One area where Artificial Intelligence is particularly useful is in the automation of Accounts Payable (AP) processing. AP processing is a critical aspect of any business, as it involves managing and paying invoices from vendors and suppliers. With the help of AI technology, AP processing can become more efficient and accurate, saving both time and money for businesses. Here is how one of our clients utilizes our AI tool in their Accounts Payable Processing.
OVERVIEW: Large Local Non-Profit Business
APPROACH: Looking for a solution that would reduce the time needed for AP processing since the company acquired an additional location and AP staff was required to help process additional invoices.
BENEFITS: With our AI technology, the invoices are automatically read and verified by machine learning, reducing the risk of errors and fraud. By reducing the number of errors that need manual entry and correction, AI-assisted capture saved the company immense amount of time which led to cost savings.
RESULT: 3,000 AP Invoices/Month are routed to general AP email address and then processed by AI automation – reading them, intelligently extracting critical AP data, and importing them to the business’s ERP/Accounting System. As a result, the business reduced the amount of time to process by 68 % – with less errors in less time and with less training – which resulted in the ability to reduce overhead cost and achieve early pay discounts.
HOW: Contact CP Digital Office Solutions to learn how to harness the power of AI in your AP processing.