Automation simplifies and streamlines the invoice processing workflow, however not all solutions are the same. Some are outdated, complex, and expensive.
In 2024 Energy Payables is rolling out a cutting-edge AI-powered invoice processing portal for the Oil and Gas industry.
Faster Payments: AI powered automation streamlines the entire invoicing process, reducing the time it takes to process each invoice. With some planning and the right tools, secure zero touch invoice processing is much closer than you think.
Optimized Work Force: Energy Payables handles repetitive and manual tasks such as data entry, validation, and coding of invoices, reducing the need for dedicated staff and freeing your team to focus on more value-added tasks, improving overall operational efficiency.
Error Reduction: Manual invoice processing is prone to human error, which is costly to rectify. Automation minimizes the risk of errors in duplication, data entry and calculations, reducing the need for time-consuming error resolution and potential financial discrepancies.
Mobile Enabled Approvals: Automated workflows expedites the approval process by routing invoices to the appropriate personnel for review and approval more quickly. Giving your approvers access to their work on a mobile device will enable work flow turnaround to be hours to days faster.
Supplier-Customer Relationship Focus: Look forward to confident and concise negotiation for both parties, resulting in cost savings and optimized, secure invoice workflow.
Enhanced Visibility and Control: Automation provides real-time visibility into the status of each invoice within the workflow. This transparency allows for better monitoring, tracking, and control of outstanding invoices, enabling organizations to optimize cash flow management and avoid late payments.
Compliance and Audit Efficiency: Automation can help ensure compliance with regulatory requirements and internal policies by enforcing consistent processes. It also simplifies the audit process by providing a clear digital trail of all invoice-related activities, reducing audit-related costs.
Scalability: As your business grows, manual invoice processing becomes increasingly resource intensive. Automation systems are easily scalable, adapting to changes in invoice volume without a corresponding linear increase in costs.
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