Acumatica incorporates artificial intelligence (AI) and machine learning (ML) to streamline and automate business transactions for manufacturers and distributors using its ERP application. AI and ML are embedded in the accounts payable system to streamline the data capture, data entry, and approvals process for vendor bill payments. Bills received electronically or scanned into the system are submitted to the recognition engine for processing. The application identifies the vendor, line items, quantities, amounts, and other details, automatically generating the AP voucher for payment. Acumatica Advanced Expense Management leverages AI/ML to identify expenses that are already in the system for new financial data synchronized from more than 14,000 financial institutions. AI/ML identifies expense categories for general ledger account posting. For example, expenses for office supplies or purchases from Staples are automatically categorized as office supplies and posted to the appropriate general ledger account.
Finance professionals at manufacturing and distribution businesses struggle to keep up with accounts payable bills and corporate expenses. Despite advances in technology, most companies manually enter data for hundreds or thousands of vendor invoices and expenses every month. The process is labor-intensive and prone to data entry errors. Companies that leverage AI/ML manage these processes faster with less staff. Faster processing enables companies to save money by taking advantage of early payment discounts while avoiding late fees charged by vendors and lending institutions alike.
AI/ML reduces errors, streamlines financial processes, improves vendor relationships, and reduces expenses by enabling companies to take advantage of early payment discounts while avoiding late fees.
| Posted Date | 2/16/21 |
| Contact | James Mallory |
| Contact Email | james.mallory[at]acumatica.com |
| Category | Best Innovation of an Existing Product |
