Invoice Processing in the Cloud:
Definition, Benefits, Tips
Say goodbye to invoice processing drudgery! Cloud-based AP automation tackles over 90,000 invoices effortlessly. Boost efficiency and scalability without extra staff or costs. Embrace the future of accounts payable!
Are you tired of the endless cycle of paper invoices, manual data entry, and the looming threat of missed payments? If you spend more time wrestling with invoices than focusing on strategic growth, then it’s time to explore the transformative power of cloud-based invoice processing.
Let’s explore cloud-based invoice processing. You’ll discover:
By the end of this read, you’ll be armed with the knowledge and tools to ditch the paper chase and embrace a streamlined, efficient future for your accounts payable.
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Gone are the days of clunky software and siloed systems. Today’s AP automation solutions boast out-of-the-box intelligence, seamlessly integrating with your existing ERPs and business applications via tight API-level connections. This powerful combination unlocks a wave of benefits for your accounts payable (AP) department:
Here’s the best part: There are no hidden costs or detrimental side effects to employing intelligent automation for your AP operations. It’s a win-win scenario for your business!
Imagine a world where invoices zip through your system, processed and approved with lightning speed, all without the burden of manual data entry and paper clutter. Cloud-based invoice processing makes this a reality. Here’s a breakdown of the magic behind this powerful technology.
Cloud-based solutions are designed for ease of use. You simply connect your existing accounting software and ERP (Enterprise Resource Planning) system via secure API integrations. This eliminates the need for complex software installations or lengthy IT setup processes.
READ MORE: Simplifying Full Cycle Accounts Payable Invoice Process
Say goodbye to manual data entry! Cloud solutions leverage Optical Character Recognition (OCR) technology. This essentially acts like a digital camera for text, capturing data from scanned invoices or electronic documents. OCR then converts this captured text into a machine-readable format for further processing.
Modern cloud-based solutions go beyond simple OCR. They often employ advanced Machine Learning (ML) algorithms. Think of ML as a learning assistant that gets smarter over time. By feeding it large datasets of invoices and their corresponding extracted data, these algorithms learn to identify patterns and relationships within these documents. This enables them to automatically extract various data fields from your invoices with high accuracy, even when dealing with complex layouts or variations in formatting.
Gone are the days of chasing physical invoices for approvals. Cloud-based solutions offer automated routing and approval workflows. These invoice processing workflows can be customized to automatically route invoices to the appropriate personnel based on pre-defined rules, such as department, vendor, or invoice amount. This streamlines the approval process and eliminates delays.
Cloud storage eliminates the need for physical filing cabinets. Invoices are securely stored electronically within the cloud platform, ensuring easy retrieval whenever needed. Cloud providers adhere to stringent security protocols to safeguard your financial data.
Cloud-based solutions offer real-time dashboards and reports. These provide valuable insights into your accounts payable operations, including invoice processing times, payment history, and potential cash flow issues. This data empowers you to make informed financial decisions and optimize your AP processes further.
Cloud-based solutions are inherently scalable. They can handle your current invoice volume and effortlessly adapt to future growth. This eliminates the need for expensive hardware upgrades or additional software licenses as your business expands.
In essence, cloud-based invoice processing automates the tedious tasks associated with traditional manual invoice processing, streamlines workflows, and unlocks a new level of efficiency and control over your accounts payable operations.
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As many of Artsyl’s client testimonials demonstrate, the returns from automating vendor invoice processing and accounts payable operations are cumulative and long-term.
And with cloud computing being the norm in many businesses, especially in the past few months due to the pandemic and the ensuing social restrictions, it seems like having a cloud-based accounts payable automation solution is also going to be the norm rather than the exception.
Let’s understand why cloud accounts payable automation is important by looking at some of the figures from a recent Aberdeen survey on the growing importance and demand for cloud-based ERPs. The Aberdeen report makes a compelling case for the need for cloud-based ERPs to accelerate business and time-to-data for informed decision-making.
“…Unless it is a structured document like a spreadsheet, with data fitted neatly into rows and columns, constant document processing and data entry work to an ERP system usually requires a lot of manual effort and time… AP invoice processing automation done in the cloud, when integrated with a cloud ERP software like NetSuite or Acumatica, can definitely bridge the gap in automation between the point when a transaction document enters an organization to when it can be keyed into an ERP system…”
According to the report, the top reason for companies to switch to cloud-based ERP is to ensure full-fledged vendor support. By the same argument, a cloud AP automation platform will ensure early payments to vendors, and integration to a cloud ERP platform for end-to-end vendor support and payments.
Another reason for companies already having an ERP platform in place to switch to the cloud is to leverage the latest technology for maximum advantage.
This trend can be seen among many best-in-class companies. Cloud technologies and cloud ERP platforms like NetSuite and Acumatica definitely bring the mobility businesses need, especially to combat disruptions like COVID-19 and ensure continuous productivity.
Cloud can bridge technology gaps and enforce better integration — ERP software systems run on business data. This is often transaction data that we are talking about, and it usually comes in unstructured or semi-structured document formats.
