Intellect Digital Technology for Commerce | iDTC’s Post

On average it takes 6-7 manual hours to process a single invoice, & 20% of the staff’s time goes into vendor document management - leading to incomplete recording of invoices & receipts and faulty & error-prone documentation resulting in delayed workflow. Overhaul your Accounts Payable & Invoice processes with Star’s AI-powered automation solution that scales effortlessly to meet the needs of your business. It's not just #automation; it's intelligence at work - https://lnkd.in/gWxNqjeM #intelligentdocumentprocessing #financeautomation #apautomation #invoiceautomation #datacapture #invoiceprocessing #accounting #ai #ocr #idp #idc

Leveraging technology to streamline operations is more crucial than ever. Are you looking to maximize your efficiencies and save cost? One area where you can see significant improvements is Accounts Payable (AP). Here’s why AP software with Optical Character Recognition (OCR) is a game-changer for any business: 1. Enhanced Accuracy: OCR technology minimizes human errors by automatically extracting data from invoices and receipts. This ensures greater accuracy and reduces the risk of costly mistakes. 2. Time Savings: Manual data entry is time-consuming and tedious. With OCR, you can process invoices in a fraction of the time, freeing up your team to focus on more strategic tasks. 3. Cost Reduction: By automating the AP process, you can significantly cut down on labor costs associated with manual entry and error correction. Plus, faster processing times mean you can take advantage of early payment discounts. 4. Improved Data Management: OCR technology enables easy digital storage and retrieval of documents, leading to better organization and quicker access to critical financial information. 5. Enhanced Security: Digital processing and storage reduce the risk of lost or misplaced documents, ensuring your financial data is more secure. 6. Environmental Impact: Going digital with OCR reduces paper usage, supporting your company’s sustainability goals and contributing to a greener planet. Embrace the future of finance and see the transformative impact on your bottom line with AP software powered by OCR! Feel free to PM me to get more information. #AccountsPayable #OCR #FloodgateStrategiesLLC #BusinessEfficiency #CostSavings

Reminder: LAST CHANCE TO CLAIM OCR FREE TRIAL!⏰ Knowing 50% time consumed to deal with laborious purchase orders-invoices compiling is a cautionary signal, when it could be better utilized to create a more productive workforce. ⏰“One of the most finite resources we have is time” The longer manual processes take, the slower a company may seize growth opportunities. ⬆️Incorporating OCR automation into the workflow is the key answer! Input various transaction documents (invoices, receipts, purchase orders, e-statement) into your accounting system swiftly. Significantly reducing time lost, allows more focus on higher-priority tasks. Dare to take action now, or you’ll regret it later. Simply click https://lnkd.in/gfSh67-Z to start our OCR FREE TRIAL! #Fintelite #financeAI #financeSaaS #IndonesianSaaS #OCR #accountingsoftware #automation #accountingautomation #bank

Lots of manual work, errors, and lack of visibility & predictability - these are only some of the challenges and frustrations associated with manual accounts payable systems. Transitioning from manual to automated accounts payable (AP) systems offers enterprises several measurable benefits: 💰 Cost Reduction: Automation can reduce invoice processing costs by up to 80%, saving businesses significant amounts annually. 📈 Increased Efficiency: Automated AP systems process invoices significantly faster than manual methods, reducing cycle times from weeks to days. 🤖 Error Reduction: Automation minimizes human error, ensuring data accuracy and reducing discrepancies. 📊 Improved Cash Flow Management: Real-time tracking and processing provide better visibility into cash flow, aiding strategic financial planning. 🔒 Enhanced Security: Automated systems offer robust fraud prevention measures through secure, traceable transactions. Explore these benefits in more detail in our article: https://lnkd.in/dC2YMjP7 #AccountsPayable #Automation #BusinessEfficiency #DigitalTransformation

CFOs who haven’t yet automated their Accounts Payable (AP) process are falling behind. Here are the top three reasons why automation is a game-changer 👇 Enhanced Efficiency & Accuracy 📈 Manual AP processes are time-consuming and error-prone. Automation streamlines workflows, reduces human error, and ensures invoices are processed swiftly and accurately. This efficiency translates to significant time and cost savings. Improved Cash Flow Management 💸 Automated AP systems provide real-time insights into financials, allowing CFOs to manage cash flow more effectively. Timely and accurate payment processing helps avoid late fees and take advantage of early payment discounts, optimizing financial performance. Stronger Compliance & Security 🔒 Compliance with regulatory requirements and safeguarding against fraud are paramount. Automated AP solutions offer robust audit trails, ensuring compliance and enhancing security measures to protect sensitive financial data. Don't let your organization be left behind. Embrace AP automation and drive your company toward a more efficient, profitable, and secure future. Scrypt AI can help! #CFO #FinanceTransformation #APAutomation #Efficiency #Compliance #CFOinsights

