Finance & Accounting - Accounts Payable Process
In a large organisation, the purchase department typically handles vendor material procurement, and the finance department handles vendor payments after validating invoice details against policies.
This responsibility comes with a manual labour-intensive process in checking invoice information and validating with PO or service notes.
F&A is one of the most complex use cases where our proprietary IDP Engine equipped with Machine learning and fast algorithms reads unstructured vendor invoices, extracts the information & validates with purchase orders and goods received notes using in-house built NLP Engine and provides the organisation a holistic approach in managing its suppliers with reduced turnaround time, faster supplier payments, reduction in cost of operations.
The IDP Invoice suite is available and can be plugged via inhouse custom RPA, API integrations with leading ERP such as Oracle, SAP, Microsoft Navision.
Auto identification of documents
In a typical formal AP process, vendors submit supporting documents against a service delivery or supply material delivery, these can include a variety of documents such as e-way bill, stock transfer note, PF challan, ESIC Insurance challan or Transport Challan.
The above documents are automatically recognised and value details such as Vendor name, date, amount are extracted in the IDP Invoice suite, which can be further validated with Invoice data in HITL driven process
Meta data extraction & validation
Move78ai IDP Invoice suite extracts over 50 fields from invoice/bills using a template free approach, with real-time insights from Purchase Order and GRN Data. Various features are supported in the suite:
Digital Signature Verification
E-Invoice data validation with GOI
Handling both Digital and Non- Digital documents
Custom validation checks between PO, invoice, GRN
Two-way & three-way match with PO & GRN/WCR
Move78 IDP Invoice suite provides an overall holistic validation and document data verification with Purchase order and Goods receipt Note. With custom checks and validation, the suite is powerful to highlight data inaccuracy. This mechanism is again supervised with human checks to insure full throughput.
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