Automating AP process with AI

Portrait of Neha Gunnoo
by Neha Gunnoo
4 mins read
last updated on

Key takeaways:

  • The cost of processing an invoice digitally is $2.36, compared to $15 for manual invoices.
  • Automated AP gets your bills paid faster than traditional methods.
  • Parseur helps to automate accounts payable automatically.

Welcome to the world where accounts payable doesn't mean piles of paper, endless hours of data entry, and the ever-looming risk of human error.

We've got a superhero in town, and its name is Parseur---here to rescue you from the AP chaos.

The world of accounts payable

Accounts payable (AP) refers to the amount of money that a company owes to its suppliers or creditors for goods or services purchased on credit. It represents a company's obligation to pay off short-term debts to its vendors or suppliers. Accounts payable is listed on the company's balance sheet under current liabilities, as these obligations are typically due to be paid off within a year.

Challenges with traditional AP

Imagine a world where invoices are like puzzle pieces, and you're the hero trying to solve the puzzle. But wait, the pieces keep multiplying, and it feels like a never-ending battle.

A screen capture of a meme
Drowning in a sea of CVs

Invoice overload: Have you ever felt buried under a mountain of invoices? Accountants live this struggle at the end of each month.

Late payments: Inefficiencies lead to delayed payments, impacting organizational cash flow.

Data entry errors: The risk of errors in manual data entry is high, with potentially severe repercussions for the business.

A typical day in an accountant's life

AP responsibilities have to be taken seriously as one small error can cost the business billions of dollars.

  • Thorough-check and review all the invoices.
  • Invoice data extraction
  • Create new entries in the accounting software.
  • Drinking more coffee than you should to live through the day.

Those duties might look easy and simple, but they require time, effort and energy to get them done without errors and within deadlines.

This is where AP automation swoops in

The accounting software market size is estimated at USD 19.74 billion in 2024 and is expected to reach USD 30.66 billion by 2029.

The accounting market is a competitive one and chances are that your competition has already embraced technology for better efficiency.

AP automation isn't just a buzzword; it's your golden ticket out of the invoicing chaos.

What is AP automation?

Accounts payable automation is the process by which AP processes are handled digitally rather than manually. It helps to streamline and enhance accounting processes while minimizing human interactions and errors.

AP automation often utilizes new technologies and software such as AI, OCR, or machine learning.

The cost of processing an invoice digitally is $2.36, compared to $15 for manual invoices.

Benefits of automating AP processes

  • Say goodbye to the waiting game. Automated AP gets your bills paid faster than a pizza delivery on game night.
  • Imagine getting back all the time you spent on manual tasks. AP automation makes it happen!
  • Fewer errors mean more financial savings.

How to automate accounts payable?

Enter Parseur, your sidekick in the AP adventure! It's like having a robotic assistant, but cooler.

Parseur stands at the forefront of AP automation, offering a robust solution that integrates seamlessly with your existing financial systems.

Parseur also speaks the language of invoices from all corners of the globe (more than 160 languages, to be precise).

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Try out our powerful document processing tool for free.

Step-by-step guide on using Parseur for AP

With Parseur by your side, accounting will be a fun task to do. Once you've signed up for an account, you can create an invoice parser for free.

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Create an invoice OCR mailbox

Parseur has a robust AI engine that knows its job perfectly. Once it receives the invoice (which always happens within the next second), it processes it automatically with ready-made fields.

Of course, we understand that every company has their own requirements and specific data that they need. You have the flexibility to teach our AI what you want and what you don't want. It's a quick learner compared to other AI invoice parsers.

Parseur now uses AI to suggest fields to extract when creating a new OCR template

After the AI invoice processing, feel free to send it to any accounting software such as Zoho Invoice, or Quickbooks.

The Quick Rundown: Because TL;DR is a mood

No more chasing down missing details. Parseur's got it covered. Parseur isn't just a tool; it's your ally in the battle against manual madness. So, embrace the automation revolution, and let Parseur be your AP superhero!

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Another great review!

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