Benefits include numerous efficiencies in accounts payable processes.
Paymerang, a leader in accounts payable automation, has launched an innovative Invoice Automation Solution designed to help organizations gain efficiency, improve accuracy, enhance visibility, and eliminate paper in their accounting processes.
Paymerang’s Invoice Automation Solution utilizes artificial intelligence to read captured invoices and extract data points which minimizes the amount of manual data entry. The product increases workflow efficiency through the ability to electronically route and approve invoices. Invoices can be ingested in bulk and split appropriately after they are loaded thus cutting down on time spent inputting invoices into the system. All actions taken on a given invoice are captured and documented, providing an electronic audit trail.
“Our solution uses the latest technology to save companies time in approving and posting invoices, and helps them reduce errors through automated invoice capture.” said Nasser Chanda, CEO of Paymerang.
Chanda further noted that the Invoice Automation Solution allows accounting professionals to gain immediate visibility to all invoices and their approval status, along with enabling companies to go paperless due to electronic processing and archiving.
Paymerang recently provided a seamless integration of the Invoice Automation Solution to the accounts payable processes at Collegiate School in Richmond, Va. “We’re delighted with the efficiencies in approving and posting invoices that have been gained through this quality financial product,” said Jenn Quindoza, Controller/Risk Manager for The Collegiate Schools. “Our budget managers now have instant access to processed invoices, and they love that it’s paperless.”
“Our product is revolutionary for clients that want to move into the digital age,” concluded Chanda, noting that it leverages the latest machine learning technology. “Invoice automation is a critical component to full-scale accounts payable automation, thereby helping organizations become more efficient, secure, and profitable.”
You can view the official press release here.