Automated Invoice Processing

Invoice processing or accounts payable processing refers to the processing of a supplier invoice, from its receipt to, when it has been posted in the ERP system, to the payment. This is when the business owes the supplier. If the business has provided a service or product, then the bill (or invoice) has been to the customer for payment; and it becomes an Account Receivable entry.

Accounts payable processes include collecting, processing, and paying invoices from suppliers who have provided products or services to the client. It is a tedious, time-consuming, error-prone job for finance professionals to go through invoices manually to understand data and forward them to related systems to complete their records. Spotting anomalies is never an easy task when the number of invoices per day is very high. Doing this repetitive data entry process is undoubtedly not for the trained finance professionals. Automating this process is challenging since incoming invoices come in different layouts, varying formats, unstructured details. Integrating with existing systems to create records is another mundane, tedious job.

Leveraging the combined power of Natural Language Processing (NLP) and deep learning, Artificial Intelligence (AI) can understand each term in an invoice, and extract and analyse the data with minimal errors. AI-powered invoice processing using a platform like Botminds AI helps businesses reduce invoice processing costs by over 60%, eliminate the mundane and tedious task of going through piles of invoices manually and reduce the hours of time the account team or finance professionals spend on invoice processing.

Botminds AI is a powerful platform that learns quickly and adjusts its predictions of the invoices, based on pre-training from millions of invoices.

Most tools in the market are OCR-based and rules-based, and cannot handle the massive variations in formats, templates, structure of invoices, at scale. Invoices, in general, have the following challenges that need to be handled, that rules-based (non-AI) solutions cannot handle - Infinite variations at scale, Line items Extraction, Domain specific Invoices, Multiple/Large invoices, Skewed & Poor-quality scans, Business rules & Reconciliation, Stamps & Handwritten Info.

Most tools that many enterprises use at the point of document automation are not intelligent enough due to the wrong choice of technology & approach.

Botminds AI platform has AI-first approach that overcomes these challenges and ensures over 85% accuracy of extracted invoice data; thus liberating Accounts professionals from the dull, tedious task of manual extraction.

The Accounts team or the Finance team across industries like manufacturing, e-commerce, airline, healthcare, finance, media, marketing and more can use Botminds Automated Invoice processing or Automated Account Payable / Automated Accounts Receivable solution to speed up the processing of invoices, with minimal errors and high speed.

Robotic Process Automation (RPA) and AI are different but are sometimes used interchangeably. The key difference between RPA and AI is that AI is self-learning. AI continuously learns to make sense of data and patterns to make predictions. In contrast, RPA systems require programming to achieve any outcome. RPA bots cannot handle variations automated ingestion from multiple sources, nor handle variations in invoice formats nor identify document sets (multiple invoice-related documents that belong to one set).

Yes. You can customize the platform to your domain-specific and business-specific invoice terminology and flow; and configure it to integrate with your internal systems for seamless automation. The solution performs with high accuracy and speed, even when the number of invoices is high.