Wednesday, 10 June 2020

10 Benefits Of Using Artificial Intelligence To Process Invoices

The application of artificial intelligence in business has become more and more extensive and deep. The entire accounting system will use artificial intelligence to improve efficiency. Invoice processing in accounting work is a time-consuming and laborious project. The use of artificial intelligence will greatly Improve the current situation.

10 Benefits Of Artificial Intelligence Processing Invoices

1. Digitize invoice processing
This is to exert the powerful power of artificial intelligence. The digitization process will save a lot of storage space, and can integrate online resources with other functions to reduce the chance of losing invoices.

2. Automatically read invoices
Use artificial intelligence to read, no need to set time.
Many invoices have these problems, like being fuzzy, scribbled, damaged, or incomplete. These will cause a lot of trouble to the invoice processing staff and waste a lot of time. But using artificial intelligence can automatically read invoices, saving a lot of manpower and time.

3. Read delivery notes automatically
A system using artificial intelligence will check your purchase orders and match them.
This process also reduces a lot of manual and repetitive operations, improves efficiency and reduces errors, and can help optimize the logistics process.

4. Remove all manual data entry tasks
In the past, the input of invoices was done by manual operation, the work efficiency was low, and it was prone to errors, and caused a large amount of work backlog, and the staff were under great pressure. The use of artificial intelligence to further improve this process, which will effectively solve the problem of backlog in the invoice processing process.

5. Automate all workflows
The artificial intelligence invoice processing system will automate the entire invoice processing process, including data input, reading, review, proofreading, etc., and the entire process is completed by artificial intelligence in the backend.

6. Process invoices in real time
Unlike previous invoice processing, 1 week, or 15 days, or 30 days. The artificial intelligence invoice processing system can process invoices in real time. At the same time, it can also generate timely financial reports. This allows company managers to keep abreast of financial information in a timely manner, which is conducive to optimizing operations and improving the efficiency of capital use.

7. Automate credit notes
The artificial intelligence system will further improve the efficiency and more effective inventory management. When the sold goods are returned, or the goods are incomplete, damaged, etc. and a credit notice is required, the credit notice will be automatically generated .

8. Improve financial management overall
Artificial intelligence is used to manage finance, and it can provide technologies such as face recognition and fingerprint recognition to improve security. At the same time, it will also be more effective in preventing fraud. This includes the identification, inspection, reminder, and tracking of different consumption behaviors, consumption items and consumption locations.

9. Improve reconciliation
In general company financial management, this is also a time-consuming and labor-intensive project that requires a lot of manual operations. With the assistance of artificial intelligence, automatic reconciliation will be achieved. As the entire process is automated, staff in the finance department will have more time to manage cash effectively.

We look forward to the near future, there will be robots to help the finance department count cash, we all believe this date should not be too far.

10. 70% cost reduction
Realize the automation of the above invoice processing, which can reduce the cost by 70%. This includes only the total time and labor cost saved by replacing all manual operations, including manual input, manual review, proofreading, and reconciliation.

In Conclusion

Artificial intelligence used in the finance department will effectively reduce repetitive manual work, greatly improve accuracy and automation, use funds more efficiently and improve overall operations and significantly reduce costs.

#ArtificialIntelligence #Accounting #Invoice  #business  #Automation

No comments:

Post a comment

The 5 Importance Of Chatbots In New Marketing Strategies

In 2016, Business Insider's report on the use of emerging technologies in business showed that many business decision makers will adopt ...