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Revolutionizing Accounts Payable: AI Invoice Capture by Accounting Seed

In a significant advancement for finance teams, Accounting Seed, a leading accounting solution integrated with Salesforce, has launched a new feature known as AI Invoice Capture. This innovative tool aims to revolutionize accounts payable (AP) automation by streamlining the invoice processing cycle and minimizing the manual workload typically associated with AP tasks.

What's New?

AI Invoice Capture leverages state-of-the-art artificial intelligence and machine learning technologies to enhance the efficiency of invoice handling. Unlike conventional Optical Character Recognition (OCR) systems that merely extract text, this feature intelligently interprets data from previously processed invoices, predicting key fields such as the General Ledger (GL) expense account, product line, and project details based on past behavior. This capability not only ensures accuracy but also significantly reduces the time spent on data entry.

According to Ryan Sieve, Chief Technology Officer at Accounting Seed, "AI Invoice Capture represents a major leap forward in making finance teams more efficient. It's not just extracting data; it's understanding how to record it correctly."

Benefits of AI Invoice Capture

The introduction of this feature addresses a common issue in finance departments: the excessive amount of time spent on manual accounts payable tasks. Reports indicate that finance teams, on average, dedicate over 500 hours each year to such labor-intensive processes. With AI Invoice Capture, organizations can expect several benefits:

• - Automated Invoice Intake and Coding: The feature automatically captures and codes invoices, significantly reducing manual input requirements.
• - Cost and Error Reduction: By minimizing the human element, AI Invoice Capture lowers labor costs and mitigates the likelihood of manual errors.
• - Faster Processing: The automation of invoice workflows accelerates the overall processing time, leading to improved cash flow management.

Furthermore, this feature adapts and learns from the user's behavior over time, increasingly automating the invoice procedure with every transaction.

Insights from Leadership

Mary Balmer, Vice President of Product at Accounting Seed, articulated the ongoing learning aspect of AI Invoice Capture: "The feature continues to learn from your business practices, allowing for greater automation with each use. By alleviating the burden of repetitive data entry, accountants can shift their focus from simply validating data to analyzing critical financial insights."

About Accounting Seed

Founded in 2011, Accounting Seed has made its mark as the leading accounting solution on the Salesforce platform. By bringing together accounting and customer relationship management (CRM) systems, the firm has enabled businesses to manage their operations more effectively and gain a real-time perspective on their performance. The native sharing of data on Salesforce allows for monumental efficiency strides through automation, ultimately driving financial growth.

For more details on the new AI Invoice Capture feature and its implications for accounts payable automation, visit Accounting Seed's website.

In conclusion, the launch of AI Invoice Capture marks a substantial milestone in the evolution of accounts payable processing, reinforcing Accounting Seed's commitment to delivering innovative solutions that empower finance teams to optimize their workflows and enhance productivity.