Remember the stone age when people used to manually send out, review, and authorise payment for every single transaction?
Technology has reduced labour and costs so significantly that it has changed the way accounting operates. Similar to payment processing, many businesses view invoice processing software as crucial.
A recent survey estimates that there are about 3700+ old ways of invoice processing worldwide. Graip.AI is a tool that can help your finance teams speed up invoice processing.
Think about this
If your purchase-to-pay process is correctly set up, processing invoices could be a straightforward procedure.
However, processing the bills by hand could be laborious. especially if there is no automated purchase order process in place.
Why Graip.AI for Invoice Automation?
Processes are accelerated by artificial intelligence’s rapid learning. Accounts payable won’t have to write down and double-check the information on invoices by hand.
It only needs to find exceptions and make decisions based on the situation.
AI is quickly trained to perform tasks requiring judgment in the context of automated invoice processing, such as
- selecting the approvers for particular invoices OR
- by giving certain general ledger codes
which speeds up operations that were slow.
As your firm grows, automating operations is one thing; speeding them up is quite another.
Because of this, you can’t make an automated account payable solution that can grow with your business without artificial intelligence.
Features of Invoice Automation Software
Accurate Data Input
In order to completely transform the accounts payable business, it must do more than simply digitise paper documents. OCR, or optical character recognition, can help with it.
In an automated accounts payable system, the technology that pulls text from paperless forms needs to be put into the right fields.
Without OCR, you would only have a picture of the document, so you would have to type the information into an accounts payable system by hand.
So, Graip.AI combines OCR with a second layer of invoice data extraction to make sure that the data entered is complete and correct.
Purchase order matching
A key part of the accounts payable workflow is getting invoices, purchase orders, and approvals together and comparing them.
However, this process often causes bottlenecks and delays in the invoice payment process—but not anymore.
Business rule management system technologies are used in invoice automation software that makes it easier for purchase orders and invoices to match up automatically.
Automation seems to be in vogue right now, and for good reason: it makes room for other crucial features like automated purchase order matching, which turn invoice automation into a comprehensive answer for conducting business on a worldwide scale.
The faster an accounting department will use this digital method, the easier it will be for them to focus on growth.