Accounts Payable
The Ultimate Assistant: Your AI Agent for Accounts Payable
In today’s rapidly evolving business environment, the finance function is undergoing a profound digital transformation, and the accounts payable process (AP) is no exception.
One of the most critical functions in finance, AP depicts money that a company owes to vendors for services or products that it purchased on credit, appearing on the balance sheet as a liability.
Typical AP activities include manual and repetitive tasks, such as entering invoice data, correcting data errors, searching for information across systems, and responding to calls and emails from suppliers and customers. Automating the process helps companies address issues such as data entry errors, fraud, double payments, duplicate invoices, and slow processing.
Similarly, AP team leaders dedicate more time to transaction processing than to managerial responsibilities. Instead of engaging in more collaborative activities with stakeholders, for example, AP managers often find themselves grappling with business rules, auditor guidelines, and corporate standards to carry out invoice processing and facilitate supplier payments.
Hypatos has earned recognition as a 'Representative Vendor' in the 2023 Gartner "Market Guide for Accounts Payable Invoice Automation Solutions" (APIA). Thanks to advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and Large Language Models (LLM), the automation of accounts payable is gaining traction, resulting in numerous benefits and revolutionizing how organizations handle their AP.
As defined by Gartner in its Market Guide for Accounts Payable Invoice Automation Solutions, these tools automate the capture, validation, and processing of invoices. These solutions automatically match invoices to purchase orders (POs) and contracts or automatically code those invoices that would not have a PO. Payment management, ranging from OK to pay to complete invoice payment, is also included. These systems not only automate invoice processing and disbursements but also streamline all facets of business spending. AP automation, for example, can significantly cut the cost of processing invoices - saving money, time, and resources.
Now, you can do it all in one go with the Hypatos AI Agent for Accounts Payable.
Autonomous AP, embedded in the Hypatos Suite, empowers you to accomplish seamless invoice processing. Here’s how it works:
• AI-powered data extraction retrieves information from invoices, including document type, number, and line-item details. It performs data accuracy checks and integrates data with existing records.
• The data enrichment function identifies additional data points, such as the first approver, payment information, tax details, and general ledger accounts, and offers flexibility at the item level for tailoring to unique requirements.
• The system automates the matching of invoice information with purchase order items in your ERP system, facilitating a comprehensive three-way match at the item level.
• Automated invoice indexing includes recognizing and consolidating diverse invoice formats and types, categorizing them according to purchase orders (PO) and supplier associations. It verifies the accuracy of all invoice data before prioritizing subsequent actions in a centralized system.
• The system validates invoice data, POs, and Goods Received Notes (GRN), rectifying errors and suggesting actions for discrepancies in price, quantity, and dates, while allowing custom validations.
• The system adheres to payment schedules with minimal manual involvement through automated invoice approval collection from department heads, budget owners, and approvers.
• Dashboards and monitoring furnish current insights, enabling informed decisions regarding early payment rebates. The system anticipates delays in forecasting and efficiently manages cash flow, offering transparency to suppliers throughout the entire procure-to-pay cycle.
Companies aspiring to become transformational leaders in finance must learn to embrace autonomous finance functions, such as those provided by Hypatos. For example, the AI Assistants provided by Hypatos not only handle mundane tasks but also offer innovative ways to utilize analytic resources and connect business problems to data for better decision-making.
Hypatos is well-positioned to assist companies of all sizes and industries on this journey. The company has earned recognition as a 'Representative Vendor' in the 2023 Gartner Market Guide for Accounts Payable Invoice Automation Solutions. This acknowledgment highlights Hypatos' expertise in global financial automation and B2B Finance SaaS sectors, demonstrating its commitment to enhancing secure payment capabilities for large multinational enterprises.
Implementing Hypatos Intelligent Document Processing and Autonomous Finance solutions, such as Autonomous AP, brings numerous benefits:
• The solutions require no configuration or training but allow for 'human in the loop' validation when necessary.
• All critical financial documents, such as invoices and payments, are efficiently processed within existing ERP or CRM systems. This affords companies time to assess and revise key processes in tandem with their existing business systems.
• Documents are processed with an accuracy close to 100%, with human intervention as needed.
• Hundreds and thousands of documents are consistently processed, ensuring no backlog.
Join us in realizing the Hypatos vision of enabling AI to drive business operations while empowering humans to make informed decisions and craft innovative solutions.
Embark on your journey towards autonomous finance today! Secure your spot for our upcoming webinar series, where we explore Hypatos.ai's vision, mission, capabilities, satisfied customers, and, most importantly, the tangible return on investment (ROI) it delivers.
Don't miss out on our next webinar, focusing on Accounts Payable. Register now to secure your seat!
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