Intelligently Automated Purchase Invoice Processes - Azets AI

Technology | 18.04.2024

by Azets Finland

Reviewing and verifying purchase invoices and bank statements manually can often be laborious. At Azets, we have taken a bold step towards smarter and more efficient purchase invoice handling: by developing Azets AI, which harnesses artificial intelligence in automating the purchase invoice process. This innovative solution has revolutionized our workflow and brought numerous benefits to both us and our clients.

What is Azets AI?

Azets AI is an automation that utilises artificial intelligence to process purchase invoices. It is designed to alleviate routine and time-consuming data entry work as well as invoice circulation, improving invoice checking, data refining, and analysis.

How does Azets AI work?

  1. Automated processing: Azets AI primarily manages all purchase invoices; the degree of automation is significantly higher than with software’s own automation alone.
  2. Reminders and alerts: Azets AI sends reminders when needed for received invoices, such as cash discounts. It also automatically identifies changes in, for e.g., account numbers and raises transactions for the accountant to review when differences from previous transactions are detected. This ensures that errors are prevented and reduces the risk of fraud.
  3. Exceptions to entries: Azets AI can also be manually trained. When a situation arises where the process needs to deviate from the norm, an expert can teach the exception to Azets AI. This ensures that all situations are accounted for more quickly than through machine learning alone.
  4. Expert support: We have our own AI team composed of strong professionals in the field of financial management. They develop automation at a more advanced level and simultaneously evolve as experts in financial management technology solutions. This team is also responsible for implementing changes in procedures and providing training.

Automating the purchase invoice process using artificial intelligence offers several significant benefits to customers

From the customer’s perspective, Azets AI offers a high level of quality that is consistent. While individuals may code purchase invoices differently, automation standardizes the process. For example, the number of human errors decreases when Azets AI handles entries and checks. Additionally, we can offer our customers more transparency and control over the entire purchase invoice process. Thus, companies can trust that their financial processes are efficient and error-free.

With Azets AI, the processing of purchase invoices speeds up significantly: invoices move faster through the review and approval cycle.

  1. Speed and efficiency: Azets AI allows purchase invoices to be processed much faster than manually. This leads to a speeding up of the entire process and an increase in efficiency.
  2. Reduction of errors: The number of human errors decreases when Azets AI handles entries and checks. Thus, companies can trust that their financial processes are efficient and consistent.
  3. Efficiency: Automation frees up time from manual tasks, allowing resources to be directed to more productive activities.
  4. Data quality: Automation provides us with extensive data on the movement of purchase invoices throughout the process, enabling us to improve automation, resulting in high-quality accounting reporting.
  5. Better information management: Azets AI can efficiently store and organize large amounts of data, providing opportunities for information management and reporting.
  6. Increased transparency: Automation enables real-time monitoring and control of invoice processing, increasing process transparency and providing a better understanding of workflow and performance.

As a result, the higher quality and faster processing of purchase invoices lead to improved timeliness and quality of accounting. When invoices are processed quickly, related entries can be made immediately, keeping the company's accounting up to date. This is particularly important for business decision-making and reporting, as up-to-date accounting provides a more accurate and reliable picture of the company's financial situation. Consequently, the company can also respond more quickly to any changes or challenges.

Azets AI opens the door to a new work culture and skills development

With automation, the role of financial management experts shifts from routine data entry to analyzing and refining accounting figures, freeing up valuable time for more strategic tasks. The AI team is responsible for implementing the changes brought about by Azets AI, which includes training experts in adopting new practices.

Azets AI has fostered a strong culture of development where experts can identify new opportunities and enhance their clients' processes by leveraging all the advantages of automation. The opportunity to innovate has created a kind of snowball effect. Our clients benefit from this as they gain access to the latest technology.

The possibilities enabled by Azets AI also allow us to offer various career paths to our staff. Financial management experts can specialize in, for example, legal matters, customer projects, technology, or Lean and process expertise. As a result, Azets attracts high-quality job applicants and motivates experts already working within the company.

We’re here to help automate your traditional financial management routines. We offer you deep financial management expertise combined with strong system knowledge. Our selection includes the most modern operational control systems on the market. Would you like to discuss your situation? Connect with us!

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About Azets Finland

Accounting, payroll, HR and advisory services and related software - to meet your needs, regardless of your company’s size and industry.