AI solutions are constantly evolving and becoming more strategic than ever. In today’s business climate, AI can permeate every aspect of a business, be it business strategy, applications, or processes. This short read will explore one such example; invoice automation. It discusses how companies can incorporate AI into their business to optimize their work and how AlphaBOLD’s BOLDParser can help companies achieve this goal.
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Paper Invoicing – Challenges
There are many reasons why paper invoicing has become outdated, the most obvious of which is its time and cost inefficiencies. When companies handle invoices manually, they restrict their employees to a dull, tedious task that not only hogs up time that should be invested on more pressing matters, it also tends to lower morale and increases room for human error. Unfortunately, the pains of paper and manual invoicing do not end here. Companies are held back with manual invoice management due to a multitude of reasons, such as:
- Companies are unable to populate accounting systems with data due to the manual processing of hard copies.
- Manual invoicing has a high turnaround time which can frustrate vendors, buyers, etc., and thus result in poor relationships with stakeholders.
- If an invoice and purchase order is accidentally mismatched, the process to address this problem is long, complicated, and costly.
Additionally, the prevailing pandemic also heightened manual invoice management problems for companies. Finance professionals often sent paper invoices to empty offices, and as a result, many payment deadlines were not met. Of course, the answer was to shift to e-invoicing and electronic payments, but without a properly automated accounts payable system, companies are still investing hours of labor into tracking emails, making data entries, and filling up required fields for their transactions.
What is the solution?
Most companies have tried and tested manual invoicing and are tired of error-prone, chaotic, outdated processes that result in ineffective accounting mechanisms for their business. The solution is simple, equip your accounting team with the power of automation and smartly address all these issues.
AI-based invoice automation is necessary for your business if you want your account payable team to focus on value-add services rather than manual invoice entry. From processing to integration, AI allows businesses to automate their incoming invoices through an intelligent solution that automatically extracts the fields from the invoice attachments in emails and automatically creates the corresponding transactions in the ERP system.
E-invoicing or automated invoicing utilizes a process known as robotic process automation (RPA) to extract data from invoices seamlessly. This allows for accurate data entry and management. In contrast to manual invoice management, automated invoice management can be done in a few simple clicks with high accuracy and consequently optimizes the costs and time of the company.
BOLDParser – AlphaBOLD’s Solution
BOLDParser is AlphaBOLD’s one-stop AI solution to all invoice management needs. It allows companies to automate incoming invoices through an intelligent mechanism that extracts document fields and creates a corresponding transaction in their ERP system. BOLDParser reduces manual intervention in the invoice and document management process. It also limits problems such as time wastage, human errors, and demotivation due to tedious tasks.
AlphaBOLD’s experts have designed this AI solution to ensure the seamless processing of all incoming invoices and documents, thus promoting increased operational efficiency, lowered cost, and more opportunities for innovation. BOLDParser is built using Artificial Intelligence Invoice Automation, which allows the model to be trained on non-compliant formats. Additionally, this solution can be easily integrated with business applications and ERP systems such as Dynamics 365, SAP, Salesforce, and Oracle NetSuite, etc.
Whether you are an established business or a start-up, introducing AI into your business processes will help you streamline your overall productivity. Every business gets invoices, and as businesses grow, it becomes impossible for invoices to be managed manually. Without a streamlined invoice management flow, your resources are spending hours managing data entry or finding lost documents. For companies to focus on financial growth, it is crucial that they find a way to better manage their financial coding processes. By automating the accounts payable process with AlphaBOLD’s BOLDParser, we can do just that for you! Reach out to us to find out more!