AI Invoice Processing with IQ
In the ever-evolving world of modern business, the quest for efficiency and automation has become vital. In response to this demand, artificial intelligence (AI) has emerged as a powerful tool, revolutionising traditional processes across all industries.
Automated invoice processing are prime examples of how AI can streamline finance operations, reduce manual errors, and enhance productivity. However, while AI invoice processing offers tremendous potential, it is not without its limitations.
Kefron AP: Combines AI Processing with IQ for Touch-Free Accounts Payable
We heavily invested in integrating AI into our accounts payable automation software, recognising both its strengths and shortcomings to optimise their solution for our clients.
Only Kefron AP combines AI with our team of experienced invoice software engineers for award-winning automated accounts payable. Kefron AP recognises that while AI excels at repetitive tasks, its ability to understand context and handle exceptions is limited.
To address this, Kefron combines the speed and scalability of AI with human intelligence, resulting in a synergistic approach that optimises automated invoice processing.
This combination has been proven to boost extraction rates, enhance our automated invoice processing, minimise manual data entry, and provide quicker processing times to our clients.
AI Invoice Processing Limitations
Despite significant advancements in recent years, AI invoice processing is not perfect… yet.
It excels in streamlining workflows and tackling repetitive tasks such as data collection and processing. And while AI continues to learn and grow exponentially, it’s important to recognise that AI, while powerful, is not flawless.
AI invoice processing is reliable but not perfect
Purchase Order (PO) Numbers
AI can handle PO and non-PO invoices but may have problems locating the PO number. Not knowing the PO number prohibits invoices from being PO matched, adding work to your team. This is a big invoice processing AI vs human blind spot.
Entities/Subsidiaries
AI fails to distinguish similar entities, especially for identical-named subsidiaries. This might lead to incorrect invoicing and payments to the wrong company. Invoice processing by AI is difficult to rectify and undermines subsidiaries’ reputations.
Addresses
AI struggles with address recognition. Addresses may lack building numbers or supplier names needed for bills. Your personnel must search invoices for the relevant provider’s address to pay. This wastes time and delays payments.
Revolutionising AP Management with IQ & AI Invoice Processing
AI and Human Intelligence Synergy
The integration of AI with human intelligence offers a ground breaking approach to AP automation, optimising invoice processing and enhancing accuracy.
Mitigating AI’s Shortcomings
By combining AI with human expertise, organisations can address AI’s shortcomings and ensure greater reliability in automated accounts payable operations.
Revolutionising AP Processes
Embracing the AI and IQ paradigm with Kefron AP unlocks new levels of productivity and efficiency in automated invoice processing, reshaping the future of accounts payable.
Find Your Flow with AI & IQ
You can see the journey a document has taken, whether it came by email or the email text itself, it’s all visible. With reliable automated invoice processing, you can take leave without worrying about everything collapsing, thanks to the automated invoice processing system.
Nathan Chalk
EMEA Finance Manager
When the supplier sends in their invoice, the PO is already there waiting. Kefron AP invoice processing has allowed us to step into the new world. This new world is about self-serving and making it touch-free with an automated invoice processing system.
Jason Martin
Independent Transformation Programme Consultant
Invoice processing automation has reshaped our accounts payable function for the better and positively influenced the behaviours and practices of hundreds of employees and thousands of suppliers.
Tony Newbould
Deputy Head of Shared Services
Getting one global view and streamlined process was important for us as a group as it reduces time to pay suppliers, makes training for our own staff easier and provides more clarity and accuracy on reporting.
Paul McMahon
Head of Finance Transformation
We make yearly acquisitions, increasing our finance team’s workload. To expand without adding repetitive tasks like invoice processing, we adopted Kefron AP. Their software efficiently extracts 99% of invoice data on the first attempt.
Tomasz Sobczyk
IT Project Manager
AI Invoice Processing FAQs
What is AI invoice processing?
AI invoice processing uses artificial intelligence to automate the capture, extraction, and entry of invoice data into accounting systems. This process involves scanning invoices, using optical character recognition (OCR) to read the data, and applying machine learning algorithms to interpret and validate the information. The system can handle both PO and non-PO invoices, streamlining the entire accounts payable process.
What are the benefits of AI invoice processing for businesses?
AI invoice processing offers multiple benefits including, faster processing times, reduced manual errors, lower processing costs, improved accuracy, and enhanced ability to handle large volumes of invoices. It also frees up staff to focus on more strategic tasks.
How can AI improve accounts payable efficiency?
AI improves accounts payable efficiency by automating repetitive tasks such as data entry, validation, and matching invoices to purchase orders. This automation reduces the time required for invoice approval, minimises errors, and optimizes workflow, allowing staff to focus on more valuable activities.
What are the limitations of AI in invoice processing?
Despite its advantages, AI in invoice processing has limitations such as difficulty handling nuanced data, challenges in recognising complex scenarios, dependence on the quality and completeness of the data, and the requirement for human oversight to manage exceptions and ensure accuracy.
Can AI invoice processing handle different types of invoices?
AI invoice processing can handle various types of invoices, including PO and non-PO invoices. However, it may require proper configuration and training to accurately identify and process specific details such as PO numbers, entities, and addresses.
How does Kefron AP integrate AI with human intelligence?
Kefron AP combines the speed and efficiency of AI with the expertise of experienced invoice software engineers. This synergy allows for more accurate data extraction, improved template handling, and minimal manual intervention, leading to a highly efficient and reliable accounts payable process.
Test Our AI with Your Invoices
Experience the efficiency and accuracy of our advanced invoice processing system first-hand.
By automating tedious and error-prone tasks, our solution allows your team to focus on more strategic activities.
Request a demo today and discover how our innovative technology can streamline your accounts payable process, improving overall productivity and accuracy.
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