In the realm of finance operations, accuracy is non-negotiable, especially when dealing with crucial documents like invoices. Meet Neil, an AI Accounts Payable Executive built on E42 to bring end-to-end automation to the AP process. From capturing invoices irrespective of the template/format from varied sources to running n-way matches and validations to pushing the data in ERP—Neil can do it all with zero to no human intervention. In this post, let’s look at how Neil is reshaping the critical step in the process—validation, with a focus on meticulous scrutiny. Neil's role spans from validating vendor details, items, taxes, and amounts in entry-level validations to mastering currency conversion for precise financial reporting, and more. In post-extraction steps, he enhances financial analysis by deriving additional field data—providing comprehensive insights. Tailoring his approach to country-specific workflows, Neil executes tasks like 2-way/3-way/n-way matching and invoice to PO and GRN matching—meeting the diverse requirements of different regions. Know more about all that’s possible with Neil here: https://bitly.ws/35vTp     #E42 #accountspayable #apautomartion #finance #accounting #invoiceprocessing #technology

How Intelligent Document Processing Accelerates Accounts Payable Automation According to a Gartner news release, finance departments can save 25,000 hours of rework due to human errors at the cost of $878,000 per year for an enterprise with 40 full-time accounting personnel by implementing intelligent document processing systems. Absolutely, Where manual entry will take several minutes per invoice, and even rules-based software between two and five minutes, IDP can capture the data in less than 60 seconds. #intelligentdocumentprocessing #GenerativeAI #IntelligentAutomation #IDP #dataextraction #datavalidation #datamanagement #ocr #bankstatements #invoiceextraction #workflowautomation #documnetprocessing Veena Gundavelli, Brian Shappell, CBF, Terry Jordan, Dexter Peavy https://lnkd.in/gZ3F7gih

#Finance Automation# Key Areas of Financial Automation Accounts Payable and Receivable: Invoice Processing: Automating the receipt, verification, and payment of invoices. Payment Processing: Managing outgoing payments to vendors and suppliers. Receivables Management: Automating the process of tracking and collecting outstanding invoices. Expense Management: Expense Reporting: Streamlining the submission, approval, and reimbursement of employee expenses. Corporate Card Reconciliation: Automating the reconciliation of corporate card transactions. Payroll Automation: Payroll Processing: Automating the calculation and distribution of employee salaries and wages. Tax Compliance: Ensuring accurate withholding and reporting of taxes. Financial Reporting and Analysis: Financial Close: Automating the month-end, quarter-end, and year-end closing processes. Financial Consolidation: Aggregating financial data from multiple sources for comprehensive reporting. Real-Time Reporting: Generating up-to-date financial reports for decision-making. Budgeting and Forecasting: Automated Budgeting Tools: Using software to create and manage budgets. Predictive Analytics: Utilizing machine learning and AI to forecast future financial performance. Compliance and Risk Management: Regulatory Compliance: Automating the adherence to financial regulations and standards. Fraud Detection: Using AI to identify and prevent fraudulent activities.

Who could use 80% of their time back to spend on more important tasks? This is where #automation comes into play! The manual procedure of acquiring invoices and organizing them for payment involves numerous challenges, including: 1️⃣ Time-consuming process: Manual processing of invoices involves significant time and effort. Each invoice needs to be reviewed, entered, and verified manually. 2️⃣ Human errors: The manual data entry process is prone to human errors such as typos, incorrect entries, or misplaced information. These errors can lead to inaccuracies in the AP management system. 3️⃣ Inefficiency and delays: Manual processing can result in inefficiencies and delays due to the dependency on human resources, and unreliable technical sources. This can slow down the overall invoice processing workflow and hinder timely payments. 4️⃣ Different formats: Invoices can arrive in various formats such as PDFs, scanned copies, or paper statements. Handling these diverse formats manually adds complexity to the processing task. 5️⃣ Tracking and monitoring: Manually processed invoices may lack proper tracking and monitoring mechanisms, making it harder to keep a record of invoices, track payment status, or generate reports for analysis. 6️⃣ Increased operational costs: Manual processing requires dedicated manpower and resources, leading to increased operational costs for the organization. 7️⃣ Repetitive and time-consuming tasks: Reliability and performance issues can be found with some invoice provider’s portals, and technical sources used to download digital invoices. Find out how The Canton Group implemented an #intelligentautomation process enhancing the user experience for employees as well as greatly minimizes the occurrence of human errors. —-> https://lnkd.in/ekqaYq2S #AutomateAccountsPayable #AutomateAccounting #AutomateInvoicing #ReduceHumanErrors

Common accounts payable problems: • Disappearing invoices → Lost and missed payments • Exceptions → Incomplete data that needs clarification • Matching errors → Misalignments that require research • Slow processes → Bottlenecks from paper and approvals • Paying too soon → Receiving issues and damaged goods • Double payments → Costly duplicates that avoid detection • Unauthorized purchases → Breaking protocols that shock AP The core problem → manual workflows. It's time to upgrade AP. The solutions involve end-to-end automation: 1. Integrate Systems - Break down silos for a unified dataset 2. Leverage Discounts - Automate early payment when beneficial 3. Allow Three-Way Matching - Automate PO-invoice-receipt matching 4. Go Paperless - Get rid of paper and spreadsheets for seamless digital 5. Streamline Workflows - Standardize processes to eliminate excess steps This is accounts payable optimization 101.