How intelligent is your process to understand the payment invoices and receipts? One of the biggest challenges for the accounts payable section of any organization is the tracking and maintenance of numerous bills. As businesses struggle with issues like invoice processing delays, processing errors and late payment fees, it’s imperative that accounting automation tool is the ultimate set-up.
Enterprises are increasingly aware that paper and people-based processes lead to high AP transaction costs and missed business opportunities. In a recent survey, 42% of the organizations stated that they were experiencing delays in receiving invoices and/or difficulties in information matching. Researches show that automation is the ultimate way forward for cost savings and improved efficiency.
In fact, companies with best-in-class automation ‘are 89% more likely to view AP as either exceptionally or very valuable from a strategic perspective’. Taking a cue, Incture technologies have built Cherrywork’s Accounts Payable Automation (AP automation) application, with basic Artificial intelligence (AI) algorithm, predictive analysis and distinctive 2-way and 3-way matching process.
Successful implementation of this tool is reducing the invoice-processing time by over 50%. This tool 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.
It is a complete, integrated solution that addresses full range of functions across the accounts payable process. It includes invoice capture, single point of entry, scanning, data validation, extraction and integration with SAP, electronic routing for approvals and other workflow (exception handling), Two Way Match, Three Way Match, Planned Cost, Unplanned Cost Details, PO / Non PO based invoices with all process variants.
One of the world’s largest online grocery store has been successfully auto-posting almost 500 invoices every day. It even routes the invoice/bills to the accounting clerks and has made the system paperless. Unique functionality of 2-way and 3-way matchinghelps to segregate the line-items of the invoices
- Reduces the cost of operations
- Speeds up the Invoice processing
- Paperless format to add more value
- Suppliers/vendors get payment on time
- Processes purchase-order (PO), non-PO and recurring invoices
- Lessens the operational complexity
- Increases profitability
Be a part of our journey and if you believe in transforming businesses, reach out to us at firstname.lastname@example.org for a free demo!