Automating Accounts Payable Invoice Processing

[Misri Parikh]

At the surface, AP is destined for greater things, supported by the growing perception that the function adds real value to the enterprise at large. However, as per Ardent Partners’ Accounts Payable Metrics that Matter in 2020, several sizable barriers exist that hold AP back are:

• Too much paper (40%)
• Exceptions Rate (62%)
• Lengthy invoice approval times (51%)

Estonia has celebrated its one-year anniversary when its public organizations quit the usage of paper invoices. This public strategy has likewise encouraged the private sector to the utilization of advanced digital invoices.

What is Accounts Payable (AP) Automation?

AP automation enhances the efficiency of accounts payable operations with improved information accuracy, complete visibility into AP department performance, and better consistency with business and industry guidelines. With the automation of some manual time-consuming processes like invoice data entry, gap analysis, and approval workflow, AP Automation software expedites the execution and maintains the accuracy of payments. In many cases, approved payments can be scheduled and automatically adjusted on the proper date.

What’s Next?

All these just scratch the surface of the benefits. The Accounts Payable team, along with the Purchasing and/or Procurement departments, must collaborate with senior management to inject an AP Automation workflow throughout the company. This is about more than ensuring invoices are received and processed in a timely fashion.

AP Automation has the capabilities to eliminate the bottlenecks and error-prone processes that are consuming your staff’s time and costing your company money.

The unique AP Automation solutions like Aavenir Invoiceflow – Accounts Payable Automation solution offers machine learning-enabled capabilities such as zero-touch invoice data extractions. Aavenir Invoice is helping ServiceNow customers to accelerate the speed and accuracy of multi-vendor invoices processing while eliminating human intervention by 3x.

Having cognitive invoice processing capabilities, Aavenir’s AP automation solution leverages ServiceNow’s enterprise-class workflow management capabilities to streamline accounts payable processes, eliminates the need for manual checks, and reduces AP cycle times by validating and bringing thousands of invoices from different channels such as; e-procurement systems, emails, scanned PDFs and even, printed letters on one platform.

Aavenir’s Invoiceflow delivers faster invoice processing with fewer touchpoints, fewer errors, and more early payment discounts, thus improving the vendor invoice processing.

To know more, Schedule a Personalized Demo of Invoiceflow accounts payable automation or attend the session on AI-enabled Accounts Payable Automation on ServiceNow.

[Kathy Parry]

PDI EMEA Ltd requires a payment date for overdue invoice number 088614

thank you