AI-enabled Accounts Payable Automation on ServiceNow

[Misri Parikh]

Companies wrestle with the challenges of receiving paper invoices and matching them against purchase orders (POs) and general ledger (GL) coding. Lack of automation ultimately leads to bigger business challenges associated with accruals for financial closing and lack of visibility into corporate spending.

Chief financial officers (CFOs) and corporate controllers need visibility into the A/P process to improve cash management, simplify reconciliation, streamline accruals, and produce more accurate financial statements.

There is no question that manually processing invoices takes too long, costs too much, creates too many errors, and provides inadequate visibility. Yet, only one-quarter of businesses worldwide have fully automated their Accounts Payable processes with technologies such as an electronic invoicing portal.

There are numerous reasons that Accounts Payable organizations cite for continuing to rely on manual or semi-automated invoice processes. But the primary reason why many Accounts Payable organizations have not automated their invoice processing is that they do not know how to build a winning business case for automation.

Aavenir’s latest session provides a step-by-step guide for developing a business case for accounts payable automation that will gain the approval of senior management. Using AI, organizations are achieving touchless invoice processing >90%:

Learn how your team can:

1. Enable invoice data capture with AI
2. Gain complete control and visibility in your invoice process
3. How Aavenir helped a customer to go paperless from Day 1 and improve AP efficiency