Aavenir hosted another insightful webinar on 19th October 2022. The information-rich session touched the peripherals and core of invoice processing and management. Hope you attended the session, and in case you missed it, here’s the on-demand version of the webinar to watch at your convenience.
Webinar Recap: Eliminate Invoice Headaches with AI-enabled Automated Solutions
We bring you a robust synopsis of the discussion, beginning with the pain points of Accounts Payable, Procurement, and Legal teams that revolve around the lengthy review and payment cycles, spend leakage, compliance risk, and more. Did you know
39% of invoice approvals take longer due to complex invoice matching, and 61% of late payments are due to faulty invoices.
Major burning issues in invoice processing
Compromised automation and invoice processing cause pitfalls/issues such as
- Lack of visibility into pending approved, and paid invoices
- Spend leakage due to overpayments, missed discount opportunities, and incorrect coding
- Invoice fraud and financial audit risk
- Strained supplier relationships due to delayed payments, discrepancy resolution, and lack of sophisticated collaboration tools
Typically, invoice data extraction and invoice review appear as the ultimate hurdles in invoice management.
Our experts believe that faster and more accurate invoice processing and simplified invoice collaboration with vendors businesses need AI-driven automated solutions such as Aavenir Invoiceflow.
Experts opine that streamlined invoice processing results in the seamless extraction of information from invoices and claim documents submitted to the organization. It further simplifies the identification of errors and duplicate invoices by tracking invoice approval status. Using the right invoice management tool is the way to proper audits against the contract with the 2 & 3-way invoice match.
Invoice review, approvals, and processing significantly impact vendor relationships. Aavenir Invoiceflow not only enables the management of vendor communication and relationships but also tracks AP dashboards for KPI tracking.