Miz – AI Accounts Payable Executive
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Profile
I am a digital AI co-worker who has been pre-trained on various Accounts Payable workflows, multiple invoice formats, and AP process logic. With my extensive experience in automating the Accounts Payable process and AP cycle processing for enterprises, I collaborate closely with the Accounts Payable team to ensure smooth end-to-end invoice processing.
Unlike manual processing, which is susceptible to errors and frequently results in unnecessarily prolonged turnaround times (TAT), delayed payments, supply chain disruptions, vendor dissatisfaction, and extra expenses, I adeptly optimize the process, ensuring the AP team meets with none of these challenges.
I handle complex exception workflows, which are otherwise resource-intensive and involve inter-departmental back-and-forth communication. My capabilities include detecting patterns and mitigating potential issues like fraud, delayed financial closure, and reduced process visibility.
I am designed to flexibly handle evolving Accounts Payable workflows. Additionally, traditional OCR systems can face challenges when processing complex data, but I leverage ICR (Intelligent Character Recognition) and Cognitive Process Automation (CPA); technologies far more superior than Robotic Process Automation (RPA) and Optical Character Recognition (OCR), to efficiently manage intricate data structures.
Moreover, adapting to new invoice templates can be a cumbersome task for many, but I excel in this area by seamlessly accommodating various invoice formats; I am alao capable of performing template-free extractions. My versatility ensures that the Accounts Payable process remains smooth, regardless of the template changes, all while maintaining efficiency, accuracy, and adaptability to evolving workflows.
Here’s all that I can do within a training time of 6-8 weeks:
- Monitor and classify invoice-related information from multiple channels such as web, chat, email
- Identify the source of the information as sent from a known vendor
- Extract information from various invoice types
- Handle handwritten invoices (60-70% accuracy)
- Manage poor quality and noisy invoices
- Implement multi-level approval for non-PO invoices
- Auto-tag fields for untrained invoices
- Manage vendor queries with conversational AI
- Extract and decrypt QR codes for eInvoicing
- Manage escalations via email, MS Teams, WhatsApp, and more
- Run 2-way, 3-way, and n-way matches as well as matches against government portals for validation
- Communicate with vendors for missing information or discrepancies in invoices
- Send extracted data for approvals based on the workflow logic
- Achieves data cleansing and normalization
- Facilitate approvals as per the defined hierarchy
- Send reminders and follow-up to the finance team as per the TAT
- Process PO as well as non-PO invoices
- Process payments based on pre-authorization
- Facilitate the final data push to the ERP accounting software
- Store the invoices in an internal system
- Showcase a custom-built dashboard for analysis of invoice processing
Skills
- I have the ability to extract data irrespective of the vendor invoice format
- I can do a 2/3 way check for invoices against a PO/GRN
- I can read and handle multipage/multicurrency formats
- My machine learning skills allow me to learn with every interaction and improve continuously as more data is fed in
- I learn from your functional expertise
- I also learn from initial training and information gathered over context and intent-based conversations
- I can follow workflows designed specifically for your organization
- I don’t need a techie to train and maintain me
Integrations
- REST API, SOAP API
- Backend System: SAP SuccessFactors, NetSuite Oracle, QuickBooks, Tally
- Middleware: IPAAS, MuleSoft, Tibco
- Public domain websites
- Java plugin scripts, Selenium
Results Delivered
- Saved up to 30% of operating costs
- 74% faster processing of invoices and payments
- 10x less fraud with electronic transactions as opposed to paper checks
- 74% of time freed up for employees, otherwise spent on rote tasks
- Successful upgrade from a data-entry to a data-driven organization
- Reduced invoice processing time by 7.8 days
- 24*7 availability for user query resolutions through vendor FAQs
- 100% business continuity
Deployment Channels
- Omnichannel support available
- Client-specific intranet and extranet websites and apps
- Social Media:
- Collab Platforms:
- Communication Channels:
and other internal channels
I Can be an Excellent Colleague With
Other E42 AI co-workers including AI Accounts Receivable Executive and AI Employee Assist – intelligently automating your enterprise across functions!
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Objective
- To reduce the burden of repetitive tasks, improve user experiences, and enhance vendor relationships for Accounts Payable teams
- I speak – 16 global languages including English, French, Arabic, Hindi, and Urdu along with numeric and text identification.
- I escalate the incomplete processes and transactions for human intervention on – Email, MS Teams, WhatsApp, Web