Can AI-powered invoice review save your company? A blog post about how an AI tool can save your company money, time, and manpower.
Invoices are a source of great confusion for firms and it's easy to make mistakes. Invoice errors are expensive and can cost a company up to 10% of the total amount of the invoice. However, the solution to invoices doesn't have to be manual! The best way to avoid pitfalls is to get a machine-learning system to do the work for you. It can review invoices for purchase orders to make sure that the right products are being purchased. This post will explain how AI powered invoice review software can help your company reduce the expense of invoice errors.
How AI assisted invoice review and purchase order matching helps eliminate mistakes
?Automated invoice review and purchase order matching helps eliminate mistakes. It is a system that uses AI to review and match purchase orders and invoices. When orders and invoices are matched, it helps to ensure that the correct goods and services are being purchased and that the correct amounts of money are being paid. It also helps to make sure that the correct company is receiving the correct payment. Automated invoice review and purchase order matching is an AI system that helps to eliminate mistakes.?
Manual review of invoices is time consuming, prone to mistakes and increase the risk of fraud
Over the years, manually reviewing invoices has proven to be time-consuming and error-prone. Three-way matching is to verify purchase orders, received invoices, and delivered goods. You have to keep track of all these documents and sometimes it’s hard to see mistakes that are made. this process is often done manually.
In 2020 the Association of Certified Fraud Examiners released a study on occupational fraud and abuse covering 2,504 cases from 125 different countries. The results of the study showed that 5% of organizations revenue was lost to fraud each year, with a median loss of $125,000 and $1,509,000 average loss by case.
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Another significant challenge with manual invoice validation and review is duplicate payments. This is often caused by data entry errors, lack of synchronization between the different systems used (ERP, finance), or both. It is also common for the supplier to send the unpaid invoice to your company again, resulting in two payments for them.
How does AI software work with invoices?
AI (artificial intelligence) software is a software that uses machine learning and artificial intelligence to learn and improve the performance of a company. AI software is generally used to reduce the time it takes to complete a given process, which is why it is used in the first place. AI systems such as? EcoDocs can help you match the purchase orders, received invoices, and delivered goods in three-way matching automatically and efficiently. It’s easy to use, and it does all the work for you. The system reads and understands incoming invoices and compares individual line items to the appropriate p orders. In the event of item discrepancies or errors, the system automatically notifies the Finance and Purchasing teams and stops processing invoices.?
AI assisted invoice review and purchase order matching keeps you and your business more efficient.
The traditional way for procurement professionals to manually review invoices is time-consuming and labor-intensive. With AI-powered invoice review and purchase order matching, you can now approve invoices with just a few clicks. EcoDocs AI-powered invoice review and purchase order matching replaces manual review to reduce 99% of manual work and eliminate errors.