Specialized Accounting Services
The accounts payable process or function is immensely significant since it involves nearly all of a company’s payments outside of payroll. The accounts payable process must also be efficient and accurate in order for the company’s financial statements to be accurate and complete. An accounts payable is recorded in the Account Payable sub-ledger at the time an invoice is vouched for payment.
60+% of time is being spend in receiving, organizing, physically, moving for approval and manually entering data from physical paper invoices
Regardless of the company’s size, the task of accounts payable is to pay only the company’s bills and invoices that are legitimate and accurate. The accounts payable process often uses a technique known as the three-way match to assure that only valid and accurate vendor invoices are recorded and paid. The three-way match involves the following:
- Company Purchase Order (What the company had ordered at what cost)
- Goods Receiving Note (What the company has received)
- Vendor Invoice (What the vendor billed the company)
The three-way match can slow down the payment process, so the method may be modified. For example, three-way matching may be limited solely to large-value invoices, or the matching is automatically approved if the received quantity is within a certain percentage of the amount authorized in the purchase order.
Disadvantages of current method
- Physical movement of invoices
- Various approvals delay the processing time
- Manual errors while posting data
- GST information is not captured accurately
- Creating issues while taking input credit
- No visibility of invoices under process
- Overloaded desk with documents
- Missing deadline of payments
Our suggested method
Our advanced AI model provides the very accurate invoice data extraction tool, eliminating the chances of human errors. The value in our technology lies in our intelligent recognition of defined invoice fields. It uses advanced OCR technology as an operating principle and keeps learning using Machine Learning to improve its performance. It will capture the required information from an invoice/bill like Invoice number, Invoice date, GST number, Amount, Tax amounts etc. and can define it irrespective of any template.
“Intelligence learning” models refine data over time to produce profoundly accurate results on new and unseen invoice formats and templates. Since our solution is completely cloud based, it is updated on daily basis to ensure a continuous increase in accuracy. It recognizes all the data fields from invoice images with the help of OCR technology and then delivers that data back to your software to be utilized in various perspectives.
Accounts payable automation or AP automation is the ongoing effort of many companies to streamline the business process of their accounts payable departments. The goal of automating the accounts payable process is to streamline the process of invoice processing, eliminating several issues and giving many advantages as follows:
- Provides flexible, faster and accurate data capturing
- Detects fraudulent in account payable processing
- Avoids duplication of invoices
- Eliminates potential human error
- Lower the cost per invoice
- Enhances 3 way matching technique
- Have an internal control over process
- Direct integration with existing ERP system