Have you imagined going paperless, whether it’s for day-to-day operations, communication, or financial records? Let’s say that all paper invoices, receipts, and other business papers are scanned and recycled as soon as they arrive.
No matter how easy or hard it is for you to picture this, you probably already know what the benefits of this outcome would be.
Since the era of the first computer made by Bill Gates, we have steadily realised that everything is going digital. When you look at reports of Walmart spending $2 billion on digital transformation, you wonder: what if they had done it before Amazon?
The paperless office is becoming a reality thanks to technologies for invoice automation.
Content
How Graip.AI invoice automation can help you create a paperless office?
Graip.AI compares the information on the purchase order and the invoices for the order, based on the business rules that have been set.
These documents all have individual numbers that are cross-referenced and pick up the most relevant data automatically.
Here is an illustration of an automated flow for processing invoices:
- The invoice is received as an attachment in a designated email folder (JPEG, PDF, EDI, PNG, etc)
- The document is added to the “Review” tab.
- Pulls information from attachments
- Extract Data
- Move to “Verified” if all extracted values meet the validation criteria.
- The mismatched documents are moved to exception or “under review” until they are checked manually and moved to the “Verified” area.
- All invoice data is included in the final report that is produced.
- This data can be downloaded as a file or integrated into your AP platform using API.
Are you interested in automating your manual AP processes? Schedule a 30-minute live demonstration to see how Graip.AI can help your team with AP automation.
Moving data to an Organized Form
Once the data is downloaded, any necessary edits can be made.
Validation
The data from an invoice is checked by Graip.AI to make sure that the numbers, VAT rates, VAT IDs, currencies, seller details, and other information are correct.
Most businesses have workflows with different levels of approval to make sure mistakes don’t slip through the cracks and make reconciliation hard to do later.
Some of these basic criteria can be built up with the help of our automation software for processing invoices. If any extracted value doesn’t meet these criteria, it raises a flag for a manual inspection.
Handling Discrepancies
If the information collected doesn’t match the business criteria, you could make a workflow for handling resolutions.
To control this kind of automation, confidence score thresholds can be set. If a value falls below a confidence score threshold that has already been set, it is sent to a human process.
Conclusion
Using Graip.AI Automation, you can get rid of up to 90% of the manual data entry.