Accelerate complex Invoice Processing to empower Accounts & Finance Teams.
Handle Multiple Invoice Formats
AI-powered Intelligent OCR with domain-specific models that can extract accurately across any number of vendor formats & variations in layouts, and deep-link to the source for quick audits
10x AP/AR Efficiency
Enable 100% extraction accuracy, group related invoices in a document set, 10X processing speed, enable ingestion from mailboxes or inboxes, automate approvals and PO matching.
Improve Cash Flows
Process invoices for Accounts Payables or Receivables with nearly nil errors in minutes; automate your Standard Operating Procedures (SOPs) & improve profitability.
Speed Up Invoice Closure
Leverage out-of-the-box integration to speed up the invoice process by routing extracted & validated invoice data into your existing ERP/Accounting systems, without custom integrations.
AI-powered accurate extraction, classification, analysis and end-to-end automation of invoice processing workflows to enhance efficiency and enable visibility into the process
Automated data extraction from incoming invoices via mail or files uploaded in different formats with duplicate detection, eliminating manual paper invoice process and data entry - Handles 100s of invoices bundled together with ease as a single document set; Invoices with a long list of hundreds of line items are converted to structured data format. AI models for table understanding that identify rows and cells in a table accurately & automatically identify each line item as logical groups.
The high-precision, vertical search engine gets you to the supplier’s invoices, and POs using user-defined queries and filters across invoice data fields such as names, descriptions, notes, type, custom index fields, flags, associated dates, and even their text contents with just a few clicks.
Template-free invoice extraction, predefined reports, customized dashboards, and metrics give Finance and Accounts department team members a full view of spending and help businesses manage better cash flow.
Automatically manage approval workflows and route the low confidence extractions for review before generating the records while maintaining a data trail of all handoffs between the users and automation.
5x faster invoice approvals with automated data extraction and an easy-to-use intuitive interface
The human-in-the-loop (HITL) targeted intervention through confidence score for every extraction, ensures the 100% accuracy even with high volume of invoices
Easy verification of the low confidence extraction with automatic record generation
Multiple invoices for the same purchase order (PO) can be treated as one single document set
Eliminate redundant resources like RPA bots, OCR licenses, and more to save business costs
AI-assisted, automated configuration to integrate metadata from internal systems is done in real-time, automated transformation of complex invoices to ERP record formats
Increased Cost Saving
Faster Processing Time
Peak Volume Handling
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What is Invoice Processing (in Accounts Payables and Accounts Receivables)?
Invoice processing or accounts payable processing refers to the processing of a supplier invoice, from its receipt to, when it has been posted in the ERP system, to the payment. This is when the business owes the supplier. If the business has provided a service or product, then the bill (or invoice) has been to the customer for payment; and it becomes an Account Receivable entry.
How does AI help in invoice processing or accounts payable processing?
Accounts payable processes include collecting, processing, and paying invoices from suppliers who have provided products or services to the client. It is a tedious, time-consuming, error-prone job for finance professionals to go through invoices manually to understand data and forward them to related systems to complete their records. Spotting anomalies is never an easy task when the number of invoices per day is very high. Doing this repetitive data entry process is undoubtedly not for the trained finance professionals. Automating this process is challenging since incoming invoices come in different layouts, varying formats, unstructured details. Integrating with existing systems to create records is another mundane, tedious job.
Leveraging the combined power of Natural Language Processing (NLP) and deep learning, Artificial Intelligence (AI) can understand each term in an invoice, and extract and analyse the data with minimal errors. AI-powered invoice processing using a platform like Botminds AI helps businesses reduce invoice processing costs by over 60%, eliminate the mundane and tedious task of going through piles of invoices manually and reduce the hours of time the account team or finance professionals spend on invoice processing.
Botminds AI is a powerful platform that learns quickly and adjusts its predictions of the invoices, based on pre-training from millions of invoices.
Why is the Account Receivables/ Accounts Payable Automation has not been fully solved despite years of efforts in automation?
Most tools in the market are OCR-based and rules-based, and cannot handle the massive variations in formats, templates, structure of invoices, at scale. Invoices, in general, have the following challenges that need to be handled, that rules-based (non-AI) solutions cannot handle - Infinite variations at scale, Line items Extraction, Domain specific Invoices, Multiple/Large invoices, Skewed & Poor-quality scans, Business rules & Reconciliation, Stamps & Handwritten Info.
Most tools that many enterprises use at the point of document automation are not intelligent enough due to the wrong choice of technology & approach.
Botminds AI platform has AI-first approach that overcomes these challenges and ensures over 85% accuracy of extracted invoice data; thus liberating Accounts professionals from the dull, tedious task of manual extraction.
Who is Botminds Automated Invoice Processing solution for?
The Accounts team or the Finance team across industries like manufacturing, e-commerce, airline, healthcare, finance, media, marketing and more can use Botminds Automated Invoice processing or Automated Account Payable / Automated Accounts Receivable solution to speed up the processing of invoices, with minimal errors and high speed.
How is Botminds AI-powered Automated Invoice Processing different from Robotic Process Automation (RPA)?
Robotic Process Automation (RPA) and AI are different but are sometimes used interchangeably. The key difference between RPA and AI is that AI is self-learning. AI continuously learns to make sense of data and patterns to make predictions. In contrast, RPA systems require programming to achieve any outcome. RPA bots cannot handle variations automated ingestion from multiple sources, nor handle variations in invoice formats nor identify document sets (multiple invoice-related documents that belong to one set).
Is Botminds Automated Invoice Processing solution customizable as per my business requirement?
Yes. You can customize the platform to your domain-specific and business-specific invoice terminology and flow; and configure it to integrate with your internal systems for seamless automation. The solution performs with high accuracy and speed, even when the number of invoices is high.
Learn how Botminds Intelligent Document Process can drive ROI, reduce costs, and save time for your business.