Every business owner has his obligations towards the vendors who render products and services periodically to facilitate operations continuously. Whether one calls it vendor invoice processing or just bill settlement, the fact remains that making payments whenever they are due is necessary for building strong business relationships.
A very common mistake occurring in the business spheres across the globe is that budget managers and finance professionals sometimes forget to issue payments for some vendors just because the burden of impending invoices is so large.
The need of the hour, therefore, is to have a mechanism in place to automate vendor invoice processing that expedites the entire process and also maintains efficiency.
KlearStack provides a promising solution with its artificial intelligence based optical character recognition technology. With this, automate vendor invoice processing can be completed without worrying about the quantum of the documents or their specific templates.
By not just digitizing the details present in all such invoices, but also implementing models to ensure that correct and timely payment transfer is being done, KlearStack makes sure that your accounts payable are always managed well.
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KlearStack’s Solution to Automate Vendor Invoice Processing
The core team at KlearStack was very quick to understand that only a strategic upgrade of your technological abilities can help businesses streamline their vendor invoice processing tasks.
The first thing that we do is to introduce the concept of optical character recognition technology to businesses that deal with invoices regularly. The purpose here is to automate the data extraction procedure from every kind of invoice, be it handwritten, physical, printed, etc., and help the working professionals in directly adding this digitized form of the invoice information to ERP software.
By utilizing research-backed methodologies, we implement robotic process automation to automate vendor invoice processing. This helps us in establishing a faster communication platform that does not require human intervention to carry out the processing of important invoices. Ultimately, this contributes to automating the entire accounts payable workflow which earlier required a lot of manpower and time.
By leveraging the advancements in artificial intelligence and machine learning, we also ensure that your company utilizes the concept of intelligent document processing. Here, we work towards creating a better approval and routing workflow for invoices. This not only involves the digitization of invoice details automatically, but also the matching and cross-checking of essential details to protect any frauds and business dealings.
Artificial intelligence also allows our solution to promote guided purchases when invoice processing is being implemented. This becomes possible by thoughtful vendor detail integration, which helps us in creating custom machine learning models. So, whenever there is any discrepancy in invoice details and formats compared to the database of vendor information integrated with other software, the alerts for a potential fraud are pushed.
Lastly, we believe that transparency is key to fully automate vendor invoice processing tasks. Therefore, while we automate vendor invoice processing, we create a centralized database for increased transparency. This transparency and accessibility to invoice processing information ensures that rogue spending can be avoided as much as possible by the organization. Further, by adjoining artificial intelligence abilities with the same database, we also help you in deriving actionable insights from your daily vendor invoice processing tasks.
Why Standardizing Is Important?
With the growing bulk of both physical and digital invoices in every organization, it is imperative for them to develop standardized workflows that can help in managing the same. Without having standardized procedures, scaling at a faster rate is very difficult.
As managing accounts and payments is an important stepping stone for business scalability businesses will have to work on this aspect.
Needless to say that standardization of procedures at such scales has to happen with the help of automation technologies. KlearStack, through its AI-based OCR solution has helped several small and big enterprises in standardizing and formalizing the invoice processing strategies. The result is highly satisfying, and we can certainly say that invoice processing tasks have been optimized significantly for all our partners.
Other Key Points to Remember Before You Automate Vendor Invoice Processing
Workflow automation to automate vendor invoice processing requires certain prerequisites:
- Always specify the detailed conditions for all payment transfers so that the standardized workflow can be created as per your company’s rules and regulations.
- Always go for automation solutions that are capable of keeping the entire process compliant with rules and legalities.
- Automation solutions should always work on improving monitoring and enforcement of both the owner as well as vendor compliance.
- Some amount of human surveillance should be kept handy as a safety valve. At least an overview of all aspects like tagging of the invoices to appropriate departments and vendors should be checked by financial managers.
The Final Note
When businesses automate vendor invoice processing with KlearStack, they automatically ensure comprehensive coverage for all work fundamentals. It is extremely easy to streamline vendor invoice processing with KlearStack’s Artificial Intelligence-based OCR solution and other intelligent document processing methodologies.
We have always been at the forefront of innovation when it comes to supporting document processing automation, and vendor invoices are no exception. By seeking advantages of all emerging technologies, we support to automate vendor invoice processing with complete safety and efficiency.
To experience how our solution works in real time, contact KlearStack representatives today for a free demo.