Your accounts payable team is wasting 24% of their workdays on manual invoice processing.
Traditional paper-based and manual invoice processing are expensive, error-prone as well as time-consuming. As AP team pressures mount and invoice volumes continue to grow, accounts payable departments are turning to AP automation solutions in the form of automated invoice capture and invoice workflow software to keep up – and keep the cost per invoice down.
Invoice automation (also called automated invoice processing) is a maturing area, for IT departments, of automation with limited implementation risks and significant benefits. IT Invoice automation would not only free up back-office finance/procurement teams but also let them focus on higher value-added tasks.
Since the whole invoice management process is already digital, there are many companies that deprioritize invoice processing automation. But this should not be the case.
Invoice automation can achieve up to 90% of costs savings with an increased focus on higher value-added tasks.
Most Fortune 500 companies using technology that was not developed in the last few years have 10-15% automation rates while leading-edge, deep learning-based invoice extraction solutions can increase that to >80%.
Basically, the process of IT Invoice automation involves:
- Monitoring of invoices from all formats (be it Word, Excel, PDF, Email, JPEG, etc.)
- Extracting relevant details from the invoices
- Evaluating invoice data against PO, and its criteria
- Cross-checking of invoices to avoid frauds and duplicate payments
- Recording invoice data in the systems and notifying relevant parties
Why Automate IT Invoices on ServiceNow? Benefits of NOW workflows
Part of the ServiceNow platform that automates the multi-step process.
- Automation
- Workflows are reusable
- Workflows can call other workflows (called subflows)
- Expansion of Self-Service offerings
- Standardization of processes
- Feedback to stakeholders in a timely fashion (stages, notifications)
The significant benefits of IT Invoice automation on ServiceNow include:
- Automated verification purchase order lines with data from your ERP
- Identification of exceptions and routing them for review and resolution
- Electronic routing of invoices to approvers based on configured rules and sends notifications
- Posting of confirmed invoice data directly into the ERP or any other integrated financial system
Signing Off:
Ready to ditch manual invoice processing? Accelerate the invoice approval process by automating invoice processing workflows and improving visibility into entire IT and Finance processes. To learn more about how automated Ai-enabled IT invoice workflow minimizes the number of touches per transaction eliminates the need to re-key information and route paperwork between departments, attend this webinar.
As a ServiceNow user, learn how you can streamline IT invoice processing with Aavenir Invoiceflow on your own ServiceNow instance. Register now our experts Brian Palmer and Rohit Pareek will discuss:
✔10 Common IT Vendor Invoice Management Challenges
✔Top 3 ROIs of IT vendor invoice processing automation
✔Real-world Customer Success Story of a leading Pharmacy Benefits Manager (PBM) Automating thousands of IT Vendor Invoice Processing on ServiceNow
