The finance department is the heart of any business, responsible for ensuring that funds are allocated and managed effectively. However, traditional accounts payable (AP) processes can be time-consuming and error-prone, leading to increased costs and decreased productivity. That’s why many businesses are turning to AI-powered AP automation to streamline their processes and improve their bottom line.
The Benefits of AI-Powered AP Automation
AI-powered AP automation is a game-changer for finance departments. By integrating with cloud-based ERP systems, automation software like EcoDocs can eliminate the need for manual data entry and reduce errors. In addition, advanced AI algorithms can match invoices with purchase orders and delivery receipts, ensuring that each invoice is accurately matched with the correct purchase order and receipt. This not only saves time but also helps to prevent overpayments and duplicate payments, which can lead to significant cost savings.
But what about the issue of different product descriptions and codes in the invoices received from vendors and the purchase orders? This is where AI-powered AP automation really shines. Using natural language processing and machine learning algorithms, the software can automatically extract line items from invoices, even when the formats vary from vendor to vendor. This eliminates the need for manual data entry and ensures that each line item is accurately recorded.
A Real-Life Use Case
A recent use case involved a construction company that had 10,000 invoices per month and struggled with matching invoices with purchase orders and delivery receipts. EcoDocs achieved more than 90% complete automation without any human intervention, with 100% accuracy, and only required 10% human checks to complete the matching with AI-powered suggestions. The company discovered that they had been paying for items that weren’t originally ordered in purchase orders along with multiple price discrepancies that did cost them a lot.
Customizable Real-Time Dashboards and Fraud Detection
But the benefits of AI-powered AP automation don’t stop there. The software provides customizable real-time dashboards that can show invoice status and help in fraud detection. By using advanced statistical and machine learning algorithms, anomalies can be detected which help in fraud detection. This ensures that any unusual patterns or behaviors in the accounts payable process can be quickly identified and dealt with.
EcoDocs – A Customizable Solution
What sets EcoDocs apart from competitors is our customizable solution tailored to meet the specific needs of each business. We work with clients to customize EcoDocs to their specific use case. Our software is also scalable, allowing businesses to add new modules and features as needed.
In conclusion, AI-powered AP automation is transforming the finance department, making it more efficient, accurate, and cost-effective. With the ability to match invoices with purchase orders and delivery receipts, extract line items from invoices, and detect anomalies for fraud prevention, the benefits are clear. If you want to improve your bottom line and streamline your accounts payable process, it’s time to consider AI-powered AP automation.
If you’d like to learn more about how EcoDocs can help your business, please don’t hesitate to contact us to schedule a discovery call. Our team of experts is always available to answer any questions you may have.
