The new features for Invoiceflow will accelerate invoice processing by 10 times, reduce the processing cost by 80 percent and improve the data accuracy drastically as compared to the manual process, the release says.
Among the new features will be improved two-way and three-way match with vendor data, purchase order and receipts through the introduction of Aavenir foundation as a base package, which will allow new integrations with enterprise apps like ServiceNow products, Aavenir Contractflow and other such programs.
There will be smarter data recognition and data capture for numerous invoice formats, and an improved user experience for invoice creation, lifestyle management, side-by-side view and cross-department collaboration.
And, the release says, new intelligent assignment and prioritization of invoice processing requests via digital workflows, which will help accounts payable (AP) departments manage workload.
The new extraction capabilities will go beyond the basic standards and include details like multiple invoice line items, vendor details, amount details, currency, taxes, shipping details and other such things.
Jesal Mehta, Aavenir CEO and founder, said the idea was to lower the barriers for access to automation.
"Manual invoice data extraction is slow and error-prone while conventional AP automation tools are expensive, work in a silo, cumbersome to configure and address limited use cases leading to increasing overhead," Mehta said in the release. "The new product release of Aavenir Invoiceflow significantly lowers the barrier for AP teams that need a better way to process invoices, lower invoice processing costs, and achieve spend visibility."
AP automation has been a boon for those still working from home months into the pandemic, PYMNTS writes, providing configurable and safe ways to get work done with corporate records and protected information. Solutions like the ready-to-fold-in AP solution from American Express, for example, make it easy for companies to work within the systems they already had.