published to the ERP system by Kanverse. It also reduces average invoice processing time by up to 98% - i.e., right from the moment an invoice arrives to the moment it is published.
Download the case study to learn more about the results achieved by Fellowes Brands with Kanverse.
” Invoice processing has always been an exacting task for our Finance team, not to mention the sheer volume of invoices, the resources and time involved. Today with Kanverse IDP, and the unprecedented levels of automation it brings, we are not only digitizing this otherwise strenuous manual process but are able to achieve elevated levels of productivity. Kanverse has truly delivered on its promise of zero touch AP Invoice Automation.” - Director, Business Technology Solutions, Fellowes Brands.
Kanverse Accounts Payable Invoice Automation digitizes document processing for enterprises from ingestion, classification, extraction, validation to filing. Extract data from a wide gamut of documents with up to 99.5% accuracy using its multi-stage AI engine. Say goodbye to manual entry, reduce average invoice processing time from days to seconds, optimize average cost of processing an invoice by up to 80%, minimize human error, and turbocharge productivity of your team. AP automation software like Kanverse APIA (AP Invoice Automation) is built to do the heavy lifting across your AP cost centers while your staff can focus on productive and business-critical activities.
Kanverse can also automate insurance submission workflows and seamlessly process ACORD and supplemental forms.
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About the Author
Aritro Chatterjee, Product Marketing, Kanverse.ai