What is automated invoice processing?
Accountants and financial services firms process thousands of invoices every month. Manually entering, classifying and posting invoices takes a disproportionate amount of time. According to Deloitte, financial professionals spend an average of 30% of their working time on manual document processing.
AI-driven invoice processing fully automates this workflow: from reading the invoice (PDF, scan, email) to creating the correct journal entry in your accounting system.
How does it work?
Intelligent Document Processing (IDP) combines OCR, NLP and machine learning to extract invoice data: supplier, invoice number, amounts, VAT, cost centre. The system learns from your posting patterns and automatically suggests the correct general ledger account.
Validation rules check for duplicate invoices, deviating amounts and missing data. In cases of doubt, the invoice is flagged for manual review — always keeping a human in the loop.
What does it deliver?
Finance firms report 30–50% time savings on invoice processing, 95% fewer input errors and a significant reduction in the turnaround time from invoice to payment. According to PwC, AI invoice processing lowers the cost per invoice by an average of 60%.