Holistic Financial Management by Using Automatic Invoice Processing
Accounts payable processing can be a daunting process when done manually. It requires full-time employees who can withstand spending several hours a day examining every invoice. Their work can pile up when your business handles thousands of invoices every week. Errors, delays, and backlogs can occur, which negatively impact your financial management and prevent timely payments from vendors. However, you can avoid those issues by using a machine learning invoice processing solution.
Stop manual A/P processing
Automated invoice processing software will eliminate the labor-intensive and error-prone process of manually going through invoices. With this solution, you can forget about doing three-way matching A/P processing, so you and your team can focus on other crucial tasks and enhance your company’s financial management. High-quality software processes invoice more efficiently to accelerate your A/P process while minimizing the need to do labor-intensive and repetitive tasks.
Machine learning invoice processing works around the clock, so you can reduce labor costs, save time, and accomplish more. Human intervention is minimal and required only for handling exceptions. These benefits are possible because of AI, which reads the invoices from emails. OCR technology is also applied to convert your scanned invoices into text.
The automated invoice processing software performs straight-through processing; without the need for human assistance. It generates a report with the exceptions and errors, which your team can manually review. It can be configured to perform custom approvals also, and the software will automatically upload the processed invoices to your A/P ERP.
Enhance cash flow with the right software solution
When it takes your business several days or weeks to send an invoice, it means you’ll have to wait longer to get paid. Machine learning invoice processing ensures accurate and quick invoice management and should help you get paid faster and improve your cash flow.
Which solution is for you?
When you’re ready to use automated invoice processing, get in touch with a reputable service provider that can analyze your existing A/P invoice processing system to determine issues. They can also provide a demo to help you learn more about their solution.