Talk about Disney, DHL, or Gamestop—all of them have gone through remarkable digital transformation.
Most of the administrative tasks that businesses do, like the accounts payable workflow, have been taken over by computers.
The finance departments, meanwhile, had to keep up with these dramatic changes to become faster and more effective than ever!
AP automation, which is another name for invoice management software, makes it easier and faster for businesses to deal with their bills.
What is Intelligent Invoice Processing?
Intelligent invoice processing is a method of processing invoices and other documents electronically with the goal of reducing costs and increasing efficiency.
It uses a computerised system that can quickly and accurately process a large number of documents without having to do so by hand.
Intelligent systems use different kinds of artificial intelligence to look at data and decide what bills or documents to process next.
What are the five pillars of intelligent invoice processing?
1. ERP Integration
Any software you use should be able to work well with your enterprise resource planning (ERP) system. When your ERP tool is integrated with your software solution, it can use all of the software’s features and help your business grow.
With an automated invoicing solution that works well with your ERP system, you can have a 70% hands-off billing process.
2. Easy-to-Use Interface
Automation implementation can be difficult. To fully utilise the programme, it is especially important to familiarise your team with it.
An easy-to-use interface makes it simpler for you to convince your staff to accept automation and change in a way that will be advantageous to your company.
3. Detailed Records
Your financial data should be kept in detailed records by an AP automation system that you may access as needed. so that you will be able to see your past payment histories and invoices.
4. Rapid Reconciliation
A good automation programme should be able to match up the lines on the invoice with the lines on the purchase order and check against the receipts to make sure that the right amount has been received.
Intelligent invoice processing systems can handle thousands of customers at once. This means that you can process more invoices in less time, which saves you money and increases your efficiency when it comes to managing your business’s finances.
Intelligent invoice processing software lets you automate tedious, time-consuming, and repetitive tasks that are hard to do by hand. It will change your life by allowing you to focus on what is important.