Save time and shine with invoice matching automation
Slow manual tasks, the kind that involve a lot of data entry and double-checking, have long been the bane of finance departments. Those with experience in this line of work will recognise invoice matching as a monotonous job, one that takes up an excessive amount of time. However, there’s hope on the horizon, as this is another process now benefiting from the capabilities of automation technology.
Invoice matching AI is here, and it’s set to move the needle.
The traditional invoice matching process
The usual routine for invoice matching is as follows: an invoice is received and finance personnel need to check that everything adds up, manually verifying the information against corresponding purchase orders (POs) and goods receipt notes. When there are hundreds of invoices to be managed every month, it’s a slow-going task and easy for discrepancies to be missed. This is valuable time that could be better spent on more important work, and during busy periods, even the most efficient finance teams can struggle to keep up.
Challenges with manual invoice matching
First, there are the administrative challenges, but the problems associated with manual invoice matching extend further than this. The potential for incorrect or delayed payments is high, often failing to be picked up until suppliers raise the alarm. This can damage your professional relationships and SLAs, even to the point of disrupting the supply of essential stock or services or facing a litany of disgruntled customers.
Another pressing concern is how ill-suited manual procedures like this are to growth. Business might be booming and invoices start piling in at a rapid rate, but finance teams are set up to fail, without the time or resources to cope with the increased demand.
Why automated invoice matching is the future
It’s no wonder that finance departments are reaching for AI and automation as an efficiency lifeline. Tasks that used to require finance staff to spend hours on painstaking data entry and cross-referencing are a cake walk for AI-powered solutions.
Not only is it light years faster, invoice matching AI is also more accurate, and eliminates delays and mistakes. Our solution has a 97% accuracy rate. Of course, a human worker is still alerted if there are any discrepancies that need solving, but the need for manual intervention is minimal.
How invoice matching automation works
Invoice matching automation software is your new digital team member, one who doesn’t get tired, lose focus, or make mistakes – just upload your invoices and away they go. Solutions like Enate find the matching documents for each invoice from a data repository, known as “Master Data”.
Thanks to its savvy algorithms, this is done with pinpoint precision. The AI combs through the data, analysing invoice numbers, dates, and amounts, to make sure everything is shipshape. When it comes across something that doesn’t add up, it flags it for a human eye to inspect.
Any problems can then be dealt with swiftly, and finance teams are able to easily monitor the progress of incoming invoices and outgoing payments. An AI tool scales easily to meet increased demand, so if the business is growing, it has no problem handling the extra workload.
The time and cost savings that come from automating this task are extraordinary, but the goal is not to replace jobs. Instead, it’s to pivot employees away from mundane, repetitive tasks to more strategic and high-value work.
The best part? There’s no complicated MLOps or eye-watering set up costs.
Invoice matching AI: Available Now
Enate's suite of AI features such as Analyst, Sentiment Analysis and Email Classification are ready to purchase today. We’re delighted to be one of the very first vendors offering invoice matching AI. Speak to our team to understand how you can save time and purchase our invoice matching AI solution today.
