Automating AP process with AI

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by Neha Gunnoo
4 mins read
last updated on
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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 a pizza delivery.
  • 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), or as we fondly call it, "Billville," is where invoices take a wild rollercoaster ride. It's the place where bills hang out before they get paid.

I have never been in the AP world, but I’ve heard that it can be a tiring one if you haven’t embraced artificial intelligence yet.

Common issues in Billville:

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.

Drowning in a sea of CVs

Drowning in a sea of CVs

Invoice avalanche: Have you ever felt buried under a mountain of invoices? Billville knows the struggle at the end of each month.

Late payment monsters: These sneaky creatures make timely payments a distant dream.

Data entry dilemmas: Manual data entry feels like playing Minesweeper – one wrong move, and it's game over.

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 savings. Dollars saved are like little wizards working their magic in your budget.

How to automate accounts payable?

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

Think of Parseur as Batman swoops in grabs those invoices, and magically extracts all the important data.

Parseur swooping like Batman

Parseur swooping like Batman

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

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.

Create a receipt OCR mailbox

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.

Reducing your stress and being more free with Parseur

Reducing your stress and being more free with Parseur

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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