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Automate Account Payable

How to automate an Accounts Payable (AP) process?

May 20, 2021

Until now, most enterprises engaged in building AP cost center capabilities to process the incoming documents seamlessly. Unfortunately, the volume of manual activities across cost centers are ever increasing – the documents are manually processed by humans and the relevant data is manually keyed into application systems for storage and future retrieval purpose. Employees operating across cost centers often find themselves engaged in reviewing and verifying the data from incoming documents manually.

Manual work is ever-increasing across AP cost centers, and it is turning out to be a huge point of concern for process owners!

Why should enterprises consider AP automation?

Having an automation first mindset and approach while calibrating AP cost centers minimizes manual touchpoints by reducing human intervention. Allowing AI-powered automation to prevail eliminates error-prone tasks. It is done through an AP Invoice automation software like Kanverse - which integrates with online business networks without disrupting the current flow and connects multiple stakeholders digitally. Automation enhances operational effectiveness and turbocharges your business operation.

How does AP automation software work?

An 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. It ingests incoming invoices from different channels (email, FTP, SharePoint, etc.) It processes and extracts data from invoices with 99.5% accuracy using a host of AI (Artificial Intelligence) technologies. It validates the data based on business needs and automatically publishes the data to end ERP (Enterprise Resource Planning) systems. It notifies operators in case of mismatches and prompts operators throughout the resolution cycle.

Now companies can reduce operational costs across AP cost centers, eliminate manual, time-consuming, routine activities, and provide better visibility and control over financial data. Overall, it helps companies streamline accounts payable operations with greater efficiency, which translates to reduced invoice processing costs and higher productivity levels.

Strategic imperatives of AP automation

An AP automation software like Kanverse can transform organization culture and mindset associated with the processing of invoices:

  • Reduce reconciliation time and invoice processing errors through effective management of exceptions
  • Efficient management of non-PO invoices and missing PO invoices
  • Reduce invoice processing costs
  • Enforce and adherence to compliance standards globally
  • Capitalizing on early payment discounts
  • Staffing AP staff in more strategic, higher-value activities

Zero-touch Invoice processing with Kanverse IDP (Intelligent Document Processing)!

Visualize what your accounts payable department could accomplish without most of the manual, time-consuming, and repetitive tasks. A system that reads invoices from multiple channels, extracts, and validates data, and auto publishes processed data into the ERP system – Through a combination of AI and automation, Kanverse truly delivers a touch-less invoice processing experience to AP teams. All of this is achieved within one month and without the need to alter existing business networks.

About the author

Aritro Chatterjee, Product Management, Kanverse.ai

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