Relying mainly on manual accounts payable (AP) process exposes your business to multiple issues, including data entry errors, high volumes of work and backlogs, complex business rules, and several levels of invoice approval—all of which are expensive to fix. It’s time to improve by switching to accounts payable automation software like Hermes. It will let you process vendor invoices automatically 24/7 with the help of artificial intelligence (AI) while providing enhanced visibility and control over your organization’s financial data. Here are reasons to choose it:
Save time and free up resources with AP automation
Hermes is an enterprise-level accounts payable platform that will streamline and automate your AP processes. It uses AI-based optical character recognition technology to obtain data from invoices, and robotic process automation to validate business-specific rules and automatically sends invoices to your financial system. Essentially, Hermes minimizes human intervention and can speed things up to improve your AP department’s accuracy and efficiency. It frees your employees from time-consuming and repetitive tasks, so they can focus on analysis and review.
Avoid backlogs and errors
You’ll need accounts payable automation software like Hermes to eliminate backlogs and prevent errors. It can process an invoice in 20 seconds—which means that it can save you about 77.77 hours every week. It also processes invoices accurately and requires only 10 percent of human effort for exceptions. Hermes automatically validates extracted data by checking invoice entries against a mapping file and flagging errors appropriately, so an authorized employee with login credentials can manually check them later.
Make prompt payments
Hermes improves your AP process to help your organization make timely and accurate payments so you can improve vendor relationships and customer service. The accounts payable automation software can accommodate custom business rules based on the vendor, company business units, and approver and match data from invoices with inventory/delivery information and purchase order.
Time to make the switch
Hermes accounts payable automation software can transform your organization by implementing a hands-off invoice processing to free up resources and save time. Its AI bots automatically extract data from all forms of invoices, then validate and upload them into your ERP.
Consider booking a demo to learn how it can make you forget costly data errors and time-consuming manual invoice tracking.
About The Author:
This text has been written by Thomas John, who’s the President and CEO of Calpion Inc. Calpion Inc. gives simple AI-powered accounts payable automation & expense administration software program for busy accounting groups that improve productiveness. If in case you have questions on how hermes accounts payable automation can combine along with your ERP and different software program. Contact us anytime!
Having a centralized hub to process invoices, implementing multiple approvals in the AP process, and using analytics to measure and improve the process are some of the best practices that can be implemented using AP automation software.
If you need any help regarding this, you should continue reading this blog.
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