Streamline accounts payable processes and speed invoice processing with Intelligent AP automation
Accounts payable automation has been around for a long time, but many finance departments are still struggling with too-long invoice cycle time, an abundance of errors, lack of visibility, high costs, and regulatory risk.
There’s a better way. Today’s invoice processing solution should be able to handle even your most complex invoices with a high degree of accuracy right out of the box and deliver results immediately with a low-code design that doesn’t require development.
There are plenty of tools on the market that can process your basic invoices…but what about the more difficult ones? When your invoices arrive in many different languages, with hundreds of pages, complex table structures, and unstructured data, it takes a tool that has been handling invoice data for 30 years, continually getting better and better. There is no type of invoice ABBYY hasn’t already seen or figured out how to handle.
Start invoice processing automation in minutes with ABBYY Vantage. Drag-and-drop, pre-trained invoice skills enable you to start processing invoices with a high degree of accuracy without any coding or in-house development expertise. Easily create new invoice types with our no-code skill designer, made for your citizen developers.
ABBYY has been named a leader in Intelligent Document Processing by 10 analyst firms just in the past year. We process 1.5 billion invoices every year…and with machine learning and natural language processing, our AI just keeps getting better. The world’s leading enterprises trust ABBYY to get results like 91% reduction in invoice processing transaction costs, 90% time savings in invoice processing cycle, 99.5% accuracy, and 95% straight-through processing.
Today’s AI technologies can capture and understand data from invoices at unprecedented levels of accuracy.
Intelligent automation systems can process invoices in a fraction of the time required by human workers.
Identify and eliminate bottlenecks to ensure prompt invoice processing and take advantage of early-payment discounts.
Reducing the need for human intervention dramatically lowers per-invoice processing costs.
Lower the risk of costly human errors that can derail processes and lead to late-payment penalties.
Accelerate end-to-end invoice processing to enhance productivity, lower overall operational costs, and improve employee satisfaction.
increase
in employee productivity
less time responding
to inquiries
lower invoice
processing costs
fewer late payments
faster invoice
processing time
Cost-per-invoice is the best metric available to assess your AP department in terms of process efficiency and effectiveness. Recent surveys suggest that cross-industry, median AP cost/invoice is $11 while the best-in-class companies only spend $3 or less per invoice. Our calculator provides valuable insights into your organization's productivity in relation to invoice processing and payment, aiding you in understanding your AP department performance better.
Wholesale
Retail Trade
Invoice Processing
Accounts Payable
BPO and Shared Services
Accounts Payable
Download our infographic to learn what is procure-to-pay (P2P) and how you can improve your P2P processes.
Download this eBook and learn how to use Intelligent Document Processing to improve Accounting data quality.
This infographic explores how to improve Accounts Payable departments with modern AP automation solutions.
This solution brief explores how ABBYY provides Accounting Departments the most intelligent, scalable, and flexible invoice processing solution on the market.
With this list of insightful questions about your accounting operations, you can identify whether your organization “needs to do better” or is “good” in various aspects.
In a 2022 study from the Institute of Finance & Management, over 70% of AP teams saw an increase in their invoice volume and expenses on processing tasks during the most recent quarter.
Accounts payable (AP) automation is the application of digital technologies to the process of receiving, managing, and processing paper or electronic invoices, from any source and in any language or format. By implementing AP automation, accounting teams can gain immediate control over their cash flow, regulatory compliance, and cash leakage.
In contrast to manual processing, AP automation can adapt quickly to supply chain changes, learning new vendors and formats in near-real time. It eliminates many of the inefficiencies, errors, and costs of manual invoice handling, replacing it with highly accurate, straight-through processing that requires minimum human intervention.
AP automation assigns various aspects of accounts-payable transactions to AI-powered “digital workers.” Using the latest optical character recognition (OCR) technology, AP automation solutions capture invoice information at a high level of accuracy, then leverage AI capabilities to automate recognition, extraction, and validation of the captured data. These platforms facilitate straight-through processing of PO-based invoices and integrate with existing AP, ERP, RPA, and ECM systems to deliver a seamless start-to-finish process.
AP automation facilitates expense reporting by enabling employees to submit expenses digitally, using optical character recognition (OCR) to capture receipt information and verifying compliance with company policies. The system then routes expense reports for digital approval, based on predefined workflows, and expedites reimbursements per the employee’s payment instructions. AP automation platforms integrate seamlessly with accounting software applications and generate valuable insights into spending patterns.
ABBYY’s AP automation solution integrates seamlessly with most RPA, ERP, BPM, ECM, and accounting systems.
ABBYY’s AP customers have lowered their invoice processing costs by up to 91 percent. Each business’ savings from AP automation will vary depending on various factors such as the size of the AP staff and the volume of invoices processed. To calculate the estimated cost savings for your organization, try our Invoice Processing Cost & ROI Calculator.
Process inefficiencies in accounts payable can negatively impact both AP and finance functions, with outcomes ranging from long invoice cycle times to high error rates, lack of visibility, high costs, regulatory risks, and lack of control over liabilities. Intelligent AP automation can address most if not all of these challenges by processing invoices at a faster speed and a higher level of accuracy than can be achieved by human workers. Today’s automation platforms can function 24 hours a day, seven days a week and handle a wide variety of invoices in multiple formats and multiple languages in accordance with country-specific tax and compliance rules.
AP automation integrates with ERP platforms through APIs, connectors, and data synchronization, enabling a seamless exchange of data between the two systems. This integration streamlines financial processes by automating workflows, updating information in real-time, reducing the need for manual data entry, and enhancing accuracy. It ensures consistent vendor data, enables efficient invoice matching and reconciliation, supports reporting and analytics, and aids compliance and auditing efforts.
We'll get back to you shortly!
