How intelligent is your process to understand the payment invoices and various receipts? One of the biggest challenge for the accounts payable section of any organization is the tracking and maintenance of numerous bills.
Enterprises receive invoices/bills in both paper and electronic format. Managing the invoices manually is time-consuming, prone to errors, and costly. The finance department could not tap the invoices until they are registered in the ERP system. Addressing all these concerns, Incture technologies have built Cherrywork’s Accounts Payable Automation (AP automation) application.
AP automation reads the invoices in various formats (paper, email, PDF, XML, EDI, etc) from every possible source. The Optical Character Recognition (OCR) scans the invoice headers and line item data and converts it into a readable data. From OCR, the data is then uploaded in the SAP landscape. Hence reducing the time-limit invested on reading the invoice by almost 200 percent.
Catering to the wide-range of customers and serving every domain, Incture is playing a significant role in automating processes. “AP automation is built with a basic logic of Artificial Intelligence (AI) and predictive analysis which will understand the transactions between the buyer and vendor. In this, we support all the invoice channels issued by vendors,” said Prashant Kumar, Product owner, AP automation.
Apparently, Incture’s AP automation process has a unique functionality of 2-way and 3-way matching. “At times, when an invoice is generated, it has different formats and line-item descriptions. For the buyer, it becomes a tedious task to maintain every invoice in a standard format. This is when AP automation comes in play and it bifurcates the various format and feed the system with required details of date, amount, number of items etc,” added Prashant.
Every vendor has some basic invoice format. AP automation selects the data required for the buyer and feeds it into the SAP landscape. It increases the efficiency of the personnel within no-time. The paperless working format makes the vendor management easier. “Suppliers, buyers and everybody involved in the accounts payable is on the same page. Even if any discrepancy arises, it becomes easier to identify and resolve it then and there,” added Kumar. He further said that the three level of matching including 2-way, 3-way and manual gives complete assurance of the whole cycle.
The usage of Incture’s AP automation application has been across the world. In North America, one of the largest FMCG enterprise has successfully implanted our solution. “Everyday Fresh Direct gets close to 500 invoices from different suppliers and we have been able to record all the data. We have been able to bring down the time-limit spent on each invoice,” said Kumar.
We have successfully implemented the AP automation solution in the customer’s landscape at North-America. Reducing the time invested on single invoice from 15 minutes to 1 minute, Incture has been able to mark the change. Everyday, the customer was receiving close to 500 invoices from different suppliers which was a tedious task. After our solution’s implementation, the task has been reduced manyfold.
We look forward to meeting you at the SAP Sapphire and ASUG Annual Conference 2018, 05-07 Jun, Orlando, FL. We are at Booth-1089C.
To make an appointment with us: Click here
To see Session Catalog: Click here