Invoice Automation (AP Automation)

Sysfore helps reduce the cost of invoicing by 75%, reduces invoice processing errors by 99%, and improves straight-through processing by 100% by automating invoice processing and related workflows.

There is a significant performance difference between businesses who automate invoice processing and those who do not. Each invoice takes longer to complete due to paper invoicing, laborious data input, and extensive exception handling. The new generation process automation tools help in two areas;

• Bring the AI capabilities to power the OCR based form processing of the invoice scans and extract the invoice data into the application.
• Define various work-flow as per the organizational needs considering the roles and departments.

These two processes help in removing the larger manual activities done in the AP process. It helps in avoiding the manual desk to desk movement of invoices for approvals, to sign through simple email-based approvals, without compromising of the proper audit of the entire cycle. The workflow automation ensure that the approvals are received for the entire approval matrix defined and on completion initiates the posting of the invoices to the core ERP systems for payments. Such complex manual steps today could be automated, this includes automated 3-way matching of INVOICE-PO-GRN. This even removes the usage of Robotic process automation(RPA) as it is now a norm to remove mundane data entry.

True business process automation accomplishes exactly that: it automates business processes from start to finish. Your automated invoice processing system must handle sourcing, indexing, extraction, validation, exceptions, approvals, and workflows accurately, integrate with advanced ERP’s like SAP, MS Dynamics and other accounting systems, and pay your suppliers fast - all with minimal human interaction.

RPA and AI have a bright future ahead of them, as more organizations want solutions that increase productivity while lowering costs. The AI technologies that are still being developed will soon bring about the complete automation continuum that businesses are desperately seeking in order to stay ahead of the competition in today's fast-paced environment.

The easiest way to describe AI is to state it's an umbrella phrase that encompasses a variety of technologies such as RPA and a computer's capacity to learn and emulate human thinking processes such as judgment, reasoning, and cognition. Voice, facial recognition, voice assistants, and data analysis are now possible thanks to AI. All of them offer strong data collection capabilities that may be utilized to trigger a judgment based reaction.