This blog will talk about how AI-based autonomous technology can let you enable and experience invoice processing automation efficiently and productively. Invoice processing automation is the process of seamlessly extracting the data from invoices and entering it in your system which then is pushed into your respective ERP. All of this can be done with the tip of your fingers and a few clicks.
Manually processing payments for the AP teams or the finance departments is a tedious and lengthy process with invoices coming in from every format and structure possible: paper invoices, PDFs, Skewed images, emails, etc. Add volumes to the number of invoices and it becomes unmanageable for the AP teams. Manual data entry using invoice capture into systems with such challenges becomes a common issue most of the time. There are problems like documents getting lost or mismatched in the tally.
Invoice Processing Automation Software
Invoice processing is categorized into 3 steps:
- Invoice Scanning
- Interpreting the invoice data according to business rules
- Filing of data into the respective ERP
The intelligent AI-based software like Kanverse, intelligently extracts the required information from the documents and validates it according to the set business rules defined by the finance teams. It can enable mapping of business rules like PO number, before filing it into the ERP system for processing the payments.
Whereas the traditional template-based/rule-based OCR systems do not have the ability to be dynamic and scale well. For example, the businesses keep churning/ adding vendors each with new invoice format and creating new templates and writing new rules every single time becomes impossible to manage.
Integrations with most of the ERP systems like Oracle, Microsoft Dynamics, NetSuite, SAP, et all is something that some of this software offer while others rely on RPA tools to do so.
Invoice Processing Automation Workflow:
Automated invoice processing software runs a 2-way and 3-way match of the invoices received against the purchase order, and the goods received data against the respective invoice. Each of these documents has a unique identification number that is mapped against each efficiently without creating any hassles by the AI-based automation software.
Example of an AI-based automated invoice processing workflow:
- Invoice data Capture – Data from invoices are captured (GL code, line-item details, due date, etc.) and matched with supporting documents like receipts and POs.
- Invoice Approval – Invoices are sent to the authorized approvers, who can approve or reject invoices for payments. Approvals can happen based on multiple levels in the organization.
- Keying data into the ERP system – Post the approval and authorization phase, invoices are submitted for payment processing by the AP team.
- Invoice Payments – Invoices are then processed for payment using standard payment methods like check, wire transfer, or via ACH.
- AP process Audits – Invoices are archived with the complete process log containing the actions taken and payment information.
Benefits of an AI-based Invoice Processing Automation Workflow
AI-based automated invoice processing software helps AP teams to streamline the invoice processing workflows. It gives more control to AP teams while processing invoices. Thus, improving the processing speed of invoices coming from different vendors and across multiple channels. There are many more benefits when AP teams choose to automate the invoice processing function.
These intelligent systems also help AP teams to automate the data capture from invoices with high extraction accuracy, invoice reconciliation, and sending invoices to a series of approvers before processing payments.
- Cost Saving: Reduce manual data typed by almost 99% and take advantage of early payment discounts from your vendors
- Improve Productivity: By getting rid of manual tiresome data entry, the AP teams can focus more on the important tasks 90% faster
- Gain Insights & Analytics: AI-based AP system will extract a lot more intelligent data which leads to deep insights and helps understand inefficiencies and bottlenecks better
- Security & Compliance: The automated process enhances visibility across multiple checkpoints and flags off irregularities. All this is happening in a safe and secure environment within the organization’s premises.
AI-based invoice automation software - automates the entire lifecycle of an invoice right from the moment it arrives in the systems. Other significant benefits include increased process cycle time, faster approvals, reduced costs, and reduced errors - which generally occur with manual processing of invoices.
Do you prefer to see and experience than read about it? Hit the “Free Trial Button” below and try out your invoices for free without any prior commitments.
Zero-touch Invoice Processing Automation with AI-Based Platform
Cost-effective solutions to traditional invoice processing pain point experienced by AP teams and the newly differentiated business value that automation and AI bring are catching the attention of process managers and digital transformation officers across all businesses. Automation, along with AI, changes the assumptions about traditional invoice processing, fosters collaboration across teams, and challenges the conventional mindset where AP functions were referred to as cost centers, where every enterprise must endure the associated fixed costs.
Kanverse AP Invoice Automation approach integrates AI (Computer Vision, Fuzzy logic, ML, NLP, etc.) technologies along with automation. It helps enterprises achieve a paradigm shift over traditional invoice processing ways, which unlocks their actual value. Usher in zero-touch invoice processing with Kanverse.ai hyperautomation platform. Ingest, extract, validate, and publish invoices without manual interventions. As a result, it reduces process cycle time, increases process capability and efficiency, reduces invoice processing errors, meets global compliance standards, and saves costs.
Kanverse brings you the best AI-powered optical character recognition software to automate Accounts Payable (AP) Invoice processing for enterprises right 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 cycle time to seconds, optimize cost 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.
Schedule a demo with us today to find out more.
About the Author
Himanshu Naidu, Product Marketing, Kanverse.ai