Using secure technology to streamline invoice processing

Finance teams now face unprecedented time and resource pressures. There is a need to do more with less, to account for more income streams and outgoings, to digitalise operations in response to changing times and changing expectations.  Success hinges on the business-critical processes of accounts payable and accounts receivable being error-free and executed securely.

This is where invoice processing can help – by removing outdated paper and manual operations that can increase error. Manual processes can also hinder a company’s path to agility, because cost records and approvals take too long. Invoice processing systems also break down silos that exist between different departments and tools (ERP and accounting systems, for instance).

AI-based capture systems can be an invaluable part of the invoice processing solution. Customisable and flexible to reflect differing business needs, these systems assist Accounts Payable departments by extracting and validating invoice data, feeding this into any finance system based on team workflows and processes.

Through Artificial Intelligence (AI) based capture, organisations can:

• Reduce invoice processing costs by automating processes.
• Increase invoice processing speed through automation.
• Automate classification of document type.
• Full data extraction at header and line item level.
• Increase accuracy and reduce errors.
• Integrate capture with existing finance systems such as well as existing ERP and CRM tools.
• Enhance financial reporting and compliance for audits, decision-making and planning.

The right tools deliver the right result

The pace of today’s workplace means finance teams cannot rely on manual and paper-based systems. Using DMS and AI-based capture, teams will benefit from greater visibility, fewer errors, automation, and compliance improvements. Invoice processing is becoming more complex. Finance teams need the right tools to work effectively in today’s professional environment, especially with the hybrid working model where teams need to remotely.

At ITDS, we are experts at digitising paperwork and streamlining the way you work across every area of your business, enabling you to process data quickly, accurately, and in full compliance with regulations. See the benefits for yourself with a free demo of fully automated accounts payable software. We've helped many clients to successful automate their key accounts processes, companies such as Air & Cargo have completely transformed their accounts dept. Contact us to find out more.