One of the biggest challenges of invoice processing is the time consuming in-house process which requires multiple users to enter data into various document management and software systems. Invoices need to be received, reviewed, and approved before payments can be made making turnaround time and accuracy very important. So how does outsourcing accounts payable automation services improve your business?
Through ARDEM’s Automation platform we transform the way you work: our advanced machine learning and AI technologies are integrated with your current systems to improve cost-effectiveness, reduce errors, and increase productivity.
The Benefits of Outsourcing Automation
Invoice processing can easily become disorganized building a backlog which in turn creates challenges that will affect many aspects of your business. Outsourcing accounts payable services help you properly address inefficiencies and streamline your current process. Slow processing cycles start with paper invoices – the data needs to be verified, extracted, and input into a system in order to complete the cycle. Often, this process takes longer because it is being handled in-house. Inefficiencies such as errors and redundant invoices are common issues that many businesses face.
Outsourcing companies help identify the potential benefits by automating and delivering success to your bottom line. Accounts payable automation allows businesses to save time and costs by improving planning and forecasting by adding flexibility and scalability which boosts the workflow.
The digital transformation has been pushing businesses to utilize more technology and “go paperless” and aiming to change company culture to better accommodate efficiency through the use of technology.
ARDEM’s Accounts Payable Automation Solutions
Paper invoices are scanned and run through OCR software that transforms images into a searchable document. Utilizing cloud technology the invoices can be uploaded onto a secure network allowing multiple parties to view and edit data quickly and efficiently.
ARDEM develops a customized invoice processing services solution based on your AP processing requirements. Once reviewed and approved, machine learning and artificial intelligence technologies extract specific fields such as the invoice number or total cost and enter it directly into your database or flat file for easy ingestion.
Utilizing our “self-learning” automation routines and programmatic data validation routines, we ensure the highest quality of data. Invoices come in all kinds of different formats which means that data needs to be standardized to make it easier for comparison and analysis.