When your business fails to innovate, you risk falling behind the competition while missing out on new revenue opportunities. Compared to on-premises systems, modern cloud software keeps you ahead of the curve by delivering automatic updates, so you can incorporate the latest features right away – or at your own pace – and respond to market shifts faster while spending less time maintaining your IT systems. poodk
Continuous innovation is built into Oracle Fusion Cloud Applications with a consistent and modern user experience that makes it easy for people to complete their tasks, with more than 80% of the innovations based on customer feedback. Embedding AI into the SaaS applications helps accelerate innovation even more, enabling new business capabilities that weren’t possible before.
Here are three of the ways AI can help you automate manual invoicing.
IDR uses AI to extract data from emailed invoices and creates an entry in Accounts Payable. Accounts Payable then prepares invoices for review, validation, and error correction by the payables team. In cases where IDR is unable to recognize an invoice field—e.g., Payment Terms, First-Party Tax Registration Number, or End Date—IDR learns from human corrections, improving levels of automation over time.
Get more the details in “Adaptive learning for entire invoice and supplier corrections.”
2. Automated accounting —Account Builder
Invoices that lack a corresponding purchase order pose a special challenge since payables staff can only guess at crucial details like budget and cost-center distributions. Accounts Payable provides a configurable engine (based on Transaction Account Builder) that can automatically derive account combinations for invoice lines. This saves time for the payables team and provides the data necessary for workflow-driven review and approvals.
Get more details in “Automated distribution creation using a transaction account definition.”
In cases where invoices are flagged as exceptions, special expertise may be required to address errors. For example, correcting tax calculations may require specialized skills depending on the jurisdictions and parties involved. To make things easier for payables staff—and get the benefits of specialization—Oracle Fusion ERP allows you to assign problematic invoices to team members based on the error condition. It uses the Accounts Payable Exception Report to flag problematic invoices for:
Market shift is envitable and we need to learn about this.
Start And Grow Your Own Consulting Business From Zero: Artificial Intelligence in Accounting Practical Applications Odoo 17: odoo consultations, #1.1
