Save time and money with accounts payable (AP) invoice processing automation powered by AI
Cloud-based solution that uses AI and SAP ERP integration to tackle the headaches of invoice processing for your AP team. It extracts data, automates tasks, eliminates manual errors, streamlines approvals, and frees up your AP teams to focus on higher-value activities and improving a company's overall financial health.
Benefits
Process accounts payable invoices with accuracy and efficiency
Minimize errors in AP invoice processing and free up your AP team's time to focus on higher-value activities by automating data extraction, validation, entry, and approval routing. This ensures the accuracy of your financial records, reduces the risk of costly mistakes, and leads to significant time savings and improved overall productivity.
Reduce your overall AP invoice processing spend
Achieve significant efficiency gains and cost savings with AI-powered automation by reducing the overall spend associated with manual data entry and AP invoice processing, as well as potential penalties from errors.
Streamline your AP invoice processing workflows
Manage the AP invoice processing activities of multiple departments and entities in one place. This enables more organized and transparent workflows, with automated approvals and real-time tracking for greater visibility and control. You can also sync your G/L account, cost center, internal order, tax master, exchange rate, WBS structure, and profit center data for better data integrity and invoice processing efficiency.
Defend against AP invoice fraud
Proactively identify suspicious activity with AI-powered data extraction that unearths inconsistencies in invoice details and automated approval workflows that ensure invoices are reviewed by the right people. This can flag potential duplicate invoices, inflated charges, or unauthorized purchases, giving your team the upper hand in the fight against fraudulent invoices.
Features
Capture invoices and line items with AI
Extract data accurately from various invoice formats. The AI engine can identify and categorize line items on the invoice, capturing details like product descriptions, quantities, and unit prices. Invoices of multiple departments and entities can be uploaded or gathered through integrations.
Automate data validation and exception handling
Make use of 2-way and 3-way matching to automatically verify captured data against purchase orders, receipts, and existing vendor information. The system flags discrepancies for manual review and resolution, preventing errors from slipping through the cracks.
Simplify AP invoice processing approvals and workflows
Define rules to automatically route invoices for approval based on preset criteria like vendor, amount, or department. The platform automatically sends notifications to designated approvers, ensuring invoices don't get lost or delayed.
Streamline and automate accrual entries
Get a clearer picture of your upcoming expenses. Define specific rules to categorize invoices for accrual based on predefined criteria and create the necessary accounting entries to recognize the expense in the appropriate period.
Improve data extraction with pre-built templates and auto-learning AI engine
Jumpstart accurate AP invoice data extraction from day one with pre-built templates that recognize common layouts and data fields in various invoice formats. The self-learning AI engine continuously analyzes processed invoices to identify patterns and improve data extraction accuracy over time.
Plans and pricing
All plans include:
- AI powered data extraction
- Exception handling with assisted validation
- Workflow automation with custom rules and approval routing
- Dashboard for invoice processing insights
- Customizable user roles and permissions
- Pre-built invoice templates
- Auto-learning AI engine
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Technical Information
Technical details
| Solution type | Extensions and Add-ons |
| Category | Revenue Management |
| Industry | Cross-Industry, Retail, Industrial Manufacturing, Engineering, Construction, and Operations, Healthcare |
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The following information is provided by the publisher and applies to the latest app version available on the SAP Store. SAP does not control these policies and procedures; the publisher is solely responsible for the accuracy of the provided information.
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Resources
MyiQ.Ai Product Overview
MyiQ.Ai Walkthrough: Approval Workflow Automation
Publisher
iQuantM Technologies Limited
iQuantM Technologies is a Humane Digital Transformation Partner dedicated to helping businesses achieve sustainable growth through a Human-Centered approach that focuses on building trust, understanding your unique needs, designing right-sized solutions, and co-executing digital transformation initiatives from vision to value to help you leverage the full potential of SAP and AI.
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