As AI technology become more commonplace, BI solutions increasingly apply them for services such as invoice processing. Machine learning enables computers to carry out complex tasks almost instantly. This reduces admin time for human employees and therefore increases productivity.
Billing and invoice processing are some of the most cumbersome and complicated business operations tasks; however, the introduction of AI technology has caused major changes in this process. For example, applying AI to accounting tasks can reduce time spent on calculations and manual operations.
Read on to find out more about how AI invoice processing tools can improve your organisation’s productivity.
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AI in invoice processing
The European Commission (2017) estimated that around 80-90% of processed invoices are paper-based. These are then mostly processed either manually or semi-automatically. It is worth noting that both options involve human labour which could be removed for greater time savings.
Various AI-powered accounting software, such as Sysynkt, support features such as invoice segregation, data extraction, and invoice generation to name a few.
AI-powered software scan and feed any invoice it receives on paper into the system. If the invoices are electronic, AI reads and parses the characters for the system.
Once invoices are scanned, the AI algorithm starts extracting and validating data fields. This process typically doesn’t require validation as the AI is often accurate. However, approval processes and checking systems can be established to introduce some human supervision for peace of mind.
Whilst most businesses generate invoices manually or semi-automatically, AI can make this process fully automated. If vendors and buyers have an integrated system, this process becomes even simpler.
Accounting software can auto-fill some invoice details such as amounts, organisation details, date, product/service ID, and tax codes. This information can even be pulled directly from supplier websites using APIs if administrators decide to further automate the process.
Tweaking invoice processing for optimal cash flow via AI
An added bonus of using AI within your accounting processes is that detailed reports of your accounting history become available to your team. This includes information on who pays early, on time, and who delays payments.
In fact, if the AI system has access to all of your accounting records, it will generate detailed data. This involves timelines of payments, payment methods used, customer longevity, and who made the payment. This enables business owners to make data-driven decisions for better invoicing outcomes.
There are many different methods for detecting fraud. AI-powered accounting software can take proactive methods to prevent your organisation from being the victim of scams and fraud.
For example, AI can check customer information, payment details, invoice details, and other relevant data before initiating payment.
AI, in combination with machine learning capabilities, can also assess historical data of both valid and fraudulent invoices to become more accurate in decision-making. As a result, the AI is more accurate in decisions of whether to commence the payment procedure or mark it for manual review.
Streamline incoming payments
In manual and semi-automated billing processes, accounting personnel often face the tedious task of matching invoices to customer payments.
Using AI improves the speed of this process, as they can consume data from historical records. This then assists your team with finding any anomalies, inconsistencies, and disparities between invoices, therefore saving your organisation valuable time and money.
AI invoice processing in Sysynkt
Sysynkt is an innovative new software solution that sits on top of SunSystems to provide a range of useful features. This includes seamless procurement processes, open banking functionality, and AI invoicing capabilities to name a few of its core functions.
Using Google AI technology, Sysynkt can capture key information through manual uploads, from invoices directly from connected email inboxes, or from photos of receipts taken on mobile devices. Sysynkt’s ability to supercharge existing business systems and streamline your processes means your team can spend more time on other tasks to keep your business running smoothly.
In summary, using AI within your invoicing processes creates a range of benefits for your organisation. Invoice and bill processing, tweaking invoice processes, detecting and preventing fraud, and streamlining incoming payments are just a few of the ways AI-powered accounting tools can drastically improve your organisation’s accounting processes.
BDI is proud to be Sysynkt’s first UK channel partner. If you are interested in seeing what Sysynkt can do for your organisation, please contact one of our business experts or watch our product demo. We would welcome the opportunity to help your organisation use data intelligently and improve the efficiency of your business systems.
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