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Automated Invoice Processing Using Astera ReportMiner

By |2022-12-05T05:24:33+00:00October 3rd, 2022|

Automated Invoice Processing

For decades, processing an invoice essentially meant hand-keying information. The paper bills would pass through multiple touchpoints and require a lot of manual intervention. That has all changed in recent years with automated invoice processing, as enterprises look to reduce the transaction cycle and timeline of paying an invoice from several weeks to days, or even minutes.

It’s no surprise that automated invoice processing — powered by Artificial Intelligence (AI) and machine learning (ML) — has become a preferred approach for modern businesses. Given the fast adoption of AI data extraction, it’s safe to expect automation to continue being a driving force behind invoice processing.

Manual vs. Automated Invoice Processing

Manual invoice processing is an error-prone and time-consuming approach that isn’t very efficient — to say the least. It involves receiving paper invoices from vendors, performing manual data entry in the accounting system, matching it against the purchase orders for tolerances, making a scan to add it to the filing system, and sending it for approval.

Once all these steps are completed, then the payment is processed. Now that’s a lengthy manual process that consumes a lot of staff’s time and costs money. Enterprises need to quickly pull relevant information from invoices, available in an unstructured format, to process, validate, store, and approve payments in real time.

And that’s where automated invoice processing comes in. It significantly improves payment processing time, minimizes errors, and helps businesses take advantage of early payment discounts and avert overdue fees.

Let’s take a closer look at some of the key benefits it brings to the table.

Benefits of Automated Invoice Processing

Save time and money: Automated invoice processing minimizes the risk of missing invoices. It saves businesses from delayed payments, leading to penalties and strained vendor relationships. Making accurate and timely payments also help companies get discounted rates and favorable credit terms, contributing to a positive cash flow.

Data accuracy: Human error is unavoidable when processing invoices manually. It can easily lead to missed discounts, duplicate payments, and overpayments. On the other hand, using an-AI powered intelligent data capture technology minimizes the chances of human errors to virtually none.

Increase productivity: Examining invoices, identifying errors, validating their contents, and getting payment approvals are resource-intensive activities. Invoice automation eliminates the need to perform these tasks manually, allowing employees to focus on more critical jobs and become more productive.

Improve morale: Manual invoice processing isn’t just time-consuming but also a cumbersome and repetitive activity. Letting AI data extraction solutions take over allows employees to focus on more engaging and higher-value work that would improve their morale.

Improved supplier relationships: Automation simplifies and streamlines vendor invoice management, facilitating timely payments and efficient dispute handling. Maintaining good working relationships with suppliers goes a long way — helping companies get quicker services and negotiate better terms, among other benefits.

And there are a whole bunch of advantages of automated invoice processing, including improved audit and regulatory compliance, reduced chances of fraud, and more.

Here’s How It Works

Invoices differ in terms of design, layout, and structure. Leveraging AI technologies like natural language processing and machine learning, an automated invoice processing solution can easily capture important fields, including product or service description, quantity, price, tax information, payment terms, and more.

Intelligent document processing software requires minimum human supervision. Modern invoice automation solutions allow users to create pre-defined validation rules to manage anomalies, errors, and missing fields. The validated data goes to the enterprise resource planning or accounting solution for payment approval and recordkeeping.

From scanned PDF bills to e-invoices sent through Electronic Data Interchange, an automated solution processes all the invoices coming from different sources with accuracy and speed. This approach streamlines the accounts payable process, allowing enterprises to benefit from low-cost efficiency and maximize productivity.

 

Astera ReportMiner: Advanced Data Extraction Solution to Automate Invoice Processing

Astera ReportMiner is an end-to-end data extraction solution that can transform a large volume of unstructured data into meaningful insights. Using our automated, code-free platform, you can intuitively build pattern-based extraction templates to extract complex data.

Our solution’s new AI-driven data extraction capabilities have made things easier than ever. Learn how you can use the Auto-Generate Layout feature, powered by AI Capture technology, to automate invoice processing in three steps:

Specify a file source for a report model. For illustration, let’s select a sample PDF invoice.

  1. Specify a file source for a report model. For illustration, let’s select a sample PDF invoice.

Step 1 AGL

  1. Click the Auto-Generate Layout button at the top bar. It will extract data from different data regions in the invoice. You can easily add a formula field, delete regions, and modify the data fields captured by AI Capture.

Step 2 AGL

  1. Finally, preview the invoice data converted into a structured format and load it to your preferred destination.

Step 3 AGL

It’s that simple! Leveraging Astera ReportMiner’s Auto Capture technology, you can extract data from PDF invoices in a matter of seconds. Moreover, the job scheduling feature will facilitate accounts payable automation. Whenever a new invoice comes from the vendor, the solution automatically extracts data and sends it to your preferred destination.

ALSO READ: This Government Department Cuts Down Invoice Data Extraction Time from Hours to Less than a Minute

Conclusion

Automated invoice processing helps accounting and finance departments increase efficiency and data processing time. It reduces manual intervention, minimizes errors, and eliminates unnecessary routing, significantly decreasing invoice processing time.

Account payables automation through modern invoice processing software allows employees to shift their focus to more value-added activities. Moreover, efficient vendor invoice management helps companies maintain a good relationship with their suppliers, leading to better business outcomes.

Request a free trial of Astera ReportMiner 10.0 to experience AI Capture today!

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