AP Invoice Processing Features
3 Reasons Why You
Should Get Hermes
- Ensure an efficient A/P invoice processing with minimal human intervention for 100% accuracy and faster payment processing
- Offload your employees of repetitive and time-consuming tasks so they can focus on essential activities like review and analysis
- Get rid of voluminous backlogs and improve your customer service and vendor relationship by paying promptly
Calpion: The Company Behind Hermes
Hermes Accounts Payable Automation is the answer to your perennial issues about A/P processing. Turn your accounts payable from a cost center to a profit center with a custom solution that is tailor-fit to your business!
Generate a report, which contains the consolidated exceptions or errors, four times a day.
Process invoices 24/7 and eliminate backlogs by processing invoices overnight. This solution can process an invoice in 20 seconds, saving about 77.77 hours weekly.
Process invoices with 100% accuracy using only 10% of human effort to handle exceptions.
Custom Business Rules
Use straight-through processing (STP), an automatic activity that doesn’t require manual intervention. A Master Invoice Bot contains the related words that the system can use to fetch essential fields included in the Service Level Agreement (SLA).
Validation of Extracted Data
Check invoice entries against a mapping file for errors and flag it for the manual processing of a full-time employee with login credentials.
Read digitized invoices sent by vendors through an email client. The system also provides a User Interface for uploading handwritten and paper invoices and uses OCR technology to extract text into a machine-readable format.
How the A/P Department Can Benefit from Hermes Accounts Payable Automation
Like many growing companies, your current AP invoice processing system probably can’t keep up with increasing volumes of invoices and complex business criteria for invoice processing.
- Are you still handling invoices manually?
- Do your employees still need to read every invoice one at a time, verify them with purchase order information and delivery information, approve each invoice, and then check the GL coding required for the items?
- Does your team work overtime and on weekends to deal with backlogs?
If the answer to any of these questions is ‘Yes’ then it’s time to embrace automation! With Hermes invoice automation software, you can quickly process vendor invoices 24/7 using artificial intelligence.
- Hermes is a machine learning invoice processing software that ‘learns’ vendor-specific data points and processes invoices.
- The system uses AI-powered optical character recognition to scan invoices, convert the information into structured data, and transfer it into your ERP system with 100% accuracy. Exceptions are reported for human review.
- Authorized members of your team can access your invoices anytime and anywhere on the cloud.
- The system generates audit logs and reports based on customizable filters.
Here are some of the features on Hermes accounts payable automation that will help you save time and effort:
- Secure multi-factor authentication to log in
- Smart invoice pickup from emails or SFTP
- Custom business rules based on vendor, approver, and company business units
- Match data from invoices with purchase order and inventory/delivery information
- Custom approval workflow with triggers based on business rules
- Map the correct GL code for the invoices
- Send data back to the ERP using API integrations or using an SFTP
- Archive data for IRS purposes
- Custom reports based on the organization requirement
Calpion’s Hermes automated AP solution allows your organization to switch to a hands-off invoice processing software, freeing up your team’s precious time and resources. Say goodbye to costly data errors from manually tracking the thousands of invoices you receive every month. Our AI bots can automatically extract data from all formats of invoices, validate them, and upload the information into your ERP in its specific format.
- Your accounts payable team can reappropriate their time and energy on high-value tasks that directly improve the company’s profitability.
- Bottlenecks are removed, so you can pay your vendors faster and improve relationships.
- Your employees become 65% more productive.
- Data breaches and operational risks are reduced while data accessibility and transparency are enhanced.
- Your finance executives can quickly see real-time snapshots of payables to aid in quicker decision-making.
If you’re ready to switch to automatic invoice processing then don’t hesitate to connect with us. We’ll analyze your current AP invoice processing system to identify bottlenecks and demonstrate how machine learning invoice processingcan reduce inefficiencies and transform your organization.