In a dynamic business landscape, staying ahead of the competition means adopting the latest technological advancements. By embracing invoice processing best practices powered by Intelligent Document Processing, businesses are not only streamlining their present operations but are also gearing up for future challenges.

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© WNS-Vuram 2023. All rights reserved.
© WNS-Vuram 2023. All rights reserved.
How Intelligent Document
Processing Can Streamline
Invoice Processing and
Accounts Payable?

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© WNS-Vuram 2023. All rights reserved.
The era of Intelligent Invoice Processing
Invoice management has historically been a painstaking task,
involving manual data entry, tedious verifications, and
countless hours spent on validations. With the rise of
cutting-edge invoice processing technologies, businesses can
now automate the extraction and processing of data from
invoices with remarkable accuracy.

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How it works?
These advanced document processing technologies
utilize machine learning, natural language processing,
and intelligent OCR for invoices, enabling businesses to
automatically capture, validate, and integrate invoice
data into their financial systems.
For instance, a global retailer with suppliers from around
the world could receive thousands of invoices daily.
Leveraging Intelligent Invoice Processing, they could
automatically extract key details like supplier names,
invoice numbers, amounts, and dates without manual
intervention, ensuring accuracy and speed.

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Use cases across industries
An IT services firm that deals with
various tax regulations across
different states or countries can
use Invoice Processing Software
that's equipped with IDP. This
ensures tax calculations are
compliant with regional laws,
thereby minimizing risks
associated with non-compliance.
BFSI
Consider a scenario where a
manufacturing company has
multiple branches. Automating
accounts payable workflows
allows for consolidated and
consistent processing across all
branches, reducing errors and
ensuring a unified approach to
their accounts payable operations.
Manufacturing
A global retailer with suppliers
from around the world could
receive thousands of invoices
daily. Leveraging Intelligent
Invoice Processing, they could
automatically extract key details
like supplier names, invoice
numbers, amounts, and dates
without manual intervention,
ensuring accuracy and speed
Retail

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Enhancing Accounts Payable
Efficiency
A streamlined accounts payable process is crucial for
maintaining a healthy cash flow, fostering strong
supplier relationships, and ensuring financial
compliance. Through automated accounts payable,
businesses can significantly reduce processing times,
avoid late payment fees, and capture early payment
discounts. Moreover, AI-based accounts payable
solutions can identify patterns, anomalies, or potential
fraudulent activities, offering an additional layer of
security.

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Benefits of Intelligent
Document Processing

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#1 Significant reduction in operational costs
Implementing Intelligent Document Processing (IDP) for invoice
management directly impacts the bottom line by reducing operational
expenses. Manual processing not only consumes valuable time but is also
resource-intensive.
Errors stemming from manual entries can lead to financial discrepancies,
resulting in further costs associated with rectifications. By automating the
process, businesses can redirect their human resources to more strategic
tasks, further amplifying cost savings.

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#2 Enhanced supplier relationships due to
timely payments
Timely payments are a cornerstone of healthy supplier relationships. When
businesses leverage AI-powered Invoice Processing, invoices are settled
faster, avoiding delays that could strain supplier partnerships.
Suppliers are more likely to extend favorable terms, discounts, or prioritize
deliveries to businesses they trust for consistent and prompt payments.
Over time, this trust can lead to better negotiation power and collaboration
opportunities for the business.

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#3 Better cash flow management
Cash flow is the lifeblood of any business, and its effective management is
pivotal for sustained growth. By automating invoice processing and
accounts payable, businesses can gain a clearer and real-time view of their
financial obligations.
This clarity ensures that funds are allocated appropriately, reducing the
chances of overpayments or underpayments. Furthermore, automation
provides predictive insights, helping finance teams anticipate and manage
cash flow fluctuations more efficiently.

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#4 A significant decrease in invoice processing
times
Traditional invoice processing can be time-consuming, with delays at every
step, from data entry to validation. With Intelligent Document Processing,
businesses can drastically cut down these processing times.
Invoices are scanned, data is extracted, and validations are performed
within minutes, as opposed to hours or even days. Such swift processing
not only ensures operational efficiency but also enables businesses to
capitalize on early-payment discounts offered by suppliers.

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#5 Robust compliance and audit readiness
Ensuring that invoice processing adheres to regulatory standards and
internal policies is crucial for businesses. Manual processing can sometimes
overlook or misinterpret these rules, leading to non-compliance.
However, with automated accounts payable solutions, businesses can
embed compliance rules directly into the system. This ensures that every
processed invoice aligns with regulatory standards, making the audit
process smoother and reducing the risk of non-compliance penalties.

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In a dynamic business landscape, staying ahead of the competition
means adopting the latest technological advancements. By
embracing invoice processing best practices powered by Intelligent
Document Processing, businesses are not only streamlining their
present operations but are also gearing up for future challenges.
Curious to explore how IDP can transform your business
operations? Discover more about the possibilities and delve deeper
into the world of Intelligent Document Processing with WNS-Vuram’s
IDP services. Or write to ask@vuram.com for more information
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