Let's talk about a common headache that keeps us all up at night: invoice exceptions. You know the drill – those pesky little snags that derail the payment process and drive up costs faster than you can say "accounts payable."
So, what's the secret sauce to banishing these troublemakers for good? It's all about embracing the power of AP Automation.
Imagine invoices magically appear in your system, validated and ready to roll without a single manual touch. Sound too good to be true? Think again.
Here's your roadmap to crushing invoice exceptions with AP Automation in just 3 steps:
Step 1. Eliminate Optical Character Recognition (OCR). If you’re using OCR to capture invoice data from your suppliers, you are certain to have invoice exceptions. Even with AI, OCR makes mistakes. You’ll need to verify “read errors” and update “OCR maps”. The best approach to OCR is to not use it. Move to a digital process with a Digital supplier Network.
Step 2. Did I say Digital Supplier Network? Digital Supplier Networks do a number of things to eliminate invoice exceptions. For one, they process invoices digitally. This means 100% accuracy and no need to manually review invoice capture processes. Second, Digital Supplier Networks create a feedback loop with your suppliers. Suppliers can actually resolve invoice exceptions before they reach your AP inbox!
Step 3. Use AI Appropriately. While most solutions deploy AI to make OCR better, this is misguided. As we discussed, OCR is a fool’s errand. But that doesn’t mean AI isn’t an important part of eliminating invoice exceptions. With the best AP automation platforms, AI automates the PO matching and the GL coding processes. So, whether you’re 100% PO based or completely non-PO, straight through processing all of your invoices is within reach with the appropriate use of AI.
The benefits of AP automation extend beyond just efficiency gains and eliminating invoice exceptions. To learn more:
With Transcepta AP Automation things run smoother, costs stay under control, and AP Departments are liberated and ready to take on whatever comes their way. Are you in?
