Transform
Invoice
Processing
4 ways AI and automation
reinvents an essential process
2
Table of contents
03 Introduction
04 Eliminate invoicing backlogs
05 Enforce standards and compliance
06 Uncover opportunities for efficiency
07 Navigate formatting differences
08 A track record of transformation
09 Get started with UiPath
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The evolving landscape of
invoice processing
No one has ever called invoice processing and enter data into ERP and other systems,
glamorous. But that doesn’t mean flag exceptions… pretty much anything a
it isn’t critically important. Smooth person can do. And they do it quickly and
invoice processing streamlines cashflow, accurately. AP teams love it. Suppliers love
strengthens vendor relationships, and helps it. And CFOs really love it.
maintain compliance. It’s essential. Yet it’s
always been a manual, tedious chore—one Every business has to process invoices. And
that involves a lot of touchpoints, a lot of soon, every business will do it with AI and
paper shuffling, and a lot of data entry into automation. Here’s a quick look at how.
different systems.
AI and automation are changing the game.
They’re taking over a lot of the invoice
processing work that used to require human
eyes and judgment. They can monitor
in-boxes and other sources for incoming
invoices, reconcile different formats, extract
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Eliminate invoicing backlogs Interested in
speeding
things up?
Unprocessed invoices can pile up fast. And can retrieve invoices from multiple online
that’s a problem—for the business and the sources, read them and extract data,
vendors it relies on. The information in transfer key information to multiple
each invoice needs to be entered into ERP systems, and notify stakeholders and
and other systems of record, so vendors get decision makers of status and needed
paid and decision makers can monitor and reviews. And the really good news is that UiPath offers a host of Solution Accelerators—
manage cashflow. But the more invoices accuracy doesn’t suffer with higher invoice custom-built automation frameworks designed
that are waiting in the queue, the angrier volumes. for specific use cases, including invoice
suppliers get and the messier things processing. These frameworks incorporate best
like cashflow can become. It can put the practices and pre-built components that you
business at risk. can tailor to your specific needs, so you can start
fast—instead of starting from scratch.
The job of processing invoices is high
volume, highly manual, and highly
repetitive. And that makes it a perfect
candidate for automation. Automation Learn more about Solution Accelerators
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Enforce standards and compliance Accelerate your
A lot of money can leak through any cracks the right reviews and approvals. Employees
time-to-value
in invoice processing. When an invoice can focus on tasks that add value. Suppliers
doesn’t sync up with a purchase order get paid on time. And there are fewer
or delivery receipt, there’s obviously a disputes, fewer penalties, and fewer “rogue You can find prebuilt Solution Accelerators
problem. It could be due to double billing purchases.” specifically designed for 2-way and 3-way matching
or an unauthorized purchase. But tracking in SAP environments. They help you extract data
down the source of the discrepancy can be from PDFs from supplier invoices and related
a big headache for accounts payable and documents, store valid invoices, and improves
purchasing teams. processing times. So, you can speed up your invoice
processing workflow while driving down error rates.
Processes like 2-way and 3-way matching More information is available here:
can help companies avoid overpayment
and underpayment and reduce fraud. But
they take time and resources. The good
2-way matching
news is that AI and automation can take
the hassle out of those efforts—and help 3-way matching
ensure that every transaction goes through
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Uncover opportunities for efficiency Discovering
automation
possibilities
Invoice processing is one of those activities your invoice workflow, so you can make
that evolves over time. Best practices it flow better. They will highlight the gaps
are always changing. New systems and and find the manual workarounds where
technologies come along that make things automation can make a difference. And
more efficient. Policies and regulations they help you continuously monitor the Deciding where to start automating can be tough.
require ongoing adaptation. As a result, process so your invoice processing is always Business processes can be complex things. But with
businesses constantly tweak their processes improving in efficiency and accuracy. After UiPath Process Mining and Task Mining, you can
to keep pace—and when you’re up to your all, improvement shouldn’t be a one-time zero in on the automation opportunities that offer
elbows in invoices, it can be a challenge to priority. the highest value potential. Here’s where you can
pinpoint the problem areas that slow things learn more:
down.
Technologies like Process Mining and
Task Mining use AI to transform invoice Process Mining
processing by identifying the bottlenecks Task Mining
and roadblocks that are great candidates
for automation—even as the process
evolves. They can help you understand
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Navigate formatting differences Automation that
It’s true that every business processes With AI-powered capabilities like Document
understands
invoices. But invoice processing isn’t the Understanding and machine learning
same in every business. Different vendors (ML), automation can take over a growing Document-intensive processes used to require
submit invoices in different formats. An portion of the unstructured work in invoice a human worker to read, interpret, and extract
invoice for a cleaning service might not look processing, because it can accommodate information from each form, letter, or email. But with
at all like an invoice for copier paper. And variations in terminology and format. It Document Understanding, you can free workers from
it used to take a human being to read and can extract the relevant details to populate that cumbersome and repetitive task—and process
interpret the invoice details and shepherd other systems. If a decision is needed, AI more documents faster, with greater accuracy.
the process to the next step. It was a boring, knows when to loop in the right person. So,
cumbersome task that was repetitive and invoice inconsistency? No problem. AI and
error-prone. No one liked doing it, but it had automation have it covered. Learn more about Document Understanding
to be done.
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A track record of transformation DocPath:
An LLM built for
business
These days, AI and automation get a lot Products PEAK Matrix® Assessment 2024.
of hype. But they’re actually changing the
way UiPath customers do business. Today. AI is nothing new for UiPath. We’ve been
In the real world. Our customers are using at the forefront of AI innovation for years.
our products to reinvent the way they work. And you can see that innovation take shape A great AI solution starts with the right large
And it’s not just us saying it. UiPath has in the way we help our customers improve language model (LLM). With DocPath, we’ve created
been recognized as a Leader in the 2024 areas like invoice processing. But we’ve just a LLM purpose-built for document-intensive use
Gartner Magic Quadrant for Robotic Process scratched the surface here. cases like invoice processing—along with the tools
Automation and named a Leader in Everest to customize your AI model for your specific needs.
Group Digital Interaction Intelligence
In other words, you don’t need to start from scratch.
You can start realizing value right away.
Find out more here
Ready to find out more? Check out these resources
Intelligent document processing: Build your own, or buy as a service?
Unlocking data potential: The transformative power of fourth-generation
intelligent document processing
The ultimate guide to intelligent document processing
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Get started with UiPath
Find out how we can help you start your own AI journey.
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