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Approving invoices – how simple could it be?
Procurement & P2P, Purchase invoice automation, Accounts payable | 3 Min Read

The implications of AI and machine learning in finance

Written by:
Neil Robertson on March 5, 2018

    

Let’s be honest with ourselves, approving supplier invoices is not our favourite task. Yes, it has to be done, but finding the time is always a challenge, especially if your role means you are out of the office a lot of the time.

So you may be surprised to know that it could be so much easier and be done at any time, from any device, including your smartphone. Equally important, this new approach provides you with a real-time view of your spend with every supplier, the exact status of every current and historic invoice, highlight those under query (including access to a PDF of the invoice itself) and even show whether or not it has been paid.

Perhaps best of all, the moment the invoice is finally approved, it is immediately posted into the accounts ready for timely supplier payments.

So why is your accounts department still processing paper invoices and as a direct result, making your life more difficult than it needs to be?

It is possible that they don’t know what is now possible, or perhaps they have concerns about the implications for their own roles?

Automating purchase invoice capture and approval will immediately remove around 60% - 80% of the current accounts payable function. AI and machine learning applications simply replace repetitive manual tasks (that add no value to the business) with a seamless automated process that delivers the vast majority of invoices directly to the approver, without any touch by finance.

From a business perspective, the time savings and productivity gains are significant for everyone involved. No invoice can ever get lost, duplicate invoices are always captured and never paid twice and built-in checks (e.g. the bank account details on the invoice match those within the accounting software) reduce the likelihood of fraud.

Everyone is making the change, so isn’t it time that your business did the same?

To find out more, we have provided two short videos.

The Approver experience: The first video will show you how incredibly simple the invoice approval process can be and highlights the information you will have at your fingertips. We recommend you share this with your approval colleagues, as we are confident that they will be equally interested in making the change!

Watch the video here

The Finance experience: The second video is for your accounts department and explains how simple it is to make the change. With prices starting at just £65 per month and most businesses going live in less than one hour, even the most conservative finance manager will find it difficult to justify maintaining the current painful, slow and unproductive manual processes. 

Watch the video here

Our experience is once the board of directors and senior management understand what is possible to make their life easier, making the change becomes a corporate decision because the whole business benefits.

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