Given the rapidly evolving situation with the Coronavirus and its effects on our personal lives as well as the business world, it’s for once, 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 automation 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 invoices and then auto approve them. No touch required 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 – are converted into digital data using SaaS OCR technology.
- Then each document undergoes an advanced automation process, to perform a "pre-ERP" two or three-way match.
- Next, using exception processing, based upon your company’s unique needs, the document is passed through or routed to the appropriate employee for further processing.
- This system even works for service-based purchases with a PO but not receiving data.
This solution gives clients touchless invoice processing on more than 80 percent of their PO invoices, freeing up your teams to focus on tougher issues that require higher level thinking.
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. It gives your AP team the support they need to work through the unique issues they’re facing right now.