MyiQ.Ai

AP Invoice Automation software by MyiQ.Ai is designed to revolutionize your accounts payable process. This advanced tool leverages artificial intelligence and optical character recognition (AI OCR) to streamline invoice management, from data extraction to ERP postings. By automating mundane tasks, MyiQ.Ai enables AP teams to focus on strategic initiatives and foster better vendor relationships, ultimately saving time and reducing costs.

Features

1. Invoice & Line Item Capture: Utilizes AI-based OCR and machine learning to instantly capture and code invoice data, minimizing manual data entry and human error.
2. Automatic Data Validation: Validates invoices against purchase orders and receipts using 2-way and 3-way matching for enhanced accuracy.
3. Streamlined Approvals: Custom-built workflows route invoices to the right user for approval, regardless of complexity.
4. Accrual Automation: Simplifies month-end closing by generating accurate accrual entries, reducing manual errors and providing cash flow visibility.
5. Manage Multiple Entities: Allows for the effortless addition and management of affiliated entities and their invoices, with granular user roles for enhanced control.
6. Informed Decision Making: Real-time reports help identify trends, optimize processes, and make data-driven decisions to improve financial performance.

How It Works

1. Invoice Collection: The software gathers invoices from multiple sources.
2. Data Extraction: AI OCR technology captures and codes invoice data automatically.
3. Validation: The system performs 2-way and 3-way matching with purchase orders and receipts.
4. Approval Workflow: Invoices are routed through custom-built workflows for approval.
5. ERP Posting: Approved invoices are posted to the ERP system.
6. Reporting: Real-time reports are generated for trend analysis and decision-making.

Benefits

1. Time Savings: Spend 90% less time processing invoices.
2. Cost Efficiency: Save up to 60% on AP invoice processing costs.
3. Error Reduction: Achieve 95% error elimination.
4. Enhanced Control: Gain control and visibility over AP invoice bottlenecks.
5. Improved Accuracy: Benefit from AI-powered OCR and automatic data validation.
6. Better Decision Making: Access custom charts and reports for data-driven decisions.

Pricing

Pricing details for MyiQ.Ai’s AP Invoice Automation software are available upon request. The company offers a free savings analysis to help you understand how much you could save by using their solution.

Review

MyiQ.Ai’s AP Invoice Automation software has received positive feedback for its efficiency and reliability. Users appreciate the significant reduction in time spent on invoice processing and the enhanced accuracy achieved through AI-powered features. The ability to manage multiple entities and the streamlined approval workflows are also highly praised.

Conclusion

MyiQ.Ai’s AP Invoice Automation software is a robust solution for businesses looking to optimize their accounts payable processes. By automating data capture, validation, and approvals, this tool not only saves time and reduces costs but also eliminates errors and enhances financial decision-making. With its powerful features and user-friendly interface, MyiQ.Ai is a valuable asset for any AP team.