Mastering Invoice Management: A Comprehensive Worksheet

Invoice Management in a Connected Ecosystem: 

Paying vendor invoices on time isn't solely about processing and remitting payments. The entire process is interconnected with various departments within an organization. Addressing vendor inquiries and resolving invoice errors and payment disputes is a significant yet often overlooked aspect. Innovations in accounts payable and supplier management automation make it easy for businesses to harness the benefits of effective vendor performance management. Contract analytics can aid in invoice management by automating invoice processing, tracking invoice status, identifying and minimizing disputes, enhancing cash flow visibility, and providing data-driven insights for negotiation and decision-making. 

Discover how here: https://youtu.be/VtiSU4zBwjo 

Projected vs. Actual Spend Visibility with ServiceNow PPM + Aavenir Invoiceflow

Simplifying Invoice Audits and AP Processing [IOFM]

Simplifying Invoice Audits and Reviews with AI-enabled Solutions

Thrive Networks Streamlined Invoice Processing and Expense Management on ServiceNow

About Company

Thrive Networks delivers next-generation managed services for optimized business performance while eliminating internal resource constraints and staffing worries. It offers fully customizable strategic services to customers with a technology advantage on all aspects of IT infrastructure, including strategy, cybersecurity, cloud and cloud migration, collaboration, networking, disaster recovery, compliance, and more. 

Client’s Invoice Management Challenges

Thrive is acquiring new companies, which is significantly increasing their invoice volume and an overwhelming workload for the AP team. The challenges grew with a lack of defined processes, inefficient expense tracking, poor mapping, and more.     

Manual Invoice Management  

As the business grew and transactions multiplied, the number of invoices received also rose, making it more challenging to handle the influx efficiently. The sheer volume of invoices overwhelmed manual processes and traditional systems, leading to delays, errors, and inefficiencies in processing. 

Moreover, suppliers and partners used diverse formats like PDF, paper, or electronic formats like XML or EDI. Each format has its structure, fields, and requirements, making standardizing the invoice processing workflow challenging. This lack of standardization hinders automation efforts and increases the risk of errors during data extraction, validation, and integration with accounting or enterprise resource planning (ERP) systems. 

Lack of Visibility 

The inability to track the blocker at invoice processing stages poses a significant challenge. This lack of clarity made it difficult to identify and monitor the specific bottlenecks that caused delays or errors in the process, leading to inefficiencies and potential financial losses.  Consequently, Thrive needed help to achieve optimal efficiency and accuracy in their invoice processing systems 

Further, the manual process of mapping invoices to general ledger (GL) codes was a redundant exercise and highly repetitive, leading to financial inaccuracies. Thrive struggled with small-spend invoice processing that affected cash flow and vendor relationships. The AP workflow lacked a standardized structure and needed to be aligned with predefined business rules, resulting in inefficiencies and delays. 

Aavenir revamped our invoice processes. It elevated processing efficiencies with streamlined workflows and powerful AI in place. We are now free from manual invoice processing and exhibit smoother collaborations. Now even large volumes of invoices from different sources seem fine to us. 

The Solution: Aavenir AI-enabled Invoice Management Solution for Thrive Networks 

Aavenir streamlined the invoicing and expense management on ServiceNow for Thrive by tapping into their ERPs, i.e., GP, and offered an edge to transparency and tracking with defined workflows.   

Leverage the usage of AI  

Aavenir's intelligent AI engine enabled Thrive to manage large invoice bundles in a single document. Aavenir Invoiceflow AI automatically extracts individual invoices from the bundled paper and generates a separate invoice. Now, each invoice can undergo a complete review and approval cycle independently.   

A defined workflow is set for processing invoices of different types and credit memos for smoother and quick approvals. In addition, the automated invoice processing system has reduced the manual effort of bifurcating invoices with redefined cycles.   

Integration with ERP system for higher transparency  

Aavenir Invoiceflow has powered Thrive with clear and complete visibility of invoices, their status, and lifecycle for each department and every approver involved.  

The invoices approved in Aavenir Invoiceflow are automatically pushed to the Microsoft Dynamic GP system so that invoices can be tracked, and payment can be disbursed in GP. After the disbursement, the system fetches payment modes from GP, and payment disbursement notifications or emails are sent to Vendors with payment details.    

Intuitive Invoice Management Dashboards 

AP Managers can see pending, approved, and paid invoices and identify bottlenecks in invoice processing for enhanced tracking of expenses paid. In addition, the robust reporting and customized dashboards secure confidential and relevant invoices that store critical business information. This further ensures that only authorized personnel have access to relevant invoice data.  

Task Automation  

Aavenir Invoiceflow automates the monotonous task of reviewing, mapping and approving invoices by shifting to a completely paperless invoicing process for Thrive. The solution has improved the efficiency of their AP team and reduced the timelines for vendor invoice approvals.   

Key Results 

Is your organization experiencing similar challenges? We can help you simulate how AI-enabled, automated invoice processing can make your invoicing cycles seamless & error-free. BOOK A DEMO>>

CFO Efficiency Management Checklist

CFO Efficiency Management Checklist

The CFO makes sure contracts are regularly reviewed and updated as needed. Solid controls, appropriate processes and procedures, checklists, and periodic audits are crucial for effective AP management. An AI-enabled accounts payable automation solution is the key to foster strong vendor relationships, monitor key financial metrics and continuously improve invoice approval processes 

To know more, access this checklist by completing the form and clicking “Download Now.” 

Simplifying Invoice Audits and Reviews with AI-enabled Solutions

American Seafoods Group (ASG) improved invoice processing and automated manual tasks to eliminate errors and gain visibility into workflows

About Company

American Seafoods Group (ASG) is the world’s largest at-sea processor of Wild Alaska Pollock, with its high-quality products distributed globally since 1988. It also holds the largest Wild Pacific Hake (Whiting) allocation. . They were one of the pioneers who helped revolutionize how fisheries are managed in the United States. Today it produces up to 150 MT of seafood daily.

Client’s Invoice Management Challenges

Until now, American Seafood Group, as an organization, used to manage 24000 invoices manually over the year. The invoices received through emails were scanned, printed, signed, and approved. The invoice process was cumbersome and involved much paperwork. In addition, numerous manual interventions resulted in issues such as invoice matching errors, discrepancies, more extended approval, and delayed payment cycles, leading to strained supplier relationships.   

Moreover, the process involved multiple departments (individual companies of ASG) and members without much visibility of timely approvals and supplier payments. The invoices were sent manually to various departments and people involved in the processing cycle. With the involvement of multiple stakeholders, the probability of duplicate invoices was always high. Also, there was a waste of time in the absence of defined workflows. 

Key Challenges include:

“Aavenir Invoiceflow has improved our efficiency with seamless vendor collaboration, zeroing duplicate invoices, and manual invoice management. Integrating the SAP accounting system has further enhanced accrual reporting and timely payments, giving way to supplier discounts. - Accounts Payable Team”.

The Solution: Aavenir AI-enabled Invoice Management Solution for Seafood Processing Company 

Aavenir streamlined the invoicing and AP processes on ServiceNow for ASG by tapping into their ERPs, i.e., SAP & operational software AMOS.   

As a result, we kicked off the systematic approach for ASG, where all invoices will hit the mailbox and get automatically mapped according to the information.   

Defined mailbox for each company 

Aavenir created mailboxes based on the company and vendor/department mapping. The invoices received are routed automatically to the AP Team and department heads. The AP team will check the coding and cost allocation on Invoices before sending them out. The double-check system assures everything that goes to the supplier is discrepancy-proof with quicker approvals.   

Leverage the usage of AI - Extraction & Mapping 

The Aavenir's intelligent AI engine simplified processes by capturing information on a particular invoice. It allowed automatic extraction and update of multiple line items and fields to map them as relevant. Further, assigning the invoice to a specific user group reduces manual entries and human errors. In addition, the touchless processing and data extraction streamline the invoice approval process for ASG. 

Transparency in invoice processing 

Aavenir Invoiceflow has powered ASG with clear and complete visibility of invoices, their status, and lifecycle for each department and every approver involved. It ensures that the correct invoice payment goes to each supplier without over or underpayment—the automated invoice processing solution checks for duplicate or delayed payments. Further, the automated 2-way matching identifies disparities.  

Task automation  

Aavenir Invoiceflow automates the monotonous task of reviewing, mapping, and approving invoices. There is a minimum human intervention with the three implemented workflows, which revolve around PO/NON-PO based and one customized workflow, mainly covering the invoices for operational services/purchases.  

Key Results 

The quick implementation of Aavenir Invoiceflow built on ServiceNow enabled American Seafoods Group with remarkable results in a short period.  

Is your organization experiencing similar challenges? We can help you simulate how AI-enabled, automated invoice processing can make your invoicing process seamless & error-free. BOOK A DEMO>>

A Leading Investment Venture Enhanced AP Team Productivity with Automation and Real-time Invoice Status Visibility

About Company

A 30-year-old Strategic Advisory organization, that has capitalized on the inefficiencies and opportunities within the market since its inception, amplified its strategic advisory, and augmented its productivity with automation and real-time visibility of the Accounts Payable Processes. The client organization helps maximize the business value of global portfolio managers keen on devising strategies with extended support and autonomy.  In addition, the company has diversified investments in infrastructure, risk analytics, proprietary technology, and, more significantly, in America, Europe, and Asia. 

