Losing More than Money: The Cost of Payment Errors

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Does your enterprise deal with an army of suppliers regularly? Is significant team effort spent on reviewing and sorting a multitude of invoices, but you still end up with late or erroneous payments?

Time to take a look at how JIFFY.ai’s Automated Invoice Processing HyperApp can help you save more by making the right payments at the right time.

The Hassles of Manual Invoice Processing

Any manual process is by its nature more tedious and error-prone than an automated solution. The incremental issues that arise when invoice payments are delayed or inaccurate can lead to severe issues in partner relationships and even break the supply chain.

Manual processing is costly and drawn-out and often fraught with a lot of duplicate and erroneous entries. The enterprise is left dealing with collateral damage in many ways:

  • Strain in supplier relationships and a threat to company reputation
  • Loss of purchase discounts in the invoice payment process
  • Inclusion of late penalties, increasing the costs
  • Rework to correct the errors adds to the processing time and costs more to the company
  • Erroneous invoices may take weeks to straighten out with the suppliers and hamper the end-of-month closure of accounts

Need Of The Hour – An Intelligent Automated Invoice Processing System

According to AQPC’s Open Standards Benchmarking Accounts Payable 2020 survey, on average top-performing companies report that nearly 0.8% of their annual disbursements are duplicate or erroneous. On the other hand, bottom performers report more than twice the amount, at 2% of total annual payments. Just look at this in light of your yearly invoice payment numbers, and it will be staggering enough to take a real relook at the process. 

An automated invoice processing system helps in cultivating positive vendor and supplier relations. It enables users to maintain accurate records and respond to invoices in a timely fashion while ensuring prompt payments and precise records of supplier relationships. 

RPA-Enabled Vs JIFFY.ai’s Intelligent HyperApp Invoice Automation

RPA can quickly automate repetitive tasks in the invoice process and works on a rule-based approach. You can specify rules to flag exceptions when certain conditions are met and raise a request to the human agent to resolve the issue before the payment is approved. An intelligent automation system applies NLP and Machine Learning (ML) on top of RPA extending RPA’s ability to provide substantial augmentation. 

Our HyperApp Automation solution builds on RPA’s capabilities to ensure the invoice is accurate before being sent for payment.

  • ML examines data captured in different fields and tries to establish a mapping between fields that hold the same pattern of data values
  • Robust in handling the cognitive 3-way match between the Purchase Order, report of goods received, and the invoice
  • Helps to check if the invoice is accurate, is not a duplicate and the invoice corresponds to the goods requested and received
  • Can learn as fast and accurately as experienced humans in identifying and interacting with suppliers, automatically performing input intake, coding, processing and routing invoice workflows, denoting payment deadlines, approval workflows and approvers. It requires human interaction only at critical checkpoints.
  • Makes it easy for supplier business users to interact directly with the invoice process through easy to use interfaces
  • Provides the analytic ability to detect payment schedules well in advance, to reduce errors, and to save costs by incorporating purchase discounts in the invoice process
  • Improves cash flow transparency with the validation engine confirming the accuracy of invoices before pushing them into the ERP system and reducing the need for downstream updates

Invoice Right on Time with JIFFY.ai’s HyperApp

JIFFY.ai’s HyperApp’s unique features for accurate invoice processing are:

  • Intelligent Invoice Extraction – with built-in cognitive capabilities to handle complex invoices like line items, tables, etc. and the cognitive capability can automatically create templates for new invoices
  • Customizable Supplier Portal – exercises full control over portal customizations to ease supplier onboarding and ongoing invoice management
  • Configurable Workflows – allows faster implementation cycles, additions of new suppliers or new product lines, configurable for a multitude of suppliers and invoice types
  • Powerful Validation Engine – ensures all validation is handled ahead of ERP to avoid downstream updates in the ERP system
  • Powerful Data Analytics – the underlying data layer allows us to provide analytics around the process itself and also around business intelligence
  • Pluggable ERP connectors – can plug directly into your existing infrastructure

Impactful ‘App’lications

Many organizations have reported reduced errors and improved overall process efficiency after implementing the JIFFY.ai HyperApp solution for their invoice process. 

Statistics:

Error reduction – 90%+

Efficiency Improvement – 85%+

Intelligent automation of the complex invoice process with a more collaborative and connected approach and smarter, dynamic data-driven decision-making ability is required in today’s hyper-competitive, fast-paced business landscape. The JIFFY.ai HyperApp solution is the right choice for you to transform your invoice process, increase your revenue and maintain trust with your suppliers.