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How to calculate the ROI of AP Automation
July 11, 2024The most asked questions about Cevinio Autonomous AP Invoice Processing
Introduction
Businesses are increasingly adopting AP automation software as a strategic move to streamline their accounts payable processes and gain a competitive advantage. There are many benefits to embracing autonomous AP invoice processing, from increased productivity and improved compliance to cost reduction and better transparency.
Compared to other businesses, international enterprises face unique challenges when it comes to managing accounts payable processes. Their complex operations, large number of vendors, and global presence require a more sophisticated approach to AP automation. Cevinio specializes in all these areas.
If these challenges sound familiar to you, and you are seeking a partner who can facilitate a seamless transition to modern and efficient AP operations, you’re in the right place.
In this article, we cover the most frequently asked questions about Cevinio to show how we can help optimize your accounts payable processes.
What is Cevinio Autonomous AP Invoice Processing?
Cevinio Autonomous AP Invoice Processing is an advanced invoice automation solution that utilizes machine learning, artificial intelligence and smart algorithms to automate your entire invoice processing cycle, from receiving invoices to properly registering them in your ERP system.
Our solution eliminates the need for manual data entry, invoice matching or routing invoices for approval, just to name a few tasks. As a result, we help you significantly reduce processing times, improving accuracy and free up your AP teams to focus on more strategic activities.
If you’re curious about how our software can benefit your AP teams and help your business grow, you may have some of the following questions on your mind.
Common questions about Cevinio Autonomous AP Invoice Processing
- How does Cevinio’s AP Automation solution work?
- What role does AI play in Cevinio Autonomous AP Invoice Processing?
- What types of invoices can I process automatically with Cevinio?
- Can I integrate Cevinio Autonomous AP Invoice Processing with my ERP system?
- How does Cevinio handle challenges such as invoice errors and exceptions?
- How does Cevinio handle multilevel approval workflows for invoices?
- How scalable is Cevinio Autonomous AP Invoice Processing?
- Can Cevinio connect with governmental portals?
- What are the training requirements for Cevinio Autonomous AP Invoice Processing?
- How does Cevinio contribute to continuous process improvement?
- How do I get started with Cevinio Autonomous AP Invoice Processing?
How does Cevinio AP Automation solution work?
In the questions and answers below, we’ll explain the many different features and functionalities of Cevinio's AP Automation solution in detail. Our software handles the invoice process end-to-end. This process consists of 5 streamlined steps:
- Step 1: Importing and OCR Recognition
- Step 2: Initial analysis and batch splitting
- Step 3: PO and non-PO invoice classification
- Step 4: Compliance and accounting
- Step 5: Approval and exporting
Throughout this journey, we offer a range of advanced, AI-driven features specially designed to meet the demands of global businesses.
What role does AI play in Cevinio Autonomous AP Invoice Processing?
Cevinio is an AI-driven invoice processing solution. AI enables our system to automate many of the manual tasks involved in invoice processing. AI-powered capabilities include:
- Smart data validation
- Automatic categorization and routing
- PO or non-PO identification and classification
- Non-PO invoice coding
- Streamlined compliance checks
- Business rules verification
- Continuous learning
What types of invoices can I process automatically with Cevinio?
Cevinio’s software reduces workloads and improves efficiency by enabling you to automate processing for a wide range of invoice types and formats, including:
- EDI
- E-invoicing: XML, UBL (any version)
- PDF (image & text)
- TIF, JPEG
- Scanned paper invoices
- PO & non-PO invoices and credit note
Can I integrate Cevinio Autonomous AP Invoice Processing with my ERP system?
Yes, Cevinio can be integrated with a wide range of ERP systems, including SAP, Oracle and Microsoft Dynamics among others. What’s more: our software can simultaneously connect with multiple ERP systems across your company’s tech landscape. This provides your organization with a unified and centralized accounts payable management system.
How does Cevinio handle challenges such as invoice errors and exceptions?
