Invoice Processing and Approval Automation
Invoice processing is a laborious and time-consuming process.
For an employee within the financial department of any business, invoice processing can be laborious and time-consuming. Done manually, companies pay an estimated $12 to $17 for each invoice approval. This can add up over time, as the average small business gets about 40 invoices a day. That means more than $125,000 a year spent on invoices alone.
To process an invoice, an employee needs to transfer information like dollar amounts, dates, and relevant entities or vendors (who’s paying whom) into an invoice capturing system. With Automation Hero, this process can easily be automated.
First, an employee sends all invoices attached as an email to the Automation Hero backend. Our system checks for those attachments and extracts any information from them. Then Automation Hero’s platform checks the database to see if the vendor already exists. If not, it can be programmed to create that vendor or entity within the database. (To watch our automation in action, click here).
After it completes its data preparation, our system will alert the user that all data has been prepared and that an automation can now be triggered to input all information into the processing system.
In our invoice processing and approval automation demo video, see how developed one AI model that was trained on historical data to understand the layout of the documents and normalize them, another AI model that used this information to precisely locate the text and extract as image snippets and lastly, an OCR model converts the image snippets into text.