Accounts payable (AP) teams play a crucial role in managing a company’s finances, ensuring that invoices are processed accurately, and payments are made on time. However, with increasing volumes of invoices and supplier queries, the AP team can often get bogged down with manual processing of invoice-containing emails, leading to additional costs, missed replies, and slower response times. Implementing AP smart solutions can help streamline these processes, reduce manual intervention, and improve overall efficiency.

Zycus AP Smart Desk is part of Zycus’ AI-led AP Automation solution, it automates supplier communications for the AP team, reduces invoice email processing costs, improving supplier satisfaction and the overall efficiency of an AP process.

The Need for an AP Smart Solutions

Manual processing of emails having invoices as attachments can be a significant challenges for Accounts payable teams, leading to a range of issues, such as increased AP FTE requirements, lower supplier satisfaction, and missed responses.

With Zycus’s AP Smart Desk, these challenges can be overcome through automation, freeing up valuable AP resources and improving the overall efficiency of the AP process. Here are some of the key reasons why an AP Smart Desk is required:

• Growing volumes of emails: As businesses grow and expand, the number of emails received by the AP team also increases, making manual email processing increasingly challenging.
• Complex invoice processing: Invoice processing can be a time-consuming and error-prone process, especially when dealing with large volumes of invoices or invoices with multiple line items.
• Supplier queries: The AP team is responsible for responding to supplier queries, which can be time-consuming and often require input from multiple team members.
• Missed emails: Manual email processing can result in missed emails and responses, which can lead to delays in e-invoice processing and reduced supplier satisfaction.

Check out- AP Automation and e-Invoicing: Are the Benefits Too Obvious?

The Business Use Case

An AP team’s primary responsibility is to manage and process invoices, facilitate approval for payments, and respond to supplier queries. However, with manual email processing, these tasks can take longer than necessary, leading to reduced productivity and increased costs.

Zycus AP Smart Solutions

Zycus AP Smart Desk solves these problems by automating invoicing email processing, enabling the AP team to focus on more strategic tasks, such as financial analysis and forecasting.

Zycus AP Smart Desk is an AI-powered tool that automates email processing for the AP team. The tool uses natural language processing (NLP) and machine learning (ML) algorithms to identify the type of email and extract relevant data, such as invoice information or query content. The AP Smart Desk then auto-replies to query emails and creates invoices for invoice processing emails, freeing up valuable resources for the AP team.

Zycus’s AP Smart Desk offers a range of differentiating capabilities that set it apart from other solutions in the market, including:

1. Autoclassification of emails with high accuracy: With NLP and ML algorithms, Zycus AP Smart Desk can accurately classify emails based on their content, reducing the need for manual processing.
2. Auto-extraction of invoice data: Zycus AP Smart Desk can extract invoice data, including multiple invoices in a single document, and create invoices for processing, reducing the need for manual data entry.
3. Auto-reply functionality: With auto-reply functionality for query emails, Zycus AP Smart Desk can reduce the time required to respond to supplier queries, improving overall efficiency.
4. Multilingual support: Zycus AP Smart Desk can process emails in a range of languages, enabling businesses to work with suppliers in different regions.
5. Supporting document identification: AP Smart Desk can auto-identify supporting documents, reducing the need for manual processing and improving overall accuracy.
6. Fraud detection: fraud detection capabilities help reduce the risk of financial and invoice fraud (e.g., duplicate invoices, email spoofing, and phishing) and drive compliance with regulatory mandates.

Solution: Accounts Payable Automation for Anomaly and Fraud Detection

The Benefits of AP Smart Solutions

Zycus AP Smart Desk offers a range of benefits for the AP team and the wider business, including:

• Improved productivity: By automating email processing, AP Smart Desk can save valuable time for the AP team, enabling them to focus on more strategic tasks.
• Faster response times: With auto-reply functionality for query emails, AP Smart Desk can reduce the time required to respond to supplier queries.
• Reduced costs: Zycus AP Smart Desk can reduce the costs associated with manual email processing, such as additional resource requirements and missed emails.
• Enhanced supplier satisfaction: Faster response times and a reduction in missed emails help improve supplier satisfaction, leading to stronger supplier relationships.
• Improved accuracy: With high email classification and response accuracy, Zycus AP Smart Desk can reduce errors in invoice processing and email responses.
• Anomaly and Fraud detection: Zycus AP Smart Desk’s fraud detection capabilities reduce the financial losses associated with common invoice anomalies and frauds, such as duplicate invoices, email spoofing, phishing, and drive compliance with regulatory mandates.

Download our whitepaper – The 11 Most Important KPIs to Unlock Sustained Procurement Performance in 2023

Conclusion

AP teams play a crucial role in managing an enterprise’s finances; however, manual email processing can be a significant challenge, leading to reduced productivity and increased costs. Zycus’s AP Smart Solution is AI-powered and automates invoice email processing, reducing the burden on the AP team and improving overall efficiency.

With features such as autoclassification of emails, auto-extraction of invoice data, auto-reply functionality for efficient supplier communications, and anomaly & fraud detection, Zycus AP Smart Desk offers a range of benefits, including improved productivity, faster response times, reduced costs, and enhanced supplier satisfaction.

By using Zycus AP Smart Desk, enterprises can free up valuable resources and focus on more strategic tasks, improve overall financial performance, and strengthen their supplier relationships. Book a demo today with our experts to under more benefits of our AP Automation software.

Related Read:

1. Three ways AP automation can help organizations reduce costs
2. Blog – Transforming AP: Collaboration Connects Accounts Payable to Strategic Business Processes
3. Blog – 3 steps to bridge the gap between procurement & finance
4. Blog – Procurement Driven Competitiveness
5. White Paper – Procurement Analytics: Empowering the Future of Procurement
6. White Paper – The 11 Most Important KPIs to Unlock Sustained Procurement Performance in 2023
7. Solution- Accounts Payable Automation Software
8. Solution- Merlin AP Smart Desk – Automated Invoice Approval System
9. Solution- Merlin AP automation AI procurement software