For decision-makers, it is undisputed that Accounts Payable (AP) is a crucial factor in the company. However, this business area still struggles with major hurdles in 2022: manual capture of invoice data, slow payment approvals, a high percentage of exceptions, too much paper and late payments are just a few of them. 65% of executives believe intelligent systems are the best way to optimize Accounts Payable performance for greater efficiency. So what are you waiting for to use Intelligent Document Processing for your Accounts Payable?
Intelligent Document Processing (IDP) represents the best intelligent system to deal with these hurdles. Discover the reasons why IDP is a gamechanger for automating your AP process and how it can help you secure a fast ROI.
- Accounts Payable without Intelligent Document Processing
- Accounts Payable with Intelligent Document Processing
- Different AP use cases
- A- Invoices
- B- Purchase orders
- C- Order confirmations
- Parashift IDP: Secure a fast ROI for your AP department
- A- Unique Document Swarm Learning technology
- B- Cloud-first and AI-first
- C- Secure GDPR compliant platform
- Parashift platform as a strategic hub for your Accounts Payable (and beyond)
1. Accounts Payable without Intelligent Document Processing
Accounts Payable (AP) is one of the business areas with some room to maneuver. With relatively small optimizations, you can achieve a big impact in terms of efficiency and productivity gains. This provides your company with lower costs.
So hopefully, accurate invoice data entry no longer weighs on the shoulders of your AP department. But even if you’ve already integrated an Accounts Payable software, it’s not an ideal solution. On the contrary, chances are that your employees are struggling with numerous problems. Otherwise, you probably wouldn’t be reading these lines here.
Some of the problems your AP department struggles with in the invoice approval process are the following:
- Mix of digital and paper: Invoices are still received in both digital and paper, which slows down the process.
- Manual data entry: Manual data entry leads to error-proneness in incoming invoice processing, which is something you want to avoid.
- Different layouts: Your suppliers’ layouts differ in format from each other. Without constant adjustments and configurations, a seamless process is impossible.
- Late payments: Late payments result in discounts not being used and at worst even damage to business relationships.
A weak automation solution or a manual AP process doesn’t just create problems in your AP department. Rather, it creates a chain of problems across the enterprise, namely:
High costs = operational fitness is not possible
No agility = strategic reasoning is not possible
2. Accounts Payable with Intelligent Document Processing
Instead of relying on any accounts payable software solutions that can’t handle the different layouts of invoices and other business documents, build on a solution that can. The best AP automation software is Intelligent Document Processing (IDP). With IDP, you modernize your Accounts Payable department. The technology makes this possible for the following reasons:
IDP, sometimes called AI OCR, combines various artificial intelligence (AI) technologies together. In doing so, the data capture system uses powerful AI technologies such as machine learning, deep learning, natural language processing, computer vision, and optical character recognition (OCR), among others.
The technology automatically captures data and feeds that data into the correct computer systems and downstream processes. IDP understands the context of the data from the documents, whether they arrive in structured, semi-structured or completely unstructured form. In addition, the solution learns continuously and thus improves itself automatically.
All this makes IDP an integral part of intelligent automation and perfectly suited for your AP processing software.
3. Different AP use cases
For Accounts Payable, the processing of specific use cases is important. With the integration of future-oriented IDP technology, the following use cases, among others, can be processed automatically:
The most important use case of your AP department is invoices. Thanks to automated data capture from invoices with all layouts and in unstructured form, IDP is perfect for invoice processing. The solution passes the extracted data into systems such as SAP, Oracle Netsuite, Microsoft Dynamics and Sage. The flexibility of IDP technology is unparalleled.
B- Purchase orders
Another central Procure to Pay (P2P) document is the purchase order. With IDP, all relevant data from the purchase orders is read out automatically. This includes the extraction of all header data as well as all line item data. This way, your accounts payable department can use them for matching against the invoice or order confirmation.
C- Order confirmations
In order to be able to carry out a detailed matching of the order confirmation with the purchase order, your AP department depends on exact line item data. With AI OCR, this becomes possible instantly. In one go, order confirmations are automatically captured, data is automatically extracted from them, and they are automatically matched against purchase order data. This ensures that there is no costly chain reaction in case of discrepancies, but that your employees can react immediately.
4. Parashift IDP: Secure a fast ROI for your AP department
IDP is the right way to automate your AP. Searching for the best OCR software for AP on the market can be daunting one. However, looking at the Parashift IDP and powerful platform quickly reveals what you want for your organization:
A- Unique Document Swarm Learning technology
The soul of the Parashift IDP platform is proprietary Document Swarm Learning technology. The unique approach achieves global AI training across all customers and across billions of data points. All without configuration or training.
The innovative global data network approach enables rapid time-to-solution for your AP. It also opens up the possibility of cost and effort sharing with all users of the platform without sharing data. Intelligent Document Processing progress is continuously achieved through all documents processed in the cloud and immediately shared with all customers in the network.
With Document Swarm Learning technology: 15x faster and 50% better results compared to other solutions speak for themselves.
B- Cloud-first and AI-first
Seamless communication flow between users and servers is necessary for best extraction performance. Scaling the entire AI training effort with the revolutionary Document Swarm Learning technology to the entire customer base is only possible in a cloud environment. Moreover, at Parashift, we are convinced of cloud infrastructure as the most reliable medium. A global service with the highest level of security and continuous software improvements is thus guaranteed for you.
C- Secure GDPR compliant platform
Companies of all sizes rely on the Parashift platform. That’s why GDPR is central to everything Parashift does. The modern cloud infrastructure is fully GDPR compliant. That makes it secure for your business, no matter what industry or where you are in the world. ISO27001 and HIPAA compliant data centers make Parashift a trusted provider for your accounts payable invoice processing software. More information regarding security and compliance can be found here.
5. Parashift platform as a strategic hub for your accounts payable (and beyond)
Parashift is perfect for automating your AP. But that’s not all: the IDP solution is just as suitable for automatically capturing and processing all your business documents. Make the platform your strategic hub for document extraction. Don’t hesitate to tell us about your automation project. We are happy to help you.