AI Invoice Processing And How It Is Saving Cost With Automation

Processing invoices, when handled manually, is an expensive and time consuming function for any organization. With an invoice processing system from BTC AI, organizations can process invoices automatically, reducing accounts payable (AP) costs while improving both the accuracy and the speed of data extraction.

Realize a Measurable ROI with Automation

Introducing a tool to automatically extract information can improve the accuracy and speed of invoice processing, while reducing the overhead costs of accounts payable. Traditionally, processing invoices has been a manual, paper intensive task. Invoices are received in the mail, forwarded to the accounts payable department, and entered manually into the AP system. This procedure is expensive, time consuming, and error-prone.

Invoices can be handled programmatically by extracting relevant information from the invoices. A process that was previously handled by several employees can now be completed more effectively in a fraction of the time. By reducing the amount of time taken to manually enter information, organizations can realize a measurable ROI in a short period of time by the reduction of manual processing costs, early payment discounts, and improved vendor relationships.

Reduce Manual Entry Costs

After implementing an automated invoice processing system, it will take a fraction of the time and amount of employees to process the same amount of invoices.

AI is transforming AP

Deep learning AI gives the power to save mankind from the drudgery of manual data entry and the hassle of setting up templates and rules for traditional OCR software. In some ways, this real-life AI story is more exciting than the myths and legends it is rooted in, as well as the future tales it inspires.

Improve Invoice Processing Accuracy

Inputting inaccurate data from an invoice can be very costly; these inaccuracies can result in overpayments and employee hours spent resolving issues with vendors. By automating the accounts payable process, human keying errors can be eliminated.

Accelerate Invoice Turnaround and Benefit from Early Payment Discounts, Improved Vendor Relationships

Many vendors offer discounts for paying invoices early. With an automated system in place, invoices can be processed and paid more quickly. With automated accounts payable, organizations can start taking advantage of early pay discounts. By paying invoices faster, organizations can improve relationships with vendors, creating leverage to negotiate better prices or terms.

Configure Business Rules Unique to Your Organization

Validate extracted field data from the invoice according to your specific business rules.

Customizable XML and Database Export

Allows for a customizable system using XML-based scripting. Automatically encodes extracted invoice information for export to database.

Create a Measurable ROI

By automating invoice processing, organizations can save money by reducing the amount of time employees spend manually entering data, attain early payment discounts, and accurately pay invoices in a timely fashion.

Increased productivity

AI saves time on data entry and correction, and eliminates tiresome template and rule creation, enabling AP staff to focus on value-generating activities, such as

• Financial planning
• Tracking company spend
• Deriving actionable insights from analytics
• Collaborating with other corporate functions, such as Procurement
• Strengthening vendor-customer relationships

Powerful but yet Simple to Use

AI Invoice Processing allows organizations to process invoices and AP documents, regardless of their source, format or location. By using BTC AI’s self-learning technology organizations are able to eliminate time consuming invoice templation. Organizations can also streamline invoice matching and validation to reduce manual steps and errors.

Highly Accurate OCR for Touchless Automation

Realize the most accurate data extraction by using our AI highly accurate, multi-engine OCR. BTC AI’s unparalleled data extraction knowledge base allows organizations to leverage more than 50,000 vendor invoices to reduce manual correction from day one. Prep time can be reduced by using advanced auto splitting technology to split invoices and other accounts payable documents accurately.

Easy Integration into the Accounting Process

BTC offers organizations the ability to integrate into their existing workflow. Data extracted from invoices can be integrated through desired specifications. Once the data is extracted, it can be outputted into industry standard formats including XML or CSV.

Advanced Machine Learning

Leverage advanced machine learning to continuously improve recognition rates. BTC AI’s expert learning system gets smarter over time yielding more extraction and automation. As more invoices are processed, and corrections are made, our AI system uses a feedback loop to learn and understand invoices.

Calculating the Value of an Automated AP System

According to industry studies, the cost of manually handling an invoice from start to finish is estimated to be $30-$50 per invoice. By automating pieces of the process, the cost per invoice can be reduced by more than 30%.

 

What will tomorrow bring? The gap between the manual, OCR and cognitive system will only grow further with the increase in the volume of the invoices, or any extra complexity in the process (such as line items, vendor address capture or purchase orders). Even today, staff willing to retype data is increasingly difficult to find. Isn’t it time to switch to an automated solution and unshackle your employees from the meaningless retyping of invoices? Contact our experts for more