EXCLUSIVE – Accounting software company, Tipalti launched a ‘touchless’ AI-driven invoice management service enabled by using OCR and machine learning.
This Touchless Invoice Data Capture and AI-Based Approval Routing technology is now available on its payable platform. The feature enables invoices to be automatically documented, processed and approved without intervention by a accounts payable person.
For example, Tipalti CMO Rob Israch explained, say an invoice is received through email. The information from the email is automatically filled into the respective fields such as invoice number, supplier, quantity, and rate. Through optical character recognition (OCR) technology, Tipalti is able to eliminate the need for manual processing.
If the invoices scanned through OCR aren’t a 100% match, Tipalti automatically routes that invoice to a managed service that manually reviews it. Through Machine Learning, Tipalti is able to track invoice and approval patterns of their client. The AI-Based Approval Routing engine then assigns the bill approval sequence based on these patterns. An email notification is automatically sent to the appropriate approver.
“The goal is to make the invoice seamless and efficient,” Israch said. “We want to free the CFOs and finance teams from these administrative tasks so they can focus on other aspects of the job.”
The feature is currently available to all Tipalti users.
Based in San Mateo, California, Tipalti, which means “we took care of it,” in Hebrew handles accounting tasks such as supplier onboarding, tax compliance, invoice processing, global supplier remittance, early payments, payment reconciliation and AP reporting.1 - Reader Likes This Post