Revolutionizing AP: The AI Edge with Ottimate’s Instant Capture
by The Ottimate Editorial Team
In 2024, accounts payable (AP) still continues to be a tedious, manual process filled with many inefficiencies. Between sorting through piles of invoices, entering data by hand, chasing down approvals, and reconciling errors, AP tasks can swallow up valuable hours in the day. But imagine if there was a method to automate a substantial part of this task? Enter: Instant Capture by Ottimate.
Ottimate’s Instant Capture feature leverages cutting-edge AI and machine learning to extract invoice data and code it automatically in seconds. This not only saves significant time compared to manual data entry, it also boosts accuracy and gives finance professionals the gift of time back in their day. Read on to understand the power of AI and how Instant Capture can revolutionize AP workflows.
The Pain Points of Manual AP Processing
Processing invoices remains predominantly manual for many finance departments. Team members must physically collect invoices from a variety of sources, decipher handwriting or poor scans, and tediously enter header and line item data into accounting systems. This manual data entry leaves lots of room for human error, not to mention eats up valuable time.
Further delays arise during the approval process, as invoices sit untouched during approvers’ absences. Reconciling errors and missing invoices is a process known to be time-consuming. It often requires emails, calls, or formal dispute filings to vendors. The resulting back-and-forth frequently impacts vendor relationships. And keeping track of paper records and physical filing can be a nightmare.
Ultimately, finance professionals get bogged down in low-value tasks instead of more impactful work. Organizations also risk missing early payment discounts and damaging vendor relationships. There must be a better way to manage all of these challenges.
Common Pain Points of Manual AP Processing
The AI Advantage: Instant Capture
Instant Capture eliminates the need for manual data entry by using AI to automatically extract and code invoice data upon upload. This seamless digitization happens in seconds, rather than the minutes or hours required when entering data by hand.
Powered by sophisticated deep learning algorithms, Instant Capture interprets invoices in all common formats. It accurately captures header information such as the invoice number, date, and supplier details, along with individual line items. The data is then automatically coded based on your general ledger framework.
Instant Capture even continues to learn over time. With each new invoice processed, its AI enhances performance and precision. This creates a cycle of continual improvement unique to Ottimate.
By removing the need for manual entry, Instant Capture delivers game-changing time savings. No more squinting at illegible invoices or deciphering complex line items. The technology does the heavy lifting, freeing up staff to focus on high-value responsibilities. With an AI-powered approach, accuracy far surpasses that of manual human data entry.
Key Benefits of Instant Capture
Artificial intelligence enables automation on an entirely new level. Traditional AP software provided digitization, but still required manual validation and coding. AI-powered solutions like Instant Capture take automation to the next level by handling these processes automatically.
AI allows Instant Capture to interpret words, numbers, and context from invoices, then extract and code data accordingly. Instead of merely scanning for keywords, Instant Capture analyzes documents holistically to derive meaning, much like a person would. This nuanced understanding drives automation.
Deep learning empowers the AI to improve over time based on new inputs and feedback.
The more invoices processed, the “smarter” Instant Capture becomes at deciphering data accurately. This evolution simply isn’t possible with rules-based software. Only AI provides the dynamic learning needed to continuously enhance performance.
This powerful combination of intelligent document comprehension and adaptive learning enables Instant Capture to deliver instantaneous, highly precise results. AI automation augments staff capacity, rather than just digitizing tasks.
The Benefits of AI-Driven AP
When finance teams gain hours back in their day thanks to Instant Capture, they can shift focus to more rewarding initiatives that drive growth. Streamlining the inbound invoice process through AI automation alleviates obstacles and laborious work.
With Instant Capture handling data extraction and coding in seconds, staff avoid monotonous entry tasks. Instead, AP professionals can focus on more valuable responsibilities:
- Vendor relationship management: Having more time to nurture vendor relationships improves payment terms and strengthens the supply chain.
- Discount capture: Automation ensures invoices get processed fast enough to capture early payment discounts.
- Auditing and analysis: Detailed data from Instant Capture enables better spend analysis and audits.
- Process improvements: The team can optimize workflows when manual tasks no longer take up their day.
- Compliance and controls: Automating AP provides visibility and consistency for SOX and other regulatory requirements.
- Growth initiatives: Finance staff can support business growth by providing insights, not just processing transactions.
- Customer initiatives: Freed-up capacity lets accounting better assist stakeholders with requests like custom reporting.
- Learning and development: Less repetitive work makes time for skills development and training.
How to Spend Time Saved with Instant Capture
Rather than wrestling with manual, repetitive AP tasks, finance teams can leverage newfound time to create value. The hours saved each week quickly compound to make a significant difference.
Streamlined for Success
Instant Capture’s AI-powered automation provides a new way forward for modern finance teams. Processing invoices no longer needs to devour hours while introducing human error. With advanced technology performing the work in seconds, staff avoid frustration while the business maximizes productivity.
By removing time-consuming data entry and approvals from the invoicing workflow, Instant Capture paves the way for strategic initiatives that were never before possible due to bandwidth limitations. Finance becomes a true partner in driving organizational success.
The benefits speak for themselves: improved accuracy, recouped productivity, strengthened vendor relationships, and enhanced visibility for forecasting and reporting. AI automation elevates organizations by allowing people to focus on meaningful, value-added responsibilities that drive growth.
Ready to transform your accounts payable?
Contact Ottimate today to learn more about leveraging artificial intelligence to unlock new levels of efficiency and opportunity. The future of finance is now.
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