Each day, you get hundreds of invoices, and entering this information into numerous systems is relatively a timeconsuming task. Those that invest in invoice automation may handle invoices in less than a one-fifth of the time it takes than those who process manually.
Here is How the Invoice Processing looks in a normal scenario
Vendor Invoices - Data entry - Verification - Approval - ERP updates - Payment Processing - Receives Payment
However, this is not always the case. Despite advancements in automation over the last decade, straight-through processing, or STP, of invoices remains out of reach for most businesses. Account Processing (AP) teams are all too familiar with legacy processes, complex workflows, and a chronic lack of agility.
Automation has long been marketed as a solution for these issues, allowing businesses to attain 100 percent STP. According to research, top-performing organisations have 2.6 times higher STP rate than their laggard peers, indicating that there is a significant gap to close. The expense of ownership, a high level of technical engagement, and a lack of cognitive tools are all arguments given by most firms. As a result, they are at the bottom of the pack, far below the leaders in the business.
When it comes to handling complicated operations, an AP Automation landscape delivers near-surgical accuracy instead of a rigid, broad automation landscape. Invoice processing may be transformed in as little as four weeks with a self-contained, ready-to-use, and integration-friendly system. Its architecture was built from the bottom up to allow business users to customize procedures to meet their specific requirements without the need for IT assistance.
This may save a lot of time and work in the long run, while also making firms more adaptable to new invoicing demands and procedures, as well as changes in corporate procedures.
For example, a firm that uses AP Automation to handle invoices will find it much simpler to adapt to the touch-less requirements of the continuing COVID-19 epidemic, since machine learning will automatically “learn” new template structures.
Sysfore Invoice Processing
Transform how you handle invoices.
Sysfore helps reduce the cost of invoicing by 75%, reduces invoice processing errors by 99%, and improves straight-through processing by 100% by automating invoice processing and related workflows.
Your Most Severe Issues Can Be Solved with Process Automation
There is a significant performance difference between businesses who automate invoice processing and those who do not. Each invoice takes longer to complete due to paper invoicing, laborious data input, and extensive exception handling. The new generation process automation tools help in two areas;
- Bring the AI capabilities to power the OCR based form processing of the invoice scans and extract the invoice data into the application.
- Define various work-flow as per the organizational needs considering the roles and departments.
These two processes help in removing the larger manual activities done in the AP process. It helps in avoiding the manual desk to desk movement of invoices for approvals, to sign through simple email-based approvals, without compromising of the proper audit of the entire cycle. The workflow automation ensure that the approvals are received for the entire approval matrix defined and on completion initiates the posting of the invoices to the core ERP systems for payments. Such complex manual steps today could be automated, this includes automated 3-way matching of INVOICE-PO-GRN. This even removes the usage of Robotic process automation(RPA) as it is now a norm to remove mundane data entry.
Bringing the power of automation, workflow, and integration capabilities together
True business process automation accomplishes exactly that: it automates business processes from start to finish. Your automated invoice processing system must handle sourcing, indexing, extraction, validation, exceptions, approvals, and workflows accurately, integrate with advanced ERP’s like SAP, MS Dynamics and other accounting systems, and pay your suppliers fast - all with minimal human interaction.
Why AI Builder is Appropriate than RPA
RPA and AI have a bright future ahead of them, as more organizations want solutions that increase productivity while lowering costs. The AI technologies that are still being developed will soon bring about the complete automation continuum that businesses are desperately seeking in order to stay ahead of the competition in today's fast-paced environment.
The easiest way to describe AI is to state it's an umbrella phrase that encompasses a variety of technologies such as RPA and a computer's capacity to learn and emulate human thinking processes such as judgment, reasoning, and cognition. Voice, facial recognition, voice assistants, and data analysis are now possible thanks to AI. All of them offer strong data collection capabilities that may be utilized to trigger a judgment based reaction.
Benefits of the AP Automation Solution
- Remove upto 90% of the data entry of invoices
- No manual intervention required for Approvals - Reducing time to as low as 1 day from weeks
- Notifications & reminders to stakeholders on transactions pending at their end
- Reducing the overall time of 30 - 60 days from receiving an invoice to making the payments to the vendors.
- Complete visibility and transparency for the vendors on the Invoice payment progress.
Power Apps + Power Automate + AI Builder
- Remove data entry of invoices (Power Automate)
- Automating extraction of the Invoice data (AI Builder)
- Direct verification of the invoice data with ERP by leveraging RPA (Statutory details, 3-way Matching) (Power Automate based real-time integrations)
- Triggering of multi level department/org hierarchy driven approval workflow for the invoices (Power Automate & Outlook Emails)
- Web interface for the key Finance users to manage the entire transactions and exceptions (Power Apps)
To learn more about our AP Automation and how it solves today's most critical invoice processing concerns, you can contact us at info@sysfore.com to see a demo of our AP Automation solution / Invoice Automation