Introduction about Invoice Process Automation
As a business, issuing invoices to different clients, vendors, and partners is a critical task that cannot be overlooked. Unfortunately, manual invoice processing can be prone to human errors, causing your staff to spend valuable time fixing mistakes.
The reality is that most of the necessary data is already stored in your systems. However, the process of preparing and sending out invoices can still be time-consuming and labor-intensive.
Krista AI-powered invoice automation solution can help streamline this process and eliminate costly errors. By automating the invoice generation and delivery workflow, you can save time and money while ensuring accuracy and consistency across all your invoicing activities.
For example:
Case 1 - Invoice Processing
This demo shows Krista AI’s capabilities in transforming data extraction and automating language translation in an invoice processing workflow.
The supplier sends an e-mail with the invoice in Polish as an attachment. This e-mail is received by Krista. She generates an auto response, acknowledging the receipt of the invoice and informing the supplier about the next steps.
Krista will then use its Document Understanding capabilities to extract all the header- and line-item information from the document. She will then run several pre-defined rules against the invoice to check validity.
Once all checks have passed, Krista will submit the invoice and all additional information (new information derived from the aforementioned business rules) data to a CRM for further processing. In this case we’re using SFDC.
By automating simple steps in the process, such as generating acknowledgement emails and sending timely communication to the suppliers, Krista shifts the burden of tedious tasks away from the AP teams. She also helps to improve the supplier experience and engagement.
Case 2 - Invoice Accuracy Assessment
This demo articulates Kristas ability to understand documents, the meaning of content and how this can be used to drive supply chain management incl. three-way matching.
The demo has been created as a self-service assessment for easy re-use. An author simply creates a new customer entity in the system. This will create all the scaffolding in SharePoint ready for use.
The author then uploads a series of invoices to SharePoint. Additionally, the author can use the supplied Excel template to create the necessary control data file(s) for validation purposes.
Once the assessment is started, Krista will load each invoice and use its Document Understanding capabilities to extract both header level as well as line level data. This information will be persistent in Krista.
Next, Krista will load the control data from file and compare it to the extracted data for accuracy and store it in Krista. Krista has a pause and resume feature where additional invoices can be loaded, changed to the control data can be incorporated and much more!
Finally, the results are written to an Excel report on SharePoint. The report will automatically perform various calculations including % accuracy and radar chart for easy review and distribution.
Case 3 - Finance Audit Q&A
This demo shows how Krista can help answering questions related to invoicing. The user asks a invoice related question to Krista.
Krista is able to understand the context of the questions asked and classify the type of question, then extracts relevant answers based on the corresponding documents been have been provided to her prior.
The user can ask questions pertaining to invoice amount, category of invoice, number of invoices from a specific vendor, etc.