Invoice Automation
End-To-End Intelligent AP Automation
Invoice Automation is a comprehensive and intelligent solution for Accounts Payable (AP) automation. It digitizes paper invoices from various layouts and locations across the globe with an impressive accuracy rate of over 85%. Moreover, it continuously learns and adapts to new vendor formats effortlessly. This solution seamlessly orchestrates data flow between vendors, AP systems, and the AP team, ensuring a smooth and efficient process.
Statement Credits Audits
Decision Engines effortlessly identifies and digitizes credit memos from various vendor communications. It then reconciles and applies them to vendor accounts once the report is approved by an expert.
Auto Code Invoices/SOWs to Correct GL Accounts
Decision Engines bots automatically assign the correct GL account codes to SOW (Statement of Work). In cases where the bots are not confident, they seek assistance from accountants for coding.
Intelligent Accounts Payable
Decision Engines digitizes multilingual and multi-format scanned invoices, seamlessly integrating them with PO and payment systems. This integration minimizes delays and errors while ensuring accurate management of cash flow without the need for BPOs.
Auto Reply Invoice/Payment Status Queries
Decision Engines digitize the necessary information from invoices and validate it against payment dates from master data or contracts. An automated response is then sent to vendors regarding inquiries about invoice or payment status.
Eliminates 90% of the errors around payment delays, missed credits, and duplicate payments
Decision Engines InvoiceIQ is an enterprise-scale, end-to-end Intelligent AP Automation that digitizes multi-layout, global paper invoices with over 85% accuracy using a suite of AI Bots, continuously learning new vendor formats on the fly, and seamlessly orchestrates data between vendors, AP systems and the AP team.
With Decision Engines, you can automate all your business processes, from start to finish. We offer a self-service business-driven cloud platform that provides end-to-end process automation, replacing manual tasks and using artificial intelligence to perform autonomous decision-making.
For invoice layouts that are complex or fields that have not been identified with high confidence, the invoice is sent to an exception queue for processing by a business user. Once the business user has corrected the data, the process resumes to the next step and at the same time, the bots learn from the corrections so they can process these invoices more accurately next time around.
Enterprises have a constant influx of new vendors and ever-changing invoice formats. This requires existing static solutions to be constantly reconfigured or retrained before they can be automated.
INPUT FORMAT: InvoiceIQ can process almost any kind of invoice file format used by enterprises today.
OUTPUT FORMAT: InvoiceIQ can transform digitized data to a wide variety of output formats expected by downstream systems such as CSV, CXML, XML, JSON, XLS, Custom
Enterprises typically have a complex network of suppliers and vendors around the globe. This necessitates multiple invoice intake centers around the world to deal with geo-specific scenarios.
Multi-Lingual
InvoiceIQ supports 18+ Languages across Asia, Europe, Americas to truly enable a singular global invoice intake point. With image-level language detection, invoices no longer need to be sorted by mailbox or BPO so OCR tools can convert them to text.
Multi-Locale: Country Specific Date/Amount Formats
Almost all AP OCR tools are not designed to address localization aspects of dates, amounts, etc. which are critical for global enterprise finance operations. This causes lots of downstream exceptions or takes human intervention due to errors in payment dates, the amount due, etc.
InvoiceIQ accurately determines invoice locales and normalizes data into native data types taking into account country-specific date, currency, and amount formats so date and amount related fields are accurate with no additional effort.
InvoiceIQ integrates seamlessly with any ERP, RPA, or custom applications using APIs, File exchange, or Screen automation to ingest Invoices, Purchase Orders, Master data, etc., or push digitized structured data downstream systems after processing. The solution comes with Prebuilt connector bots to popular enterprise systems such as
InvoiceIQ is built on modern serverless, cloud architecture that is designed to scale up or down based on invoice intake volume.
Seasonality
Invoice volume usually spikes at the beginning or end of the month, quarter or year, or even certain months of the year. InvoiceIQ’s Elastic automation features enable enterprises to handle these variations without additional hardware or cost.
Data security is paramount when processing sensitive vendor and financial information. InvoiceIQ is deployed as a secure SaaS application and is aligned with SOC2 security standards. Some of the notable aspects include:
• Shared Nothing deployment.
• Dedicated VPC and compute infra that is not open to the public internet.
• All Data is encrypted at rest and in-flight aligned with SOC2
• Data can be retained or trimmed as per customer needs
InvoiceIQ can be used to mitigate risks in the payment process using bots that are can learn approval behavior, detect anomalies in invoice amounts, etc.
Some of the use cases are
• AI-driven Invoice approval risk scoring to alert Approvers to high-risk invoices
• Intelligent Duplicate invoice alerts
• Contract discovery for NON-PO or Service Invoices
Due to long cycle times, error rates, and inadequate case management features in existing solutions, vendors usually are in the dark about their invoice status, expected payment dates, etc. They end up sending duplicate invoices, payment or invoice status queries, and also documents such as credit memos to the same AP inbox. This requires lots of time-consuming manual work to sort through these emails which if not done properly cause further payment delays, duplicate payments, missed credits, etc.
Vendor Inbox Management
InvoiceIQ case management bots can front these email queries, understand the request and automatically respond back to the vendors with the appropriate response or trigger other automation based on the request.
This eliminates 90% of the errors around payment delays, early payments, missed credits, duplicate payments, etc., and also dramatically improved vendor experience.
Our Partners
Our Partners include top-tier technology companies who value the transformative power of AI in driving innovation, efficiency, and strategic decision-making.
