FileAI 101
The Accounts Payable (AP) department plays a crucial role in maintaining a company’s financial health by ensuring timely and accurate payments. This includes processing vendor invoices, employee expense claims, and other short-term liabilities. Many organizations still rely on traditional, manual workflows to manage these tasks, which can be:
With fileAI, organizations can fully automate their AP processes, enabling faster operations, improved accuracy, and enhanced productivity.
AP automation refers to the use of advanced technology to digitize and streamline the workflows involved in processing accounts payable. Solutions like fileAI leverage Large Language Models (LLM) and Intelligent Document Processing (IDP) to automate tasks such as data extraction, document matching, and approvals. This eliminates the need for manual intervention, significantly reducing processing times and improving efficiency.
Manually inputting details from invoices, receipts, and other financial documents is labor-intensive and prone to errors, particularly when dealing with high volumes of transactions.
Approval workflows often require documents to pass through multiple departments and levels of management, leading to delays. This can strain vendor relationships and result in late payment penalties.
Vendors and partners often use different invoice formats, making it challenging to standardize and extract data manually.
Reconciling invoices, purchase orders, and delivery notes requires careful manual checks, which can lead to delays and discrepancies if errors occur.
How It Works: Users can upload invoices, receipts, purchase orders, and bank statements in any format—digital, printed, or handwritten. fileAI's advanced Vision Language Models, AI Enhanced Optical Character Recognition (OCR), and Language Model Reasoning technology extract all relevant data points with 99.5% accuracy.
Key Benefit: Eliminates the need for manual data entry, saving significant time and reducing errors.
How It Works: fileAI automatically matches invoices with corresponding purchase orders and delivery notes. Its AI-powered system consolidates and validates these documents to ensure accuracy.
Key Benefit: Streamlines the reconciliation process, reducing time spent on manual checks.
How It Works: fileAI centralizes all documents on a single dashboard, allowing approvers to access and review them with ease. Automated notifications ensure timely approvals, and custom rules can be applied for specific scenarios.
Key Benefit: Accelerates the approval process, minimizing delays and fostering better collaboration.
How It Works: fileAI integrates seamlessly with Xero via a simple one-click setup. The Export Setup agent takes a look at the user's history, understanding contextual information on how you want the data exported into XERO and consistently creates the rules for you. For new vendors or accounts, there is no more tedious form filling or guesswork needed for a successful export.
Key Benefit: This eliminates the need for manual configuration of export rules, significantly reducing setup time and ensuring a streamlined connection between fileAI and Xero for all future transactions.
How It Works: Employees can upload receipts in real-time through fileAI’s mobile app. The system automatically extracts and categorizes the data, sending it for approval. Managers can approve claims with a single click.
Key Benefit: Speeds up the expense claim process, ensuring timely reimbursements and reducing administrative overhead.
How It Works: fileAI processes documents in over 200 languages and currencies, making it ideal for businesses operating globally.
Key Benefit: Ensures compatibility with international vendors and partners.
To learn more about how fileAI can help you automate your end-to-end AP workflow, click here to schedule a demo with one of our AI automation specialists now.
Most companies still rely on paperwork-heavy practices to manage short term liabilities under the AP umbrella. Such antiquated practices are not only time and labor intensive, they also set the premise for instances of human error and internal fraud. Hence, the adoption of AP Automation is a necessary step towards optimizing operational effectiveness and efficiency.
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