Invoice Processing Automation InvoiceBotz
Each month, organizations receive multiple invoices from vendors in a variety of formats. An AP processor needs to read and load each invoice into an AP system to take advantage of downstream automation.
In contrast, InvoiceBotz is a best-in-class automation tool that receives invoices from vendors, reads them using ABBYY or other OCR tools, validates and adds data such as coding, and uploads them to your accounts payable system.
- Receives supplier invoices
- Extracts data
- Performs quality review
- Audit for exceptions and tags
- Registers the invoice
InvoiceBotz speeds PO and non-PO invoice processing, increases the quality of your accounts payable system data, and, if paired with ReportBotz+, sets the stage for supplier compliance audits. There are 4 key components to automating invoice processing.
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HOW INVOICEBOTZ INVOICE AUTOMATION PROCESSING SOLUTION WORKS
Receives supplier invoices
- Receives supplier invoices delivered by email, EDI, or in a shared drive folder as may be the case when using a scanning station.
- Routes file for processing by InvoiceBotz.
- Ability to define customized fields to be gathered from invoices
- Customizable for unique vendor invoice layouts
- Uses optical character recognition (OCR) to get invoice header and line-level data, including VAT data
- Uses machine learning capabilities to learn more vendor invoice templates over time
- Multi-language, multi-currency
Performs OCR quality review
- Triages and corrects common OCR field-level errors that otherwise cause downstream issues
- Invoice tagging with lookup data for downstream use (e.g. expedite payment for net invoice discount)
- Human-in-the-loop for OCR quality and rules exceptions
Audit for exceptions and tags
- Analyzes Invoice data for policy and SLA compliance using rules managed by the business
- Applies business rules to add data attributes such as expense codes or tags for improved downstream reporting
- Able to plug in analytical models
- Able to abort the invoicing processing for the individual invoice
- Alert human teams on exceptions and InvoiceBotz initiated aborts
- Able to launch other automation, providing necessary runtime information from invoice
Benefits of Invoice Processing Automation
With the InvoiceBotz solution, we’ve created a best-of-breed tool based on how humans retrieve, input, and payout on invoices and how a computer could take care of this process. You’ll see the following benefits:
- Free account payable processors to focus on higher-value tasks
- Pay vendors on time, even during peak periods
- Reduce and eliminate keying, and coding errors that delay payments and drive downstream rework
Let InvoiceBotz put RPA and OCR to work in conjunction with your existing AP technology and make this headache disappear.
Installation of our InvoiceBotz Solution is fast
InvoiceBotz installation is easy, as highlighted below:
- Setting up InvoiceBotz, including procuring, installing, and connecting the RPA (e.g. Blue Prism, UiPath) and OCR (e.g., ABBYY) platforms as appropriate.
- Set-up to extract your required invoice data attributes, starting with the standard set, which we already handle
- Train InvoiceBotz to read an initial set of supplier invoices and establish a machine learning process with the accounts payable team
- Define data quality and addition coding business rules
- Depending upon your accounts payable system, we may use platform APIs or build custom connectors to upload the invoice data
You can add suppliers to InvoiceBotz for a phased deployment based on your needs.