KEEP LEARNING: What Does Invoice Automation Look Like?
Unless it is a structured document like a spreadsheet, with data fitted neatly into rows and columns or specific fields, constant document processing and data entry work to an ERP system usually requires a lot of manual effort and time.
Manually transferring data from a structured document is also repetitive, and a waste of skilled staff, who could easily be working on something more productive that can have a positive impact on revenues and growth.
AP invoice processing automation done in the cloud, when integrated with a cloud ERP software like NetSuite or Acumatica, can definitely bridge the gap in automation between the point when a transaction document enters an organization to when it can be keyed into an ERP system.
Like we mentioned before, cloud technology enforces better integration, helping make the transition of unstructured or semi-structured documents from the edges of an organization into structured, verified data that can be readily used in an ERP system effortlessly, with little to no human intervention.
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Cloud enables easy integrations without having to make significant infrastructure changes or replacements. Again, according to the Aberdeen Report, integration incompatibility was one of the top reasons cited by respondents for moving their business to the cloud. Updating computing resources to the latest release is also very easy with the cloud.
The report suggests that the Best-in-Class are only 9% likely to be three years or more behind the latest release, compared to 22% for the rest of them (Aberdeen, March 2018). Given these figures, it pays well for businesses to move their accounts payable operations to the cloud as well.
Artsyl’s cloud-hosted accounts payable automation solution, called Cloud, makes it convenient to work with AP business data from anywhere. The software employs digital transformation technologies like AI, machine learning, robotic process automation, intelligent data capture, and business process automation to drive straight-through AP document processing.
Straight-through processing means the software automatically captures invoices and related vendor documents from multiple channels like emails, fax, scan, MFPs, etc. and extracts data from them using machine learning technology.
The extracted data and documents are each assigned a workflow based on business rules — workflow automation includes automatic data validation, document routing to verification managers for approvals, and export to a connected business application like a cloud ERP platform. The software has self-learning capabilities, which means that new documents are processed with minimum human intervention.
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The benefits of having AP operations in the cloud are cumulative, as one company invested in the boat building business will tell you — Cobalt Boats upgraded to Artsyl’s cloud based AP automation solution, moving away from their manually-driven, error-prone processes that took a toll on their skilled staff as well as their operating costs.
The company today is ready to scale operations and achieve end-to-end automation, while:
This is the kind of business transformation that companies need in order to stay current and adapt quickly to changing market conditions!
READ MORE: Automated Invoice Processing for Distributors
This technology forms the foundation of data capture in many cloud-based invoice processing solutions. Imagine OCR as a digital camera for text. It electronically captures text from scanned invoices or images of paper documents.
Next, OCR converts this captured text into a machine-readable format, allowing for further processing and analysis. While OCR is highly accurate with standard fonts and clear scans, its effectiveness can be impacted by handwritten text, poor image quality, or unusual layouts.
Machine learning plays a crucial role in advanced cloud invoice processing. Think of ML as a learning algorithm that gets smarter over time. By feeding it large datasets of invoices and their corresponding extracted data, ML algorithms learn to identify patterns and relationships within these documents. This enables them to automatically extract data from new invoices with high accuracy, even when dealing with complex layouts or variations in formatting.
For example, an ML-powered system might learn to differentiate between product descriptions and pricing information on invoices, even if the layout changes slightly from one vendor to another.
APIs act as digital messengers between different software applications. In cloud invoice processing, APIs enable seamless integration between your existing accounting software or ERP system and the cloud-based invoice processing solution. This allows for a smooth flow of data between the two systems, eliminating the need for manual data entry and ensuring all invoice information is captured and processed accurately.
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These are pre-defined sequences that automate the routing of invoices for approval within your organization. Imagine a digital map that guides invoices through the necessary checkpoints. Cloud-based solutions allow you to customize approval workflows based on various criteria, such as department, vendor, or invoice amount.
For example, an invoice for office supplies might require approval from the purchasing manager, while a larger equipment purchase might require additional approvals from senior management.
In cloud invoice processing, real-time visibility refers to the ability to access up-to-date information about your accounts payable operations at any given time. Cloud solutions offer dashboards and reports that provide insights into various aspects of your AP process, such as the status of individual invoices, processing times, payment history, and potential cash flow issues. This real-time data empowers you to identify bottlenecks, track progress, and make data-driven decisions to optimize your accounts payable efficiency.
DISCOVER MORE: Analytics and Reporting for Invoice Processing
The world of invoice processing is undergoing a digital revolution, and cloud-based solutions are leading the charge. By offering intelligent automation, seamless integrations, and real-time insights, these solutions empower businesses of all sizes to achieve:
Ready to ditch the paper chase and embrace the future of invoice processing? Cloud-based solutions offer a powerful and cost-effective way to transform your accounts payable department. Investing in cloud-based invoice processing is an investment in the future of your business. Embrace automation, unlock efficiency, and free your team to focus on what matters most.
Take the first step towards the benefits of automation without breaking the bank today! Research Artsyl’s cloud-based invoice processing solution InvoiceAction and see how it matches your specific needs. Experience the benefits firsthand!
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