Accounts Payable Automation
100% Invoice Data Capture. AI parser to extract invoice details at header and line levels.
Format agnostic, ML-based data capture. Supports multi-format invoices and delivers high accuracy.
100% Invoice data capture accuracy for all machine readable invoices.
Multilingual invoice data capture. Supports 15+ global languages.
Automatically split multi-invoice PDF and classify invoices and supporting documents
Capture Purchase Order (PO) number at the line-level and link to the respective PO lines.
Integrates with Email, EDI, SFTP, Supplier Portal, etc. to receive invoices in all formats
Invoice coding is the process of assigning specific codes to invoices to categorize and track expenses accurately. AI invoice data capture and invoice data solutions play a crucial role in automating this process, making it more efficient and reducing the risk of manual errors.
AI in invoice processing automates the workflow by capturing, categorizing, and validating invoice data. This technology significantly enhances efficiency by reducing the need for manual data entry and minimizing errors. With AI-driven systems, businesses can handle invoices faster and more accurately.
AI enables real-time processing by automatically matching invoice details with purchase orders and receipts. By adopting AI, companies can shorten processing times, cut down on operational costs, and improve financial accuracy.
To implement AI in procurement, you can integrate AI-based solutions that automate and optimize various procurement tasks. AI can analyze spending patterns, forecast future needs, and streamline the approval process for purchase orders and invoices, leading to greater efficiency in procurement.
These AI-powered systems enhance supplier management, reduce costs, and increase transparency throughout the supply chain. By leveraging AI, businesses can make more informed decisions, improve operational workflows, and achieve better financial outcomes.
Invoice OCR (Optical Character Recognition) is a technology that extracts and digitizes invoice data, converting it into editable and searchable formats. When combined with AI invoice data capture, OCR automates the data entry process, reducing errors and speeding up invoice handling.
This technology ensures that invoice data is accurately captured and seamlessly integrated into your accounting system, leading to quicker processing times and fewer discrepancies in your financial records.
HighRadius’ AP software is an AI-powered account payable suite that extracts invoice data from emails, portals, e-invoice networks, EDI, and cXML. It includes premium features such as an AI-based email parser, an e-invoice network, AI/ML-based invoice coding, and unplanned cost booking.
The system can validate and match invoices against Purchase Orders (POs) and Goods Receipt Notes (GRNs). It checks supplier details, billing details, and PO information against master data and performs mathematical validations. The matching process identifies variances in price, quantity, and payment terms at both the header and line levels, ensuring accuracy and compliance with business rules.
HighRadius has an ML-based recommendation model that can predict GL accounts and other accounting dimensions such as cost center, department, project, plant, business unit, and more. It leverages historical non-PO invoices, looks for patterns around multiple invoice data points (business unit, vendor, GL account, amount, location, etc.), and finds similarities.
The system captures invoice data almost immediately after receiving it, integrating through channels like email, EDI, or supplier portals. The extracted data is quickly added to the AP processing queue, providing near real-time processing.
HighRadius supports two workflows: Coding Workflow and Approval Workflow. Threshold-based conditional approvals can be configured, with or without exceptions. You can maintain one or more designated approver(s) for organization-specific master data such as department, cost center, plant, project, business unit, company, location, etc., and initiate invoice coding and approval workflows.
The data capture rate is highly accurate, supported by the system’s ability to parse various formats and validate extracted data against master records like PO details and goods receipts. The system’s classification and extraction processes ensure precise capture of both header and line-level information. Structure invoices are captured with 100% accuracy. ML models and GenAI capture information with more than 90% accuracy at header and line level for matching
