Once you’ve opened a private enterprise, you pursue selling in-demand services and products, expanding customer reach, and increasing profits. Total digitalization of all sides of life favors the adoption of innovative technologies and practices for swift and more productive corporate document circulation.
Automated Invoice Processing software streamlines invoice handling and payment procedures. Tenfold faster as compared with manual treatment, intelligent solutions represent an indispensable condition to earn a competitive edge in a market.
Automated Invoice Processing: Definition
As the name implies, automated invoice processing offers full digitalization of the invoice-related docflow. The software captures, retrieves, and validates data that is sent to a structured and organized database.
The software deploys AI and ML to accelerate and improve the full cycle of account payables processing. More specifically, automation eliminates the necessity of retrieving, entering, and verifying information manually. Previously known as a time-taking procedure, invoice handling based on OCR & IDP technologies notably shortens the time needed for invoice handling.
Automated Invoice Processing Step-by-Step
Smart solutions can deal with multiple formats of invoices, including paper documentation, API, email, and scanned documents.
Key functions:
- Multi-format invoice capture.
- User-friendly interface.
- Integration with numerous platforms, including ERP.
- Centralized access to the database.
The process works as follows:
- Receipt of invoices & data retrieval. First, invoices should be received and scanned. Enhanced with AI & ML algorithms OCR technology retrieves the necessary data.
- Validation. Based on predefined parameters the system also checks that the extracted information matches the existing orders. This helps to avoid any potential inconsistencies in details.
- Exceptions. In case of any mismatches, invoices are marked as ones that require human attention.
- Approval. After validation invoices are directed to relevant departments for final approval.
- Payment. Once the data has been validated and approved by responsible staff, the system initiates a payment process predefined by certain rules and instructions.
Automated Invoice Processing: Merits
Automation of docflow routine is always a grand decision that changes the conventional workflow in enterprises of any scale. Regardless of the industry, benefits of automated invoice processing comprise:
- Integrated automation of tedious manual procedures. Implementation of a dedicated technology helps organizations save a good deal of time and level up the precision of operational processes. The dedicated software can treat invoices ten times faster than humans. Besides, enterprises get on-the-fly updates on the account payable status.
- High-precision verification & validation. Manual data handling is fallible due to high data volumes, low attention concentration due to fatigue. Automation helps enterprises streamline invoice-related operations and free staff members for other tasks.
- Centralized access. Typically, invoice processing solutions deploy EDMS for storing data in a single database. Hence, all invoices are easy to find and retrieve.
- Audit-ready system. Previously, companies spent days or weeks getting ready for audit; with AIP implementation, all documentation is classified and organized in an easily available database.
- Cost-efficiency. Fast and straightforward invoice processing ensures on-time payments.
- With the docflow automated, enterprises can concentrate on strategic goals. While choosing a solution, select the option with a scalability potential.
- At present, businesses cannot ignore environmental issues. Environmental care becomes one of the aspects potential partners and customers might consider. Implementation of digital technologies leads to reduced volumes of paper documents and consequently results in a lower carbon footprint.
Automated Invoice Processing: Drawbacks
Disadvantages of AIP implementation are related to its innovative and digital nature:
- It takes some time and training to integrate the system into the corporate IT infrastructure and tune up all elements for flawless operation. Employees should undergo training to bring out the full potential of the technology.
Reputable solution providers provide straightforward integration with various IT architectures and conduct training for responsible staff to ensure employees’ competency and smooth system operation.
- Reliability of servers. This is another reason to look for a reliable partner — go with a reputable provider with industry-specific expertise.
How to Start Working with Automated Invoice Processing?
Once you’ve decided to automate invoice handling, consider the aspects below:
- The average account payables volume to be treated per month.
- Challenges of account payable handling are related to delayed payments or slow-paced business expansion due to an overload of the manual docflow.
For smaller volumes, business owners might consider in-house automation, while larger enterprises with thousands of invoices monthly might benefit from end-to-end solutions.
Next, make sure that chosen solutions:
- can be customized to address the industry-specific demands;
- comes with AI- and ML-based API for adaptation to changes in invoice formats;
- Includes built-in validation of data;
- can be integrated with the company’s IT ecosystem.
Does Automation of Invoice Processing Really Enhance Enterprise Efficiency?
Going digital considerably shortens the time needed for handling account payables, saves employees’ effort & time, and elevates corporate output.
Graip.AI invoice processing solutions might be the optimal choice if businesses:
- Seek a custom-tailored solution suitable for various invoice formats;
- Intend to decrease employees’ workload;
- Want to scale up data precision;
- Search for a system fully compliant with the company’s IT ecosystem.
By partnering with Graip.AI and automating invoice processing, enterprises optimize routine docflows, cut operational expenditures, and boost efficiency & profits
