Approvals, accounting, and purchasing are three of the most labor-intensive and cumbersome responsibilities fulfilled by the account’s sections of any B2B business. Any additional duty and task given to professionals working in these departments will only add to the burden and result in decreased efficiency. Handling invoices manually certainly tops them all.
Supplier invoicing is an important part of the B2B workflow. It is estimated that the influx of supplier invoices will exponentially increase in the coming years, given that businesses are looking to increase their collaborative endeavors for diversifying their portfolios.
Ultimately, this will either unlock endless possibilities for businesses, or become the reason for their downfall. Those businesses that invest in solutions to automate supplier invoice processing can milk this opportunity as their capacity to process financial data will be immense. For those who are late to join the party, delays, frauds, duplicity, and souring of business relationships will be inevitable.
KlearStack offers a comprehensive invoice automation solution for businesses looking to automate supplier invoice processing. KlearStack’s artificial intelligence based optical character recognition technology helps in eliminating repetitive and slow processes like manual data entry from invoices onto computer databases by digitizing all sorts of invoices, bills, etc. We help in creating a streamlined workflow for invoice processing, that requires minimal human intervention only.
How Does KlearStack Solution Work To Automate Supplier Invoice Processing?
Budget managers, financial controllers, supplier’s point of contact, etc. are some of the key stakeholders involved in the dispatch, receiving, and processing of invoices. In the traditional workflow, the supplier office dispatched invoices that were collected and matched with the purchase order details.
Once the verification was done, the invoice was sent to the budget manager’s office where a set of approvals was to be granted. The problem with this workflow is that firstly, any delay at a single point would automatically hamper the whole workflow.
Secondly, since the verification and validation of details requires a lot of diligence when being done manually, there are tons of approvals needed, especially when the amount to be sentient is quite large.
An advanced automation solution like KlearStack helps in automating the entire bulk invoice processing workflow, and improving its efficiency by decreasing the number of steps in the whole operation.
Our optical character recognition software primarily works to improve outcomes for managing invoices in the first place. This is done by digitizing every type of invoice, irrespective of its format, and uploading essential details on the company’s ERP Systems. Thus, saving time that was earlier wasted in manually handling the data when the invoices were received.
By leveraging the knowledge of artificial intelligence and machine learning, our OCR solution is also able to match the invoice details with the purchase order information. Further, matching the accounts receivable with the accounts payable can also be automated in the same way.
Lastly, all thanks to the same set of advanced technologies, a workflow can be created where without mandatory authentication digital payment transfers cannot be initiated. The authentication of the invoice details can be automated easily with machine learning models. Any discrepancies and risks of fraudulent activities will be flagged promptly as well.
Why Automate Supplier Invoice Processing With KlearStack
1. Save Time
As discussed before, the quantum of supplier invoice data influx is only going to increase in the coming years. To improve accuracy and give your business some space to scale, you have to invest in solutions that can automate supplier invoice processing.
Automation via KlearStack’s AI-based enterprise OCR solution will eliminate the need for human intervention for repetitive and slow tasks like data entry. So, the number of steps and roadblocks in the invoice processing workflow can be reduced significantly, thereby saving a lot of crucial business hours for strategy planning.
2. Mitigate Errors and Frauds
Our custom machine learning models are trained with data sets based on all types of financial invoices. So, every type of supplier invoice that your business receives will be recognized by the AI-based OCR solution so as to ensure that the invoice details are in compliance with the regular standards. Only when the authentication will be completed, will the payment transfer approvals be granted.
Hence, the automation of supplier invoice processing via KlearStack’s OCR solution will ensure higher safety and security in business transactions.
3. Higher Productivity
Professionals working in the finance domain are at times frustrated about the kind of repetitive and cumbersome roles that they have to fulfill. By eliminating the need for manual data handling in invoice processing, KlearStack ensures that the best minds in the business can devote more time to strategy building, which is what actually contributes to productivity.
Automate supplier invoice processing is no longer just a ‘good to have’ capability, but a necessity and is an inevitable need for every type of business. Automating supplier invoice processing is not only essential to reduce burden on the working professionals but to optimize business expenditures and reduce chances of errors and frauds that are very common in invoice processing activities.
To know more about how KlearStack’s AI-based OCR solution touches upon these aspects of supplier invoice automation, contact our representatives today.