Invoice processing is supposed to be a solved problem. Technologies such as Electronic Data Interchanges, supplier portals and XML invoice formats reduced the number of invoices. However, there are barriers to the universal acceptance of these technologies and Fortune 500 still receive millions of invoices as images. And they spend millions on manually processing these invoices.
With the advance of AI technologies, companies can now automate processing of invoices as images. They can extract relevant data from invoices, ensure that the document is not a duplicate and automatically create the accounting records about the invoice. This leads companies to save millions on operational costs and prevent excessive payments which can make up ~4% of a company's supplier spending.
Please fill out our form to get the free whitepaper:
Table of contents
- What are invoices?
- Invoice Automation
- Invoice Capture
- Use Cases: Source-to-Pay (S2P) Automation
- Use Cases: Accounts Payable (AP) Automation
- Additional resources
How can we do better?
Your feedback is valuable. We will do our best to improve our work based on it.