Automate Invoices Matching & Spend Insights with GPT
Invoice and spend management can be risky.
Most every organization runs into frustrating challenges managing their invoicing processes.
- They're inefficient—three-way matching a particular major pain.
- They're highly manual.
- And they're rife with risk, even for the world's largest and most innovative organizations. Two years ago, someone swindled Facebook and Google out of $123 million collectively simply by sending falsified invoices and requesting payment for services that were never delivered or even requested.
What's more, traditionally, employing technology to improve invoice and spend management is arduous. Training AI platforms to extract information from PDF files, for example, requires lots of effort on the part of developers.
Within Tonkean InvoicingGPT, however, there's a better and much easier way.
Sleep easier at night—and work smarter during the day—with Tonkean InvoicingGPT
Tonkean InvoicingGPT is a plug-and-play solution that eliminates concerns related to risk and that any user regardless of technical acumen can use directly out of the box. Here's how it works.
- To start, users download the InvoicesGPT blueprint.
- They connect their Google Drive and OpenAI accounts to Tonkean with one click.
- Next, any time they receive a new email containing an invoice PDF file, they can simply forward it to Tonkean. (Many Tonkean users select for all emails containing PDF invoices to be auto-forwarded to Tonkean.)
- Tonkean receives the message and immediately begins analyzing the PDF file.
Using GPT, Tonkean will extract relevant fields from the invoice and display them for you in a portal view.
These fields include:
- Invoice number
- PO number
- Vendor name
- And more.
From there, Tonkean will aggregate and keep track of the information it extracts for you across invoices to provide you high-level insights into your organization's spend. In other words, Tonkean will automatically maintain a ledger of your vendors and spend.
- Tonkean will also automatically complete three-way-matching verifications for every invoice. And it will do so far more effectively than humans can, comprehensively accounting for inconsistencies in presentation and providing a complete audit for every match of every purchase. (When a purchase cannot be three-way verified, it will tell you why.)
- This gives you greater control and visibility, as it eliminates the risk of succumbing to fraud or otherwise paying for something you didn't actually buy. Part of this comes back to safety features built into Tonkean. If Tonkean is unable to three-way match invoice details, it will automatically escalate it to a person for review
- Finally, Tonkean will automatically update information pertaining to invoices and purchasing across all relevant existing financial systems.
This is an example of what GPT can do when leveraged within your core internal processes. It’s just the start.