Cha-ching! A new invoice lands in your finance team’s stack of documents to process. The team begins the journey of reviewing, verifying, and entering data.  

The need for an efficient system becomes clear as invoices pile up. This is where Artificial Intelligence (AI) invoice processing comes into play. AI can boost your finance team’s efficiency and ensure your company’s financial workflows run smoothly. It can streamline workflows, improve accuracy, and allow your finance team to automate repetitive tasks. 

Let’s go over why AI invoice processing is a must-have for your financial team.  

What is AI Invoice Processing?  

AI invoice processing is the use of Artificial Intelligence to automatically read, extract, and process information from invoices. AI can quickly scan and capture details like invoice numbers, amounts, and dates without human intervention. It works by recognizing patterns in the document, even when invoice formats vary, and organizes the data in a system for further use.  

AI can sort hundreds of invoices in a matter of minutes. It can be a game-changer for businesses, making them more productive by freeing up employees’ to-do lists for only the most important tasks.  

Why Does Your Finance Team Need AI-Powered Invoice Processing?    

AI Accelerates the Design Process      

AI can free your finance team of the time-consuming task of template creation. With AI taking over invoice processing, the system does it all, including handling different invoice layouts, extracting data, and more. The best part is that if your chosen AI invoice processing solution has AI extraction capabilities, your finance team doesn’t even need to specify the file type/file format that needs to be processed. 

AI Lowers Operational Costs                    

According to Business Insider, around 44% of businesses plan on automating their payable processes due to its cost-cutting benefits. One way AI invoice processing can help your finance team trim the fat on operational costs is by reducing the need for extra hands. The elimination of the manual effort ensures fewer resources are required and empowers your team to focus on other important tasks without the need for additional hires.                                             

AI Boosts Data Privacy & Security               

Use of AI can also help your finance team lower the chances of data mishandling and fraud. Automation boosts the security of sensitive information by lowering human touchpoints and ensuring the invoices are processed securely. You can also reduce the risk of compliance issues related to data protection regulations by transferring the task of handling sensitive data to AI.      

AI Enables Scalability   

Onboarding new vendors? Handling more complex workflows? AI can adapt to it all without requiring a redesign. This helps ensure your finance workflows run smoothly even as your business scales. Your system can accommodate more invoices, vendors, and transactions without any hiccups.                     

AI-powered Extraction Integrates Smoothly with Existing Systems        

Another key perk of AI-driven tools is that they don’t disrupt your existing systems. They blend effortlessly into your current workflows. This leaves room for no errors, ensures fasters approvals, and gives your team more time to focus on priority tasks.   

AI Adapts to Different Invoice Formats  

AI can adapt to any file format you throw at it, including digital and scanned PDFs, Excel, delimited files, etc. It takes varied source formats and layouts and converts them into a unified format. This helps ensure consistency across financial processes and simplifies data management. Manual adjustments are no longer necessary, improving consistency across your finance team.        

AI-powered Invoice Processing Prevents Payment of Duplicate Invoices     

AI-powered invoice processing ensures no duplicate invoice slips through the cracks. Each invoice can be checked against your database to ensure it hasn’t already been paid. This system helps strengthen your cash flow system and offers peace of mind and added financial control.               

Experience Invoice Data Extraction Using AI with Astera     

Astera offers a next-generation AI invoice processing solution that can completely transform how your finance team operates, all for the better. Here’s how: 

• 6x Faster Than Human Processing: AI-powered data extraction combined with a workflow automation system reduces the invoice processing time from three minutes to 30 seconds.                                                   

• 98% Accuracy Rate: Automation eliminates the chances of human errors. The system has a lot of semantic capabilities, removing guesswork and enabling precise handling of your data.  

• Cut Costs Without Cutting Corners: Astera’s AI-powered data extraction can reduce the cost of processing an Invoice from $15 to $1.  

• Data Privacy & Security: Automation ensures fewer hands in the cookie jar, reducing the chances of data security issues. 

• Scalable & Flexible: Our solution adapts to increasing data volumes and evolving formats. It can handle large documents with numerous transactions.  

Steps Involved in Invoice Data Extractions Using Astera 

Step #1 Data Ingestion 

Ingest the invoice details into the Astera AI invoice processing solution. This process usually just requires you to perform a simple drag and drop and provide the file path. From here, Astera intelligence takes over further tasks.  

Once you feed the invoice into the solution, Astera intelligence works its magic by converting the file contents to text regardless of the file type. 

Step #2 Data Extraction 

Once the data ingestion is complete, you can drag and drop the LLM Generate feature for invoice extraction. All you have to do is input the text from the previous step into LLM along with the prompt to get the output.   

Step #3 Data Mapping and Processing 

Once the data extraction is completed, the extracted data is passed onto a mapping engine. Here, the data is converted from the invoice format into your preferred structure before continuing to data preparation. 

Step #4 Data Preparation 

This is the final step in the AI invoice data extraction where you can perform data cleaning and validate the data to ensure that it is accurate and has been extracted correctly.   

Summing Up 

Cha-ching! Another invoice lands in your finance team’s stack of documents. However, this time, your team does not have to go on the journey of reviewing, verifying, and entering data. AI-powered invoice processing can take over all these tasks, making the process smoother and faster. Start a free trial of our AI invoice processing solution today!