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AstuteAP
An advanced AI-enabled Supplier Invoice processing Automation tool for ERP systems (PeopleSoft, Banner, EBS, JDE)
AstuteAP
An advanced AI-enabled Supplier Invoice processing Automation tool for ERP systems (PeopleSoft, Banner, EBS, JDE)
What is AI AP Invoice Automation?
AI AP Invoice Automation streamlines the process of handling supplier invoices by converting them into a digital format by utilizing an Artificial Intelligence engine and then managing them through an intelligent workflow. This digitalization allows for a faster processing, reduction of errors, and provides a greater visibility into the payment and reconciliation process. Ultimately, it helps organizations save time and resources while improving accuracy and efficiency in their accounts payable operations.
What is AstuteAP?
AstuteAP is an AP Invoice Automation tool that leverages Artificial intelligence (AI) to streamline the process of handling supplier invoices thereby reducing manual intervention, minimizing errors, and providing valuable insights for optimizing financial operations.
Features
AstuteAP Key Features
01
Automatic invoice retrieval from source
02
AI-enabled Invoice Capture
03
Key value pair extraction, confidence score
04
Invoice Validation and Pre-Processing
05
Error Detection and Correction
06
Intelligent Invoice Processing in target ERP, pre-built integration to PeopleSoft, EBusiness Suite, JD Edwards, Ellucian Banner
07
Document store for invoice lookup, archive
Invoice AI Process Flow
How is AI Invoice Automation better?
- Touchless and Faster Invoice Processing
- Capture Invoice Header with higher accuracy
- Invoice Data Validation and Verification
- Fraud Monitoring and Alert
- Error Handling
- Dashboard Reporting
Benefits
Benefits of AstuteAP
Business
- Reduction in Invoice Processing costs
- Faster Invoice processing
- Lower exception rates
- Digital Transformation
- Reduction in Invoice processing errors
- Fraud Monitoring and Alerts
Technology
- Oracle Native - upgraded behind the scenes on the cloud
- Using the learned scanning of millions of previous invoices that is part of the Artificial Intelligence to decrease the manual handling of invoices - with higher accuracy
- Efficiency: Speeds up document processing, reducing manual effort and time required.
- Accuracy: Minimizes errors associated with manual data entry, leading to more reliable data extraction.
- Scalability: Easily handles large volumes of documents, allowing for scalable document processing.
- Cost savings: Reduces labor costs associated with manual document handling and processing.
- Improved decision-making: Provides quick access to extracted insights, enabling faster and more informed decision-making.
- Compliance: Ensures regulatory compliance by maintaining accurate and auditable document records.
- Enhanced productivity: Frees up human resources for more value-added tasks by automating routine document processing activities.
- Integration: Seamlessly integrates with existing systems and workflows, enhancing overall organizational efficiency.
FAQ
AstuteAP FAQ
How does AI invoice automation ensureaccuracy in data extraction?
AI invoice automation employs advanced algorithms and machine learning techniques to accurately extract relevant data from invoices. It can recognize key fields such as invoice numbers, dates, amounts, and vendor details with high precision, minimizing manual errors and ensuring data accuracy.
Can AI invoice automation integrate withexisting accounting systems?
Yes, AI invoice automation solutions are designed to seamlessly integrate with various accounting systems, including popular platforms like QuickBooks, SAP, and Xero. Integration allows for smooth data transfer between the automation tool and your accounting software, streamlining the invoicing process and ensuring compatibility with your current workflows.
How does AI invoice automation handleinvoices in different languages and formats?
AI invoice automation is capable of processing invoices in multiple languages and formats, including scanned images, PDFs, and digital documents. Through natural language processing (NLP) and optical character recognition (OCR) technologies, the system can interpret and extract information accurately, regardless of the language or layout of the invoice.
What security measures are in place toprotect sensitive financial data during theautomation process?
AI invoice automation solutions prioritize data security and employ robust measures to safeguard sensitive financial information. These measures may include encryption protocols, access controls, secure cloud storage, and compliance with industry standards such as GDPR and SOC 2. Additionally, user authentication and audit trails help monitor and track data access, ensuring confidentiality and integrity throughout the invoicing process.
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Relevant Blogs
Why CFOs Should Prioritize AP Invoice Automation
Chief Financial Officers (CFOs) increasingly leverage technology to streamline operations and enhance financial health. Among the myriad technological advancements, Accounts Payable (AP) Invoice Automation stands out as a critical tool for modern finance leaders. Here’s why CFOs should consider AP Invoice Automation as their top priority.
Optimizing AP: AI for Cost Efficiency and Streamlined Operations
In the quest for financial excellence, finance departments face the challenge of processing Accounts Payable (AP) invoices efficiently while controlling costs, managing staff levels, and ensuring timely payments according to contract terms.
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