Four steps to the next level of automated invoice processing

1. standardize and automate upstream processes

Invoices with a purchase order reference can be processed more quickly and easily than those without an associated purchase order. If all the necessary approvals have already been given in the course of requirements entry, this work step can be omitted during invoice processing. This means that automation up to the point of posting is possible completely in the background (so-called Dark bookings) is possible. In addition, a 3-way match can be performed for invoices. This matching mechanism increases the security of the process: against errors as well as against Fraud attempts .

To simplify processes in accounts payable, it is therefore advisable to increase the proportion of invoices with purchase order references (SAP MM). This can best be achieved if the process of entering requirements is particularly simple and intuitive for the user and at the same time means standardization for purchasing. A digital workflow for requirements capture and purchase order checking and release can be used for this purpose.

2. increase automation through AI

A Digital workflow for processing incoming invoices (especially without purchase order reference, SAP FI) can already significantly relieve employees in accounts payable accounting. The use of artificial intelligence opens up entirely new fields of application for automation in this context. Concrete scenarios include self-learning data extraction, intelligent account assignment suggestions (from which employees only have to select), or suggestion functions for finding the right person for processing already during validation. Further automation potential opens up with predictive analytics, forecasting and anomaly detection.

3. paper adé

Anyone who has already automated large parts of the invoice receipt processing process in their company knows the crux of the matter: the biggest source of error, the biggest brake on automated processing is always the reading of data from scanned documents. If you pay attention to a few points, you can significantly improve the results of document reading. As already mentioned, artificial intelligence can also make its contribution here. But don't kid yourself - the error rate in document scanning will probably never drop to zero percent; it's more a matter of minimizing it as much as possible. One thing at least is certain: the fewer paper invoices that arrive, the higher the degree of automation in invoice processing and the fewer data entry errors that can occur.

4. outsourcing to the cloud

Optimizing processes is usually the first focus when it comes to digital invoice processing. However, the back end also offers potential for optimization. One example is to outsource certain (partial) processes to the cloud. Standardized processes with a high volume are particularly suitable for this. Instead of providing hardware and software for processes such as document reading or archiving on-premises and maintaining the systems, these services can also be obtained from the cloud. This is another building block for advancing automation, and many companies are therefore relying on  hybrid scenarios  from cloud and on-premises.

Conclusion: First digitization, then optimization

Processes in accounts payable are already significantly simplified by the process conversion of invoice processing - from manual and paper-based to digital. But even after digitization of the work steps, there are further options to further increase the degree of automation in order to get closer to the goal: maximum quota of background postings for incoming invoices. 

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