Invoice processing is a highly automatable function in any Accounts Payable department. The paradox, however, is that as organizations grow, so do their back-offices incurring additional cost. As enterprises scale, hundreds turn into thousands of monthly invoices bloating accounting departments, slowing cashflow and monthly finance reporting.
InvoiceBotz, our proprietary invoice processing automation software, uses the latest in AI Technology to ingest, interpret, and register invoices for payment in your AP system. It is also continuously optimized and updated to conform with changing compliance standards.
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Receive Invoice
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Extract Data
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Quality Loop
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Invoice Coding
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Register Invoice
Creating departmental expense reports, tracking quarterly budget utilization, or understanding the carbon footprint of each location has never been easier. InvoiceBotz will extract and interpret not only the category of invoice but attribute the spend of specific line items. One of the most challenging exceptions in invoice processing relates to utility bills and their wide range of complexity.
Ready to reduce your Invoice processing time by 50-80%?
Get a QuoteWhen does InvoiceBotz make sense?
InvoiceBotz makes sense for companies who:
- Are considering a bespoke Invoice Processing solution
- Receive more than 500 invoices per month
- Extract line-item data for GL Coding and spend classification
- Data extraction and transformation for emissions reporting
- May not have internal expertise on IFRS standards such as ESG compliance
How InvoiceBotz Invoice Processing Automation Works
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InvoiceBotz Receives the invoices
- Supplier invoices may arrive by email, web portal, or in a shared drive folder of scanned invoices and InvoiceBotz will ingest and interpret the information
- The AI engine in our solution perceives new invoices and routes file for processing. It gets faster and smarter through each run
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InvoiceBotz Extracts relevant data to prepare payment
- Extracts header and line-level spend data, including VAT and tax costs with the ability to translate multi-language and multi-currency annotations for processing
- Ultimately, InvoiceBotz uses machine learning capabilities increasing accuracy over time
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InvoiceBotz Validates the data and prepares Quality Audit
- Rules-based invoices are handled no-touch by InovoiceBotz where data is cleansed, transformed and processed
- Your team will be notified when InvoiceBotz needs human intervention for exceptions and their input will train the AI model to become faster and more accurate over time.
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InvoiceBotz handles the Classification and Coding
- Categorizes line-item expense types for financial report processing or internal stakeholder communication
- Automation leverages chart of accounts, GL coding data, and historic coding to classify line-item data and can be configured to extract the most finite of details to process such as Emissions and other Scope 2 ESG compliance data.
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InvoiceBotz Registers the Invoice in the proper system of record
- Invoices are loaded for payment to be scheduled
RPA Invoice Processing Case Studies
Results we have created for our clients
Benefits of Invoice Processing Automation
Our InvoiceBotz Prebuilt Solution is fast to deploy, delivers value quickly, and the AI-powered backbone of our solution design will continue to train your data and get more accurate (predictive and prescriptive) over time.
The benefits of Intelligent Automation, the install-base of this solution, provides the enterprise with value that supersedes the replacement for an auto-matching, payment processing or AP bespoke solution. By installing or augmenting an existing Intelligent Automation program, you are revolutionizing your back-office and will have access to other Prebuilt Solutions in our Finance and Accounting Suite.
Not only will you increase processing speed, accuracy, and volume of invoices processed, eliminate fines associated with SLA misses or contractual obligation to vendors, but you will also be modernizing your organization by turning your AP staff into auditors. You will also likely decrease attrition and attract fresh talent ready to operate in a digital environment.
Book a Discovery Call with Cameron Linares our InvoiceBotz and ESG Specialist
Book a MeetingInvoiceBotz and ESG Compliance Reporting
New requirements for ESG reporting have already rolled out in Europe and are pending with the US Securities and Exchange Commission. These statutes require companies to disclose their Environmental and Social impact, as well as a statement about their internal Governance structures.
The proposed rules also would require a registrant to disclose information about their Environmental impact
Source US SEC Press Release
InvoiceBotz with its line-item level reading of utility bills, shipping invoices, and other relevant company documents, can calculate and attribute company spend for Scope 2 Enviromental impact reporting upstream in the process. Most organizations are scrambling to reconcile the data post-payment. We are also poised to expand into assisting with Scope 3 compliance reporting as those requirements become available further scaling InvoiceBotz as a complete compliance-ready Invoice Processing solution.
