Leveraging Artificeinvoice Automation: The Ultimate Guide to Using AI in Electronic Invoicing

Are You Ready for e-Invoicing?

Use Purpose-Built AI to Manage all Invoice Formats with Ease

Slavena Hristova

August 13, 2024

Join us for Intelligent Automation Month, with events happening every Thursday in September. Don’t miss the September 12 session on e-invoicing. Register today!

AI transforms the way you handle invoices by cutting down on mistakes and costs, and at the same time ramping up compliance and keeping your customers happier.

Read the article to find out how you can manage e-invoices with ease.

Jump to:

What are e-invoices, and why do they matter
How AI can help you process e-invoices
How to choose the right AI solution for your e-invoice processing
How to get started with purpose-built AI

What are e-invoices, and why do they matter?

E-invoices, or electronic invoices , are digital invoices that are sent and received electronically. They are typically XML-based and can follow different standards, such as PEPPOL, ZUGFeRD, or Facturae, depending on the country or region of the invoice issuer.

With regulatory mandates gaining traction globally, e-invoicing is becoming essential. These mandates aim to streamline VAT collection and enhance transaction transparency, providing reliable, traceable data on transactions and tax obligations.

Key benefits of e-invoices over paper invoices:

Eco-friendly: Save paper, ink, and energy.
Cost-efficient: Cut down on printing, mailing, and storage expenses.
Speedy processing: Accelerate payment cycles by eliminating manual data entry.
Accuracy and compliance: Minimize human errors and fraud.
Customer satisfaction: Deliver timely, transparent invoicing.

However, e-invoices also pose some challenges for businesses, especially if they must deal with multiple formats, standards, and languages.

How can organizations ensure that they can receive, process, and pay all the e-invoices they receive from their suppliers, regardless of their origin and format? How can logistics processes run smoothly with digital and physical documents at every turn? How can businesses avoid compatibility issues, data loss, or errors that can lead to delays, penalties, or disputes?

How AI can help you process e-invoices

The ultimate ally in handling the diverse complexities of invoice processing, regardless of origin, format, or language, is a purpose-built AI solution. ABBYY’s Document AI technology automates and streamlines your invoicing workflows, minimizing errors and costs while enhancing compliance and satisfaction.

Here’s how ABBYY’s Document AI works its magic

Universal data extraction and validation: Utilizing optical character recognition (OCR), natural language processing (NLP), and machine learning (ML) to deliver an IDP (intelligent document processing) solution, ABBYY extracts and validates data from any e-invoice format or language, converting it into a standardized format compatible with your accounting or ERP system.
Smart classification: Document AI categorizes e-invoices by content (invoice number, date, amount, etc.) and matches them with purchase orders, contracts, or delivery notes, flagging discrepancies.
Automated workflows: AI-driven approval and payment processes follow predefined rules, sending notifications to stakeholders and tracking e-invoice statuses.
Insightful analytics: Gain insights into your e-invoice processing, including metrics on volume, value, processing time, compliance rates, and customer satisfaction. Identify and optimize bottlenecks and inefficiencies.

How to choose the right AI solution for your e-invoice processing

Not all AI solutions are created equal, and not all of them can meet your specific needs and expectations for your e-invoice processing . Here are some of the factors you should consider when choosing the right AI solution for your e-invoice processing:

Versatility: Handle any e-invoice format, standard, or language, adapting to regulatory changes.
Seamless integration: Sync effortlessly with your existing systems (accounting, ERP, email, cloud, CRM, CMS).
Scalability: Adjust to your invoice volume and frequency, managing peaks smoothly.
Data reliability: Ensure high-quality data extraction, validation, and conversion, with error detection and correction.
Workflow automation: Streamline workflows with customizable rules and policies.
Security: Protect your data, complying with standards like GDPR, PCI DSS, and ISO 27001.
User-friendly: Offer an intuitive interface with comprehensive documentation and support.

How to get started with purpose-built AI

The diversity of formats, standards, and languages can be challenging when processing invoices, even in digital formats. Using ABBYY’s purpose-built AI platform allows you to process all types of invoices efficiently. Our IDP solution can help you automate and streamline your e-invoice processing, reduce errors and costs, and improve compliance and customer satisfaction.

When considering an AI solution for your e-invoice processing, consider factors such as the format, standard, and language support, the integration, scalability, and reliability, the automation, customization, and security, and the usability, documentation, and support.

Ready to transform your invoicing with ABBYY’s AI? Contact us today to see how our solution can simplify your invoice processing, regardless of format, standard, or type.

Join us for Intelligent Automation Month, with events happening every Thursday in September. Don’t miss the September 12 session on e-invoicing. Register today!

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Slavena Hristova

Director of Product Marketing, Vantage group at ABBYY

Slavena Hristova is Director of Product Marketing, Vantage at ABBYY. Hristova leads the global product marketing of the ABBYY Vantage product line. She manages the complete product lifecycle from market requirement and go-to-market strategy development, to sales enablement and training offerings for channel partners. She has several years of experience in product management and marketing in the areas of text recognition, information and document management.

Connect with Slavena on LinkedIn .

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Leveraging Artificeinvoice Automation: The Ultimate Guide to Using AI in Electronic Invoicing