How Rossum is Changing the Way Accounts Payable Works with AI
AI is transforming how organizations manage their accounts payable, and Rossum’s intelligent document processing (IDP) is at the forefront of these advancements. Our AI-powered solutions supercharge speed and accuracy, enabling AP teams to save time and money on data entry, invoice processing, and other document-related tasks.
Discover how this technology is changing the way accounts payable works with AI, from automating document workflows to improving vendor and employee experiences.
Why accounts payable needs AI
Without automated systems, AP processes typically involve a lot of tedious tasks, such as manually copying and pasting data, sorting and organizing documents, and archiving files. Due to its manual nature, traditional document processing is often time-consuming and labor-intensive.
Mistakes are also more likely to happen and cause costly errors down the line. Furthermore, manual processes make it challenging to keep track of documents or get timely approvals. As a result, AP departments across multiple industries are turning to Rossum to optimize their document operations.
How AI pushes efficiency even further
AI document processing can transform the way your accounts payable work by dramatically increasing efficiency and streamlining processes. With our cloud IDP platform, staff can automate mundane tasks, reduce errors, and boost productivity. Let’s take a closer look at how
Automated data extraction
One of the areas where IDP has proven particularly useful in accounts payables is automating data extraction. The ability to extract data quickly and accurately from invoices, statements, and contracts is essential for efficient AP processing.
Using advanced AI and machine learning (ML) technologies, Rossum can easily and reliably extract data points from invoices, including vendor name, address, total amount due, payment due date, etc. This greatly reduces invoice processing times, as there’s no need to manually enter each field into a database.
Increased accuracy
When dealing with large amounts of financial data, precision is critical for data integrity. AI increases data entry and processing accuracy by automatically extracting key information from AP documents, even when layouts change.
Plus, ML algorithms are constantly being trained to increase levels of data capture accuracy. Our AI system also analyzes demand patterns to flag unusual transactions requiring additional review or verification.
Faster validation
Manually validating data takes up valuable resources that could be better spent elsewhere. IDP shortens the time involved when employees need to review and validate data capture results. Our ergonomic interface makes it easy to organize validation workflows and rapidly address feedback.
Most importantly, Rossum’s AI solution minimizes human effort by continuously improving the data capture engine. This means that human involvement declines over time, reducing labor and optimizing processes.
Timely payments
One of the biggest benefits of automation for accounts payable is that it speeds up turnaround times. IDP helps ensure timely payments and reduces errors caused by manual input methods associated with earlier legacy systems.
Fast and accurate payments are also vital for managing supply chain relationships and improving employee experiences. Additionally, AI bolsters financial security by making it easier to detect fraud and prevent incorrect payments.
Improved tracking
Rossum’s cloud platform enhances document and invoice tracking by eliminating the need for paper copies, which can get misplaced, lost, or stolen. Furthermore, physically handling paperwork takes up a lot of time and storage space.
By using a cloud solution to process and manage documents, AP departments can become paperless offices. Not only does the cloud offer secure accessibility for easy reference and retrieval, but it’s also more eco-friendly than paper-based operations.
Transform your accounts payable with AI
There are many ways to leverage AI for your accounts payable. Around the globe, AP teams are using our cutting-edge intelligent document processing technology to streamline processes while reducing errors and costs associated with manual methods.
Our precise, flexible, and scalable solution enables AP teams to become more efficient and productive than ever before. It also improves job satisfaction by automating tedious manual tasks, allowing them more time to focus on high-value work, such as forecasting and budget monitoring.
Book your live demo to explore powerful AI capabilities that save your accounts payable time and money on invoice processing, data entry, document management, and more.