Mudrantar

The accounts payable process or function is immensely significant since it involves nearly all of a company’s payments outside of payroll. The accounts payable process must also be efficient and accurate in order for the company’s financial statements to be accurate and complete.

Introduction:

The accounts payable process or function is immensely significant since it involves nearly all of a company’s payments outside of payroll. The accounts payable process must also be efficient and accurate in order for the company’s financial statements to be accurate and complete. An accounts payable is recorded in the Account Payable sub-ledger at the time an invoice is vouched for payment.
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Current method:

Regardless of the company’s size, the task of accounts payable is to pay only the company’s bills and invoices that are legitimate and accurate. The accounts payable process often uses a technique known as the three-way match to assure that only valid and accurate vendor invoices are recorded and paid. The three-way match involves the following:

  1. Company Purchase Order (What the company had ordered at what cost)
  2. Goods Receiving Note (What the company has received)
  3. Vendor Invoice (What the vendor billed the company)

The three-way match can slow down the payment process, so the method may be modified. For example, three-way matching may be limited solely to large-value invoices, or the matching is automatically approved if the received quantity is within a certain percentage of the amount authorized in the purchase order.

Disadvantages of current method

  • Physical Movement of invoice
  • Various approvals delaying processing time
  • Manual errors whil posting data
  • GST information is not captured accurately

  • Creating issues while taking input creadit
  • No visibility of invoices under process
  • Overloaded dessk with documents
  • Missing deadline of Payments

Our suggested method

Our advanced AI model provides the very accurate invoice data extraction tool, eliminating the chances for human errors. The value in our technology lies in our intelligent recognition of defined invoice fields. The accurate identification of invoice number, amount, GST number, and vendor name is done without requirement of any specific invoice templates. “Intelligence learning” models refine data over time to produce profoundly accurate results on new and unseen invoice formats and templates. Since our system is purely cloud based, it is updated day by day to ensure a continuous increase in accuracy. It recognizes all data fields from with OCR technology from invoice images and then delivers that data back to your software to be utilized in various perspectives.

Advantages

Accounts payable automation or AP automation is the ongoing effort of many companies to streamline the business process of their accounts payable departments. The goal of automating the accounts payable department is to streamline this invoicing process, eliminating several problems and giving many advantages as follows:

  • Detects Fraudulent in account processing
  • Avoids Invoice duplication
  • Eliminates potential human error
  • Lower the cost per invoice
  • Time saving
  • Enhances 3 way matching technique
  • Have an internal control over process.
  • Direct integration with existing ERP system