Cevinio Autonomous AP Invoice Processing activates different features to handle invoice errors and exceptions such as price or quantity discrepancies. This ensures the accuracy and efficiency of your invoice process. Here are some of the ways our software addresses challenges that occur in the AP process:
- AI-powered invoice validation: AI can accurately auto-populate or validate invoice information and push it to your enterprise applications. When analyzing invoice data, Cevinio detects potential errors, such as missing or incorrect information, or discrepancies between invoices and purchase orders. It flags these issues for review, preventing them from disrupting the automated processing flow.
- Advanced workflow: When an invoice is flagged as an exception, Cevinio automatically triggers a predefined workflow to route it to the right departments and approvers for review. This ensures that critical decisions are made by experts within your organization, while our automated system takes care of all other time-consuming routine tasks by itself.
- Reminders, escalations and requests for advice: To efficiently handle exceptions or other situations that require human attention, Cevinio provides a set of tools that help keep the process moving as quickly as possible. For example, Cevinio lets you automatically send reminders so people who need to take action are regularly informed. In case there is a bottleneck in the process, we can automate escalations. For example, if an invoice isn’t approved within 7 days, the relevant manager receives a notification. When handling exceptions, it is also common for approvers to need advice. Our software provides them the support they need to make the right decisions.
How does Cevinio handle multilevel approvals for invoices?
Cevinio Autonomous AP Invoice Processing supports multilevel approvals to ensure that invoices are reviewed by the right individuals based on their authority levels and the value of the invoice. The system automatically routes invoices to the correct approvers based on rules that your organization defines with support from Cevinio.
To learn more about how our software follows rules to handle approval issues and exceptions, please refer to the previous section.
It offers you all the flexibility and features you need to ensure a smooth approval process, from automatic reminders and escalations to advice for approvers, delegations and more.
How scalable is Cevinio's platform?
Cevinio’s platform is designed to be highly scalable, meaning that it can adapt to accommodate the needs of your business across the globe and as it grows. For example, you can use Cevinio in new entities and countries, run local and global compliance checks, integrate with different ERP systems and more.
Can Cevinio connect with governmental portals?
Yes. In fact, governmental portal connectivity is one of the core features of our Accounts Payable (AP) and Accounts Receivable (AR) automation solutions. Cevinio can connect with various governmental portals across different countries and regions, ensuring compliance with all legal requirements and regulations.
What are the training requirements for Cevinio Autonomous AP Invoice Processing?
When you implement an AP Automation solution or update your existing one, it’s crucial to have a plan for managing the change. This is especially true in big companies where any alteration in the AP process affects many people, from AP agents to approvers.
At Cevinio, we understand the importance of including training in your plan – not just at the beginning, but also throughout the journey. This ensures that your team is well-equipped to make the most of the system’s capabilities.
Cevinio offers a range of training programs to give your employees the knowledge they need to maximize the benefits of your efforts and investment.
How does Cevinio contribute to continuous process improvement?
Companies aim to enhance efficiency and make continuous improvements over time. It’s no surprise that all departments follow the same principle, including accounts payable teams. One key advantage of our autonomous AP solution is that it lets you immediately start optimizing your invoice processing with features and services like these:
- Strategic Consulting: Optimizing your AP process can present many challenges, especially if you lack in-house resources or expert knowledge. To help you identify opportunities for improvement and develop a future-proof strategy, Cevinio offers AP Automation consulting packages.
- Analytics Suite: Continuous optimization starts with solid data collection and analysis. Our Analytics Suite gives you clear, actionable data insights, which help you make better decisions and boost efficiency.
How do I get started with Cevinio Autonomous AP Invoice Processing?
If you would like to start using Cevinio Autonomous AP Invoice Processing, reach out to Cevinio to schedule a discovery call. Once you and our team are sure that Cevinio aligns with your business needs, we will arrange a detailed demo, focusing on your specific requirements. If your company is conducting RFIs or RFPs, feel free to share the details with our sales team as we have experience participating in these processes.
Choosing to collaborate with Cevinio means working with a skilled and dedicated team who take a proven, flexible implementation approach to ensure the best results.
Clear answers to all your questions
If you’re searching for the right AP Automation solution for your international business, you probably have lots of questions about which features you need and how to get started. The FAQs above give you a brief answer to some of the most important questions we often hear from finance leaders.
Do you have any further questions or want to learn more about what Cevinio autonomous AP invoice processing can do for your business? Schedule a discovery call with us today.