Video: Intelligently automate invoicing with InvoicesGPT
July 19, 2023
April 28, 2023
Nobody likes dealing with invoicing and spend management. It’s a highly manual process that’s typically terribly inefficient—and three-way matching is a particular pain point. These processes can also be risky, because invoices are all too easy to falsify. They would benefit from process automation.
Technology tools that companies tend to use for extracting information from PDFs are often either technologically insufficient, or they work well but require a lot of effort for devs. Really, it’s a process experience problem, where there’s still too much manual effort expended on tasks that should be automated. What if instead, you could create and send invoices just by forwarding an email and let GPT do all the heavy lifting?
That’s a much easier, more powerful, and simpler solution. Specifically, you can do this with Tonkean’s InvoicesGPT.
Part of Tonkean’sProcurementWorks business process automation set of products, InvoicesGPT fully automates the handling of all incoming invoices. It significantly improves the user experience, which leads to greater process adoption from requesters.
If you want to understand what making the most of AI in your organization looks like, this is a simple yet powerful example.
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When items come in, Tonkean immediately analyzes any PDF/invoice files to extract relevant fields, automatically matching the PO, amount, vendor, and more
Tonkean will complete a three-way-matching verification and escalate items that require manual review
Tonkean provides visibility into spend across vendors and departments and updates existing finance systems.
A key detail here is that not only does Tonkean remove the manual component of these tasks, it increases accuracy. For three-way matching, on every invoice, Tonkean comprehensively accounts for inconsistencies in presentation and provides a complete audit for every match of every purchase.
And when it can’t verify a three-way match, it will tell you why, so you can intervene and escalate it to a person who can review it. That’s how Tonkean gives you greater control and visibility over invoicing and spend management processes while eliminating risk related to fraud.
Processes people will actually follow
This is an example of what GPT can do when it’s leveraged within your core internal processes. But the real advantage is that this is an example of how to solve a greater problem: people following established processes.
The truth is that most procurement processes suck. Procurement pros know this problem all too well; according to some estimates, 50-80% of invoices come from rogue spending. Too often, this is because people aren’t following established procedures.
But most people in an organization don’t even know what the procurement processes are, let alone how to follow them. And even if they’re available and easy to find, the experience for the requester can be so onerous that they’ll do anything they can to work around and outside of them.
To solve the aforementioned problems, you need to make it so that following your processes is easier for people than circumventing them. That means you need higher adoption of your processes—which you can achieve by optimizing the user experience.
InvoicesGPT is one specific way to provide a process people will actually follow. But it’s part of a larger whole—Tonkean’s ProcurementWorks—that provides an entire platform for automating processes that’s bolstered by AI-powered automation.
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