Invoice Processing Automation for Accounts Payable
Nowadays, given the remarkable growth of world markets and the uncertain prospects for a further economic rise, one of the key points in achieving high financial performance is the optimization of existing business processes. One of the tools for such optimization is the automation of operations requiring substantial human involvement and manual labor.
Typical approach to invoice processing automation
One of the standard mundane processes, which is still mostly manual – is invoice processing for accounts payable. The bottleneck of this process is manual data entry, which brings along several problems that will inevitably follow it:
- low invoice processing speed;
- a large number of errors;
- high labor costs for employees engaged in manual invoice processing and data entry;
- non-transparent accounts payable management;
- the low motivation of employees who must perform boring, tedious work.
In most cases, automated invoice capture and accounts payable automation solutions are either tools that only partially automate the workflow of invoice processing or legacy optical character recognition (OCR) software. They require deep technical expertise and IT knowledge for their setup and adjustment for a specific process. They often have low accuracy of data extraction and poorly integrate with existing business applications and business processes in the company.
In contrast, adequately automated invoice processing allows you to achieve the following results:
- improve cash flow management for the company;
- eliminate supply chain disruptions due to overdue accounts payable;
- improve your vendor relationships
- free-up your team from mundane to a high-value analytical job;
Ultimately, a well-organized automated invoice processing allows the company to gain a substantial competitive advantage.
Modern approach to invoice processing automation
There are a few better ways to solve issues with processing invoices for accounts payable: complete outsourcing of this process or leveraging advanced intelligent AI-based solution for highly efficient in-house processing. Let us consider the pros and cons of each approach.
Complete invoice process outsourcing
Since processing invoices is not the core competency of your organization, outsourcing this process makes much sense. Moreover, outsourcing does not necessarily mean offshoring to Asia. For example, WiseTREND Service Bureau offers SOC2 and HIPPA compliant US-based services. Our team of professionals with vast experience in data capture and OCR can securely handle not just invoices, but any types of documents, including those with contain personal data (PII). At WiseTREND, we follow the document processing best practices and utilize modern and the most intelligent data capture technologies. Here is what you can expect by outsourcing invoice capture:
- Service bureau undertakes all the difficulties in choosing the best tools and services, as well as their customization for the business processes of your company;
- The experienced team captures invoices with maximum accuracy and efficiency;
- It is scalable. You do not need to hire new employees if the flow of incoming invoices has increased significantly due to seasonal changes or the growth of your business;
Outsourcing team will receive and consolidate your invoices while returning you structured business data, ready for use in your ERP to complete accounts payable workflow.
Cloud invoice processing platform
Those organizations, which prefer to control invoice processing fully, may benefit from leveraging cutting-edge intelligent automation technology, which is easy to set up and tune to your documents and workflow. WiseTREND Intelligent Document Processing Portal is a cloud-based SaaS (Software as a Service) solution, which leverages AI and machine learning for reading invoices and other document types. Its AI has already built-in intelligence for automatic invoice processing, which includes many business rules and data validation mechanisms that allows you to achieve a high level of automation in record time. Here are the benefits of using the IDP Portal:
- pre-trained AI technology allows getting to a high level of automation (70%+ documents) quickly;
- validation best-practices for the most efficient leveraging of the human-in-the-loop;
- embedded machine learning for self-training and adjustment.
Also, you don’t need to buy and maintain hardware and software for data capture and invoice processing. Implementing accounts payable automation using the WiseTREND IDP Portal, you pay only for the processed volume of invoices and save on hardware, software, installation, etc.
Right tools and optimized processes put you ahead of the competition. While others are drowning in the flood of paper and electronic documents, trying to cope with a hurricane of errors in manually entered data, you can begin the digital transformation of your business today, so that tomorrow you can save up to 85% of your invoice processing cost with fully automated accounts payable.