How to Raise Your Organization’s AI IQ – Starting with Your Invoices

Financial intelligence cannot be locked in file cabinets and storage boxes anymore. It starts with the data that lives in your company’s accounts payable invoices. Data can be managed digitally from the moment those invoices are received. Artificial intelligence used to extract and learn from invoice data is now the baseline for financial metrics and spend management.

Companies looking to automate their accounts payable departments need to consider the most efficient and cost-effective solutions for their business. A study by Levvel Research showed that nearly 1/3 of companies are looking to tech-driven products based on artificial intelligence and automation because they help overcome challenges and prove significant ROI.

Artificial Intelligence and Data Extraction

When evaluating AP automation solutions, particularly those that include OCR on the front-end of the invoice process, it’s important to keep in mind that many of these systems require very specific configuration, template setup and often use a separate user interface, to correctly work with a company’s unique vendor invoices. A sophisticated, AI-based OCR solution should be able to identify these variations, without requiring invoice “zones”, templates or vendor definitions.

Intelligent data extraction modules can determine the invoice type based on the data it reads from the invoice. Then, it verifies this against data in the Dynamics ERP system. When invoice data is automatically extracted and indexed, there is less data entry required by the AP staff, and therefore the data accuracy increases. More data is available at the hands of the accounts payable department. Plus, it is available faster than it has ever been before.

Completing the Picture

The ability to build a more comprehensive picture of your financial processes and invoice-related data is a project more efficiently done digitally. The days of paper invoices and 35-day review cycles should be long behind most accounting and finance departments. Advanced AP automation solutions with built-in, intelligent data indexing modules allow the greatest visibility to invoice data so your AP staff can make instant, accurate decisions for your business.

Read the complete blog and download the whitepaper here.

AP Automation with KwikTag

With 20+ years of experience in the Dynamics community, KwikTag offers AP automation solutions that provide a completely digital, touchless workflow for payables and purchasing related invoices. AP automation with KwikTag minimizes data entry, saves time and increases efficiency by automating invoice and payment processes.

KwikPayables Accelerate for Dynamics GP Combines intelligent data extraction, and artificial intelligence (AI), with a real-time connection with GP to validate and populate vendor information, GL codes and other relevant invoice data. Invoices are routed for online or email approval and, upon approval, the relevant transactions automatically create in GP. Invoices, while stored in KwikPayables Accelerate, are associated to and visible in GP.

Read more from KwikTag on ERP Software Blog here.

Learn more about KwikPayables Accelerate, the intelligent AP automation solution, at www.kwiktag.com.

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