Accounts Payable Automation
Auto-Code Non PO Invoices. Automate invoice coding with AI-driven GL suggestions and multi-dimensional predictions, with confidence score.
ML based prediction. Recommends top three GL accounts for Non PO invoices, based on confidence score
Predicts other account dimensions (cost center, department, business unit, project, plant, etc.). Can introduce custom accounting dimensions.
Allocate cost to multiple dimensions. Split invoice amount or line amount into multiple lines and capture different dimensions.
Miscellaneous Charges. Automate coding for freight, tax and other charges for PO invoices that are not mentioned in PO.
Coding Workflow. Initiate ad hoc coding request or to predefined users (AP or Business Users) to seek coding inputs.
Invoice coding is important for proper financial reporting and cost tracking. Proper coding means that these spend items are being put in the appropriate accounts for budget monitoring, tax compliance, and financial forecasting. Automated invoice coding software simplifies this process, making it faster and more efficient.
Invoice coding software automates the assigning of appropriate GL codes to invoice line items. It uses predefined rules or AI—a technology that learns and adapts—to accurately classify expenses. Thus, it enables faster processing of invoices with reduced risks attributed to human error.
Invoice coding software greatly enhances both speed and accuracy in invoice categorization, instilling confidence in the financial reporting process. It ensures compliance with accounting policies, improves reporting accuracy. This minimizes errors streamlining financial workflows.
This is how you can automate invoice coding: use an auto invoice coding software just like the one in HighRadius’ AP Automation software. Pre-applied rules or machine learning algorithms within the software automatically assign GL codes to invoices. This cuts down on manual effort, & reduces processing time.
Some non-PO invoices contain multiple line items that need to be coded to different accounts or cost centers. HighRadius leverages ML and AI to recommend top three GL accounts for non-PO invoices, based on a confidence score. Moreover, it predicts other account dimensions like cost center, department, business unit, project, plant, etc. and allocates cost to these dimensions by splitting invoice amount or line amount into multiple lines and capturing different dimensions.
HighRadius’ AI algorithms and ML rules are extensively trained on around $10.3 billion transactions that it processes annually. Consequently, it can accurately extract data and make predictions to auto-code non-PO invoices. Furthermore, enterprises can create their own custom rules to improve the accuracy.
Yes, HighRadius automatically codes for miscellaneous charges that might not be mentioned in the PO like freight and tax.
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.
