Why do you need to use AI for invoice processing?
Payable Accounts (AP) have been an important part of the business throughout the decades. But today’s organizations expect more from them in the digital age – now the providers often want to pay immediately and completely error-free.
To keep up with the changing challenges of today’s AP departments, many organizations have used software to automate their processes.
The new software can now use artificial intelligence to recognize not only one account type, but practically any account format. These new advanced tools are a chance for companies looking for a more automated AP process, freeing staff to focus on strategic initiatives and new ideas.
Benefits of using AI for account processing
Use of automation software based on artificial intelligence technology can offer a wide range of advantages for your business, such as:
1) Protection against fraud: identify account differences at an early stage by automatically checking the data in previously approved orders.
2) Detailed information: easily retrieve invoice information such as invoice date, order number, invoice number and total amount to be paid.
3) Increase productivity: minimize the risk of data entry errors by automatically sending account data to corporate applications.
4) Improve your cash flow: reduce payment cycles and avoid overdue payments by automating reminders and optimizing payment processing.
What about the future?
It is possible that as AI moves forward, there will be additional functions for account processing, including fraud detection capabilities, projected expense patterns and expense audits. The possibilities to use AI for accounts are almost limitless: from balancing payments on accounts and prioritizing them based on internal rules to evaluate financial and bankruptcy risks through balance analysis.