Challenges with your current invoice process
With AI doing the work of AP processing, we were able to increase the efficiency of our AP team by 70% and reduce our FTEs.”
DIRECTOR, ACCOUNTS PAYABLE
Your organization has a distinctive set of business units, chart of accounts, and business practices. Only your accounting team knows, from its years of experience, how to correctly assign GL codes and route invoices for approval.
Your AP team reads and interprets your invoices to determine accounting codes using several factors:
- Understanding every line detail in your invoice
- Who is requesting this purchase? Employee ID? Name?
- Locations, shipping address, billing address, street numbers
- Historical knowledge from experience and practice with past invoices
Ensuring this information is correct during invoice entry is challenging, time-consuming, and error-prone. Companies have tried to address this issue in different ways, such as writing detailed Standard Operating Procedures (SOPs) and rules for AP staff. Invoice approvers from business teams are often asked to fill in this information, which they are poorly equipped to do – a poor use of their time.
How finance AI is a radical change to processing non-PO-backed invoices
Artificial intelligence that can process an invoice autonomously must be able to read an invoice document in PDF format and enter the information on it correctly. It must also ensure that its predictions of the assignment of entities, business units, cost centers, account codes, and allocations are accurate and do not require any human review.
AppZen’s AI is purpose-built to understand invoice documents, spend taxonomies, vendor information, and accounting patterns. It's specifically trained to understand your company's business practices and chart of accounts. It can train itself on the knowledge of your AP staff and business units by analyzing the historical processing of invoice documents and accounting. In just hours, AppZen's AI models can learn from your historical data, to GUARANTEE the assignment of GL codes to your invoices is 100% accurate, without any human review.
Autonomous processing of non-PO invoices means:
- Processing invoices with GL codes in minutes
- 100% guaranteed accuracy
- No human review from start to finish
“ We have a complex chart of accounts. Getting things coded to the right place can be challenging for the accounting team when it comes to reclassification.
— DIRECTOR, ACCOUNTS PAYABLE,
LEADING NATIONAL LAWNCARE SERVICE PROVIDER
GL CODES ASSIGNED
REDUCTION IN FTES
Hard dollar savings with Autonomous AP
Finance teams are increasingly being asked to do more with less, as staff reductions and a difficult economic outlook become the norm. The must-have for immediate cost-savings and increased efficiency is AppZen’s proven AI solution.
A leading, national lawn care services provider needed 13 FTEs to manually process over 20,000 non-PO-backed invoices each year. With 250 locations, correctly assigning GL codes and appropriate entities for all cost centers proved challenging.
In the first 9 months after AppZen Autonomous AP integrated with their JDE instance, this customer achieved 70% autonomous GL code assignment for their invoices, saving over 1700 hours. Now, only 3 employees are needed, allowing the rest to be assigned to more strategic positions.
AI-first automation for complex, multi-line PO matching
Discover how AP automation of multi-line POs using an AI-first approach guarantees accurate matching...
Look, Boss! No hands! Automated GL code assignment for non-PO invoices
Tune into Episode 02 for AppZen's "Coffee with an Expert" series as we dive into the challenges of G...
Meet your (multi-line PO) match!
Picture this. You’re trying to match a PO with 15 different line items to 3 different invoices and t...