Given the rapidly evolving situation with the Coronavirus and its effects on our personal lives as well as the business world, for once it’s not hyperbole to say we’re living in unprecedented times. Many organizations are scrambling to figure out ways not only to move most if not all their people to remote work, but also to manage the cancellations and alterations of plans for everything from conventions to warehouse delivery to retail and restaurant closings. For AP departments who rely on manual invoice delivery and matching processes, this could be a nightmarish paperwork scenario...fortunately, there are cloud-based, quick-start solutions to help.
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Thanks to the latest in Artificial Intelligence, there are ways for AP teams to automatically match Purchase Orders (POs) to receipts and to invoices, then auto approve them as well. None need to be touched before payment, eliminating the need for human interaction with complex invoice transactions. The only thing your team needs to see are the exceptions. In a time when reducing your team’s need for touch is critical, these solutions do exactly that.
How does this kind of AP automation solution work? All paper documents – POs, invoices, and receipts – can be converted into digital data. With DataServ, it’s tailored to your business process and then the solution uses advanced process automation to do two or three-way matching, evaluating each transaction and then using exception processing based upon your company’s unique needs to pass through or route to the appropriate employee for further processing. This system even works for service-based purchases with a PO but not receiving data, freeing your teams up to focus on tougher issues that require higher level thinking. This solution gives clients touchless invoice processing on more than 80 percent of their PO invoices, and gives your AP team the support they need to work through the unique issues they’re facing right now.
As we all navigate how to manage business processes and solve problems we never anticipated, this is one big problem for which cloud-based, quick-start solutions exist.