e-invoicing has been around for at least three decades. The last decade, in particular, has seen transformational activity around this business-critical process, as more companies see the benefits of incorporating e-invoicing into their finance operations.
Government initiatives to encourage the use of e-invoicing among businesses have also helped. However, the advent of new technologies such as Artificial Intelligence (AI), Optical Character Recognition (OCR), and Blockchain are given a fresh perspective to e-invoicing in terms of what is possible. Here, we will talk about how AI and blockchain are changing the rules of the e-invoicing game.
AI Makes Invoicing Faster and More Accurate
Billing and its associated task, invoicing, is a critical process in business. It is also one of the few tasks that have resisted change. Across the world, most invoices are still processed manually (or semi-automatically). But things are changing for the better. AI-enabled e-invoice process automation is making the e-invoicing process more efficient.
Manual invoicing processing begins with checking the correctness of the invoice by comparing it against the purchase order. Scheduling the payment comes much later. This entire process can be automated, reducing errors and the time required.
AI-enabled invoice processes automation providers like Skyscend use state-of-the-art AI to import invoices intelligently. The invoice is parsed contextually, which means even novel formats can be processed.
This new form of invoice processing not only enables data-driven decisions it also achieves significant cost savings and shortens the invoice cycle by making it more accurate. Another advantage is you can integrate this system with your existing procurement and ERP network.
Blockchains Make Invoicing More Secure and Transparent
Blockchain is also revolutionizing the e-invoice process automation system. For example, in China, the Shenzhen Metro System has deployed blockchain technology to deliver e-invoices to passengers via WeChat after they complete their journey. The system can process more than 170,000 invoices every day, translating into savings of €50,000 annually.
You may be aware that cryptocurrencies are built around blockchain, which works on the principle of a distributed ledger stored in blocks. Each block is decentralized, and each one records a transaction. This data can be accessed and edited. Each time you do it, it leaves a record – which fits perfectly with payment reconciliation.
Large companies may receive hundreds of invoices in a single financial year. Traditional invoice processing methods are notorious for being opaque and difficult to audit. Blockchain technology makes tracing the source of these invoices and judging their authenticity easy – telling you exactly how much money you owe, helping you control fraud.
No one can tamper with the information because it is encrypted using cryptography, ensuring that it is also secure while being visible. Embedding blockchain into the invoicing process allows secure, automatic, seamless payments from one party to another.
e-invoice Processing is Turning the System on its Head
Covid-19 has shown us that we can’t control the pace of the world all the time. It has forced most companies to slow down while many have shut down. In such times, anything that saves the business money is helpful. Consequently, companies are taking a hard look at processes they can automate or streamline. And invoice processing is undoubtedly a process that can be automated and made faster.
In these times, a faster, more secure, and accurate e-invoice processing service like SkyscendPay, with its user-friendly and customization interface, can make a real difference in the finances of both suppliers and buyers.
Currently, most procurement departments have individual networks. Each buyer system has multiple credentials, and these must be remembered. SkyscendPay has introduced a single logon account for all users. Users can login using their Gmail or Facebook accounts if they want. It also does away with maintaining multiple Excel sheets and Word documents for procurement processing, making the whole process painless.
Give Invoice Process Automation from SkyscendPay a Try
Legacy e-invoice processing systems and manual invoice processes have many problems such as inefficient entry, cumbersomeness, and fragile rule-based OCR. Switching to an AI and blockchain-enabled invoice processing system like SkyscendPay can help companies that depend on such legacy systems realize a lot of value.
SkyscendPay was set up with a vision to make the procurement process painless, easy, and transparent. Its AI and blockchain-based e-invoice process automation system will bring a new level of efficiency and accuracy into your invoicing process, letting you concentrate on other essential things. It also blends in with your existing ecosystem, making the process seamless and agile.
The icing on the cake is, our system has a supply chain financing feature, which helps suppliers realize their payments faster, reducing the pressure on buyers. This is a unique aspect of our invoice processes automation system.