Does anyone like dealing with invoices?
What if you never touched another supplier invoice again, and it magically was keyed into the system and routed to your internal buyers to review and approve? Tipalti introduces the concept of the touchless invoice. By combining our supplier portal, OCR technology, machine learning, outsourced services, and artificial intelligence (AI), Tipalti will free you from having to deal with one of the most mundane, soul-crushingly unrewarding data-entry exercises in the business world: keying in invoices.
Here’s our touchless invoice processing flow:
- Once the invoice is inbound to Tipalti (through backoffice upload, supplier portal upload, or email attachment), the OCR part of the product scans the invoice and populates the fields (invoice number, supplier, quantity, rate, etc.).
- Invoices scanned through OCR (optical character recognition) that aren’t a 100% match are then automatically routed to a managed service, where Tipalti’s trained experts manually review any exceptions on the invoice, check fields for accuracy, and populate any missing fields.
- After the manual review, the machine learning routing engine assigns any GL coding (based on a set of past invoices) and pre-assigns the bill approval sequence based on patterns from historical invoices.
- Approval email notifications are automatically routed to the appropriate individual(s). Approvers can approve, update the GL account, send the invoice back to AP, or dispute the bill directly from the email – no need to log into the AP Hub (unless you want to)!
- With just a click on the notification email, the approver accepts the invoice and the invoice is ready for payment.
This process dramatically reduces the time someone at your company spends on invoice workflow.
What does this mean to the finance organization?
- Greater completeness and accuracy requiring minimal intervention by the AP / finance.
- Instantly employ “best practices” in invoice workflow.
- Reduced time, costs, and errors associated with manual processes.
What will you do with all that time? Here are a few suggestions:
- Approve invoices faster → more early payment opportunities → more revenue from AP.
- Elevate your entire organization – focus the team on more strategic, analytical efforts. More knowledge work vs. transactional drudge.
- Work on your fantasy football team.
Of course, to get the biggest bang for your buck, the enhanced invoice processing capability is integrated seamlessly into Tipalti’s supplier payments automation solution, so that all core AP processes are managed in one place. The Tipalti AP capabilities include supplier onboarding, tax compliance, invoice processing, global supplier remittance, early payments, and payment reconciliation and AP reporting.
If you’re ready for a demo, sign up for the product tour.