Invoice Processing
For companies today, it is nearly impossible to avoid unanticipated supplier invoices completely, especially as your business grows or looks to expand its supplier base. Invoice processing can hold a finance team back by consuming resources and taking away precious time to guide the business for
According to the Institute of Financial Management (IOFM), accounts payable is the #1 most time-consuming function in finance, so automating it should be an essential element of any CFO’s strategy to modernize the finance organization.
This datasheet will explore how Tipalti helps our customer base automate their invoice processing workflow to improve the overall AP function and set their business up for long-term success.
By combining our Supplier Hub, Optical Character Recognition (OCR) Technology, Machine Learning, Managed Services, and Advanced Approval workflow, Tipalti frees you from dealing with one of the most mundane data-entry tasks in the business world.
Invoices can be received using the Supplier Hub upload feature (PDF and images, JPEG, JPG, BMP, PNG, TIFF, TIF, and GIF) via the AP Hub or email attachment. Tipalti supports invoices in multiple languages. Approvers can make more informed decisions with documents like vendor contracts and proof of work attached to each invoice.
Tipalti’s Optical Character Recognition (OCR) technology scans the invoice and populates the required fields at both the header and line level. The accuracy of the conversion is essential. Like most OCR software, the accuracy level will vary with the quality of the document being scanned and customer business complexity.
In the AP process, there are many examples of unstructured data leading to OCR capture variations. It may be a new supplier with an out of the norm invoice format, an existing supplier that changes their invoice layout, a suboptimal scan or a handwritten invoice, or invoices with coffee stains. Every time an OCR exception is received, Tipalti’s Managed Services makes corrections, ensuring a 99.5% success rate for our customers.
OCR learns and improves scan results over time based on Managed Services corrections. This capability ensures that the OCR becomes more intelligent and smarter over time, reducing mistakes, and increasing overall efficiency. Tipalti’s Managed Services team corrects OCR exceptions to ensure invoice accuracy, and the OCR picks up on the corrections to improve the workflow for future invoices. The Tipalti solution goes one step further. After OCR scan and Managed Services, Tipalti Pi, Tipalti’s Artificial Intelligence engine, auto-codes all bill custom fields and expense accounts based on smart logic.
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Once an invoice is submit ted for approval, Tipalti’s AdvancedApproval workflow, powered by Tipalti Pi, starts the bill approvalsequence, referencing patterns from historical invoices, includingdifferent approval assignments per entity, location, department, etc.If a company uses specific approval rules, they can be configured in the Tipalti system, ensuring invoices are automatically distributed to the right person(s) for review and approval. Since Tipalti can handle multiple entities within a single instance, companies have the ability to configure approval rules at the entity level. If questions arise, bill approvers, submitters, and AP staff can send messages via the AP Hub’s built-in messaging feature, resulting in reduced processing times and enhanced collaboration. They can also reply to messages directly from the messaging notification emails without logging into the system to accelerate communication.
Automatic email approval notifications are routed to the appropriate approvers, who can approve, update the GL account, send the invoice back to AP, or dispute the bill directly from the email—without the need to log into the AP Hub.
Tipalti’s Invoice Processing is built to scale. Processing invoices is at the core of what we do. Extracting all the relevant details from each invoice is an important part of how we do that. In addition, we have the capability to quickly add new Managed Services teams so that we can extend our coverage and scale as needed.
Fewer resources to manage invoices enabling your AP team to devote more time for value-added tasks
Enforcing business rules, improving security and compliance, and reducing fraud
Leveraging your ERP investment by integrating your payables process for faster financial close by 25%+
Reduction in your payables workload by 80%
Tipalti constantly has its eye on the next innovation, the next level of performance, and continues to work to improve OCR results
Tipalti’s touchless invoice processing includes high-quality OCR data capture combined with continuous machine learning and managed services, including advanced approval routing workflow, all integrated with Tipalti’s unified global supplier payments solution, so that the end-to-end core AP processes are managed seamlessly in one place.
Tipalti’s AP capabilities include global supplier management, self-service supplier onboarding, payments data validation, sanctions screening, KPMG-approved tax compliance, invoice processing, PO matching, global supplier remittance, foreign exchange conversion, AP reporting, and payment reconciliation with various ERP systems.
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