How can businesses with high invoice volume derive value from automation?


Large enterprises have complex requirements when it comes to financial processes and departments handling accounts payable (AP) work are mostly labour and paper intensive. Such complicated finance operations leave plenty of room for discrepancies accompanied by serious consequences. But it can be prevented by implementing intelligent automated accounts payable solution.


Deploying automated AP solutions offer many promising benefits for large organizations in terms of cost, time, and efficiency. Studies reveal that fully integrated automated accounts payable solution helps organizations cut processing time by 80%, reduce errors by up to 60%, and improve overall efficiency. Also, the global AP Automation Solution market is poised to reach USD 3.1 billion by 2024, at a CAGR of 11%.

In this blog, let’s explore some of the benefits of implementing AP automation solution for businesses with high invoice volume.

1. Reduce errors and frauds

Invoice errors and frauds are an ongoing challenge for organizations, especially those that process a huge number of invoices every month. Research done by Qvalia reveals that among the millions of purchase invoices analyzed, 25% were erroneous and incurred around $12M loss over the past one year. This is also the case with invoice frauds, as JP Morgan’s report on financial fraud states that 81% of companies encountered payments fraud attempts last year.

This emphasizes the need for an efficient exception handling solution for large businesses, a solution that is intelligent enough to identify the discrepancies automatically in an invoice with purchase orders, vendor details, item numbers, etc. An automated AP workflow embedded with optical character recognition technology can significantly reduce most of the manual errors while capturing the invoice details.

Leveraging Applexus Intelligent Data Extraction and Recognition (AIDER) technology, InSITE is helping organizations eliminate manual errors in AP processing. InSITE’s configurable smart business rules and data enrichment, ensure minimum invoice errors.

2. Automated Invoice Classification

PO Invoices, Non-PO Invoices, employee expense bills, credit memos and lease invoices are some of the different types of documents entering into the AP cycle from various vendors. It is time-consuming to sort the invoices coming through multiple channels and route them to the correct workflow.  Adopting a robust AP automation strategy can eliminate complex, labour-intensive document sorting, save time, and reduce employee frustration.

Therefore, organizations require an intelligent AP solution driven by defined business rules to categorize the types of documents. Understanding the need, InSITE combined Optical Character Recognition, Natural Language Processing, and machine learning capabilities to classify the documents and navigate invoices to appropriate approval points and eliminate the workflow bottlenecks.

Read More https://www.applexus.com/blogs/how-businesses-with-high-invoice-volume-derive-value-from-automation

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