Benefits of Machine Learning Invoice Processing
As your business grows, so will the number of invoices you will process daily. Are your accounts payable processes still largely manual and coming across many errors, late payments, and other problems? Perhaps it’s time to look into the possibility of using machine learning invoice processing to automate most of the process. It will speed up tasks, prevent errors, minimize risks, and reduce your operational costs. Let’s take a closer look at the benefits of automated invoice processing:
Reduce processing time
Manual invoice processing typically takes minutes. Automation can potentially cut that time from five minutes to 20 seconds and allow you to save as much as 77 hours per week. Automated invoice processing can also work 24/7 to accomplish more tasks to prevent accumulating invoices and backlogs.
Boost output quality
Machine learning invoice processing uses straight-through processing, an automatic activity that won’t require manual intervention. Related words are entered into the master invoice bot so the system can fetch essential fields in the SLA (service level agreement). This way, you can customize business rules while reducing human errors all around.
Free up resources
Manual invoice processing takes time and resources that you and your staff can otherwise devote to other critical tasks in your business. With automated invoice processing accounts payable processes will not depend on human intervention, so everything is faster. This software helps boost your team’s productivity and eliminates the need to hire more in-house staff for the task.
Simplified data input
Machine learning invoice processing can read digitized invoices and upload paper or handwritten invoices with OCR technology to make them machine-readable. Extracted data will be validated and cross-checked against a mapping file for any errors. Then, you can allow someone in your team to process the data manually later.
Learn more about machine learning invoice processing by requesting a demo from a service provider. They will work closely with you to help achieve your specific invoice automation objectives!