Simplifying Invoice Audits and Reviews with AI-enabled Solutions

Despite following rigorous processes to streamline invoice receipt, scan and match them with POs and follow approval processes, you may not be ‘audit-safe.’ Auditors identify potential financial fraud, scam attempts, and compliance discrepancies against contracts. Accounts payable audits (AP audits, i.e., invoice audits and reviews) share the moment of truth of improper information and accuracy against contracts that can cost companies millions of dollars. 

A study by the Aberdeen Group found that a company's average cost of overpayments can be over $100,000 per year. A manual invoice audit can cost anywhere from $50 to $200 per invoice. Post-audit follow-ups also incur additional costs, such as time spent on resolving discrepancies, supplier negotiation, and legal fees. 

Disconnected Source-To-Pay processes and manual invoice processing can lead to:

• Overcharged or incorrect billing against contracts 
• Unattended requests against financial compliance or tax forms
• Missed or duplicate payments due to unresolved contract obligations 
• Hours lost in manual invoice verification 

At Aavenir, we understand the need to implement a comprehensive invoice audit and review process that aligns with multiple functions across the enterprise.  

Watch our exclusive webinar to see how Aavenir’s AI-driven Invoiceflow solution connects across Source-To-Pay processes and boosts efficiency, financial control, vendor relationships, and compliance, reducing the risk of fraud.      

The session is designed for CFOs, VP Finance, AP managers, Legal, Contract Management, and Procurement teams interested in 

• Achieving greater financial stability and control with AI-driven insights 
• Reducing fraud risk and preventing payment leakage using a seamlessly connected Source-To-Pay solution  
• Maximizing outcomes through AI-driven invoice processing and streamlining vendor collaboration