Accounts payable is a crucial financial process for any business, but it can also be incredibly time-consuming and error-prone when done manually. From sorting through piles of invoices and purchase orders to cross-checking vendor information, line item details, and approval workflows, the AP process is rife with opportunities for costly mistakes.
That’s where Artificio comes in. Our cutting-edge AI technology seamlessly integrates with QuickBooks to automate and streamline accounts payable from start to finish. Let’s take a detailed look at how Artificio revolutionizes the invoice journey.
The Email Inbox: Where It All Begins
When a vendor sends you an invoice, it typically enters your organization through the email inbox, often bundled with other documents like purchase orders and receipts. With Artificio, our AI immediately reads and classifies each file, routing invoices, POs, receipts, and other documents to their respective processing flows based on your predefined settings.
This intelligent classification ensures that invoices skip the clutter and move straight into the AP automation pipeline, dramatically accelerating processing times compared to manually sorting through emails. Artificio can handle invoices and supporting documents in any format – PDFs, digital images, scans, and more.
Vendor Validation and Onboarding
As invoices are ingested, Artificio cross-checks the vendor details against your existing QuickBooks vendor list. If the vendor is not found, our system flags it and provides you with the option to quickly onboard them as a new vendor.
Simply enter the vendor’s email address, and Artificio will automatically send them an onboarding link to collect all necessary information for registering them in QuickBooks. Once completed, the new vendor record is synced seamlessly with your account payable software.
This automated vendor management process eliminates the hassle of manually entering new vendors while ensuring your books remain accurate and up-to-date with your latest suppliers.
Line Item Matching and PO Validation
With vendor details verified, Artificio proceeds to the critical step of line item matching. Our AI meticulously cross-checks each line item on the invoice against the corresponding purchase order data in QuickBooks, flagging any discrepancies in quantities, pricing, or overall invoice amount.
If mismatches are detected, Artificio allows you to quickly route the invoice to relevant internal teams or approvers for review, based on your organization’s approval routing workflows.
This intelligent line item matching helps catch costly billing errors before payment, ensuring you only pay what you’ve actually been invoiced for while maintaining tight controls over spend management.
Intelligent Approval Routing and Reminders
Speaking of approval workflows, Artificio takes the guesswork out of determining who needs to sign off on an invoice. Our system analyzes historical approval patterns within your organization and makes smart recommendations on routing invoices to the appropriate approvers based on criteria like:
For example, if an invoice involves marketing spend over $10,000, Artificio might suggest including the head of marketing in the approval chain based on prior activity. You can easily add or modify these recommendations with a few clicks.
What’s more, Artificio can issue automated reminders to approvers via channels like email, ensuring invoices don’t get stuck in approval purgatory. The same reminder functionality also extends to payment due dates, helping you avoid costly late fees.
QuickBooks Sync
Once an invoice has been fully validated, matched, and approved, it’s time for payment processing. With a single click, Artificio syncs the invoice data directly to QuickBooks Online, updating your books in real-time.
This seamless synchronization eliminate the need for manual data entry, dramatically reducing processing costs while accelerating vendor payment cycles – a win-win for ensuring health supplier relationships.
Interactive Data Analytics and Reporting
Artificio doesn’t just process invoices; it