Unlock the highest levels of straight-through processing (STP) and streamline your AP workflows with Neil, an AI Accounts Payable Executive, your one-stop solution to all your AP woes! From monitoring emails across channels to processing invoices to running n-way matches to the final entry into the ERP and everything in between, Neil handles it all—single-handedly, without human intervention.
Just give us a shout, and we’ll be in touch for a demo of Neil, your AI AP Executive!
invoice
processed
clients
served
systems
integrated with
extraction
accuracy
straight-through
processing (STP)
weeks
languages
supported
Invoice processing across channels
Managing a large volume of invoices coming in from varied channels (chat, vendor portal, inbound emails, etc.) without human intervention
Integration with ERP systems
QuickBooks, NetSuite, Oracle, Infor SunSystems, SAP, and more—you name it, we got it!
Accurate and fault tolerant ICR
Intelligent Document Processing (IDP) with machine learning and NLP resulting in precise extraction of critical data from invoices
24*7 real-time communication with vendors
For missing or incorrect information in invoices as well as updates on status, transactions, and more!
AI workflows
Pre-trained on Accounts Payable workflows, invoice formats, and AP process logic
Powerful dashboard with up-to-date reports
On payments completed, due, and pending, as well as spend analysis
| Capability | Cognitive Process Automation (CPA) | Robotic Process Automation (RPA) |
|---|---|---|
|
Straight-Through Processing (STP) |
95% STP without the need for invoice template preparation |
Typically involves partial automation, often requiring predefined templates |
|
Learning and Adaptability |
Learns from past invoices, identifies patterns, and predicts errors |
Limited learning capabilities; requires explicit programming for changes |
|
Fraud Prevention |
Includes features like handwriting extraction to prevent invoice fraud |
Basic rule-based fraud detection, may not be as sophisticated |
|
Predictive Learning |
Takes actions to prevent or correct errors in future invoices |
Lacks sophisticated predictive capabilities; reactive rather than proactive |
|
Workflow Optimization |
Optimizes AP workflows through reinforcement learning |
Follows pre-defined rules and requires significant programming changes |
|
Data Analysis and Extraction |
Utilizes NLP-powered techniques for accurate identification and extraction in processing invoices and financial documents |
Primarily relies on rule-based extraction; less effective for unstructured data |
|
Total Cost of Ownership (TCO) |
Lower TCO due to higher levels of automation, adaptability, and reduced need for manual intervention, resulting in overall cost savings in AP operations |
Higher TCO w.r.t AP operations due to the need for continuous manual intervention |
|
Human Error Mitigation |
Minimizes human errors in AP process through advanced learning and adaptive capabilities |
Prone to human errors, especially when dealing with unstructured data in AP process |
Deployment within a week
User-friendly interface
Integration with QuickBooks, SAP, Oracle, NetSuite, and more
Zero manual intervention
Free training and 24*7 platform support
Value-based pricing
Got questions? Find the answers here or just get in touch with us right here!
AP automation leverages technologies like Cognitive Process Automation (CPA) to intelligently route invoices, automate approvals, and significantly reduce processing times, ensuring a streamlined and efficient approval process.
Absolutely! AP automation tools, including Neil—an AI AP Executive, employ advanced algorithms and real-time validation checks to identify and prevent duplicate payments, safeguarding your financial processes.
End-to-end AP automation can significantly enhance economic efficiency, saving costs tied to manual processing, reducing errors, and optimizing resource allocation. Recent results from E42 in the manufacturing sector include 96% accuracy in data extraction and saving 100 person-days monthly.
Yes, AP automation enhances security measures by implementing validation protocols, such as GST matching and bank details verification, effectively deterring invoice fraud and ensuring the authenticity of vendor invoices. The system conducts 2-way, 3-way, and n-way matches, along with reconfirming with vendors and matching against government portals for added verification.
AP automation efficiently handles vendor invoices by leveraging technologies like Intelligent Document Processing (IDP) and Natural Language Processing (NLP) to extract data accurately from diverse invoice formats, streamlining the intake process.
AP automation supports invoice approval workflows by automating the routing of invoices based on predefined rules, obtaining necessary approvals digitally, and providing real-time visibility into the approval status for efficient decision-making.
End-to-end AP automation with Neil drastically reduces data ingestion time compared to manual processing and semi-automated methods. While manual processing and industry averages may take up to 2 weeks, semi-automated processes with OCR might require 1 week. In contrast, Neil achieves this task in a mere 15 minutes, ensuring swift and efficient data ingestion.
Yes, vendors benefit from streamlined communication through AP Automation. Automated systems provide real-time status updates, secure portals, and efficient communication channels, enhancing collaboration between businesses and their vendors.
Yes, AP automation solutions can be configured to allow external users or vendors to participate in the invoice-related communication process, promoting transparency and effective collaboration.
The choice lies in CPA’s superior understanding, decision-making capabilities, and adaptability when dealing with complex tasks. Not only does CPA provide these advantages, but it also boasts a lower total cost of ownership (TCO) and ensures better scalability compared to RPA-led solutions.
Intelligent Character Recognition (ICR) surpasses Optical Character Recognition (OCR) in document processing, recognizing characters and understanding context. This enables more accurate data extraction, including the capability to process handwritten invoices.
The deployment process typically takes 4-6 weeks (about one and a half months) to complete.
Validations for non-PO based invoices in AP automation are conducted using data from Goods Receipt Note (GRN) or Service Receipt Note (SRN) or through an approval routing flow.
E42 is the world’s leading no-code Cognitive Process Automation (CPA) platform to build AI co-workers that automate complex people and process-centric processes across functions, driving enterprise intelligence. The versatility of the E42 platform and the depth of technology used in it have been validated by major technology research companies like NASSCOM and IDC along with software behemoths like Oracle, Microsoft, and SAP!
Make your Accounts Payable Process Intelligent
Get in touch with us for your invoice process automation needs today!
Light Information Systems Pvt Ltd. CIN: U72900PN2012PTC143196
COPYRIGHT © 2024 E42. ALL RIGHTS RESERVED
At E42, creating a safe and healthy working environment takes precedence above all. The company has zero tolerance for prejudice, gender bias, and sexual harassment. For a comprehensive overview of our safety policy, please feel free to contact us at interact@e42.ai