Client’s Invoice Management Challenges

The company had to manage around 15000 invoices manually across the year. Until now, the organization would carry out accounting and payable processes by adding all the data manually. The IT or SNOW team would create the Purchase Requisition (PR) in the system and send it to the concerned team for further processing. No dedicated individual was assigned to perform invoice matching, including coding or approval. In short, the entire process was a little cumbersome. 

Further, with the advent of multiple global investors, managing invoices and the AP processes got chaotic for the organization.

“There was a predominance of manual work in the purchasing department, from filling OCR sheets to assigning GL codes for every product to verification of hardcopies that accompany invoices,” said Procurement Manager. She also added, “Mundane tasks created monotony, resulting in a time crunch and enhanced scope of error - impacting productivity”.

A purchase request (PR) was generated on the basis of which an invoice was generated. They had only a 2-way check wherein they matched with the invoice and purchase requisition, not the purchase order.  

The staff had to undergo a manual process that required creating a PR in ServiceNow. Once created, the SNOW Team would send it to the AP mailbox of the concerned team, which underwent manual monitoring for matching to checking the SNOW requisition number. It made the management of multiple invoices a little too complex.

All invoice types, including PR, non-PR consulting, and non-consulting, had different workflows for approval. The invoices were sent manually to various departments and people for support. In the absence of defined workflows, it killed time and transparency.

THE AAVENIR APPROACH & SOLUTION

Aavenir AI-enabled Invoice Management Solution for Investment Management

Aavenir streamlined the invoicing and AP processes on ServiceNow for the client organization by eliminating the manual processes and moving towards greater visibility and significant optimization of PR in SNOW for matching purposes. As a result, we kicked off the systematic approach for them, where all invoices will hit the mailbox and get automatically mapped according to the information. 

Leverage the Usage of AI - Smart Invoice Capture

The Aavenir AI engine simplified processes for multiple invoices flow by allowing automatic extraction and updation of multiple line items and fields, mapping them to the right accounting code, thereby reducing manual entries and human errors. 

"I have a quality of life now. Handling the procure-to-pay alone has never been this effortless. I can imagine everything that I was doing manually is now happening automatically with the Aavenir AI engine.  Delighted and relieved that team Aavenir could understand the typical industry needs and supported me throughout. I am spellbound to witness how the Aavenir navigated through and tried to gauge everyones’ needs from the quick conversations,” said Procurement Manager.

Aavenir AI-driven Invoiceflow with data extraction and touchless processing worked as a catalyst in the invoice approval process for the client organization. 

Benefits:

Simplified Processes for Multiple Invoice Flow

Aavenir InvoiceFlow solution powered the client organization with complete visibility of Invoices with their status and overall invoice lifecycle, thereby ensuring efficiency and transparency.

Cost center allocations and multiple line items mapping to respective General Ledger(GL) codes has been implemented to simplify invoice processing. We have utilized all the multiple invoice categories in their accounting system to fit into our unified product. 

Benefits:

Task Automation

Aavenir Invoiceflow automates the humdrum task of reviewing, mapping, and disbursing invoices. With the seamless integration, all invoices are ready for at the disposal of accounts that need just a glance and hit submit. 

Benefits:

Key Results

The quick implementation of Aavenir Invoiceflow built on ServiceNow enabled the client organization with remarkable results in a short period.

Eliminate Invoice Review Headaches with AI-enabled Automated Solutions

The struggle of invoice review and approval is not new for AP, Procurement, and Legal teams. Manual and outdated automation of invoice and claims processing and verification results in less breathing space and greater errors, leading to prolonged review and payment cycles, spend leakage, and compliance risk. 

Did you know that around 3.6% of manually entered invoices include an error caused by data entry? On an average, AP automation can reduce your invoice processing times by 75%. 

Compromised automation and invoice processing introduce 

At Aavenir, we understand the need for faster and more accurate invoice processing and simplified invoice collaboration with vendors. 

Join our exclusive webinar on 19th October 2022, and find out how Aavenir’s AI-driven Invoiceflow solution can help you overcome invoice processing and review headaches, and streamline vendor communication with collaboration portals.    

The session is designed for CFOs, VP Finance, AP managers, Legal and Procurement teams focused on

Get started with your Invoice Processing transformation journey. Watch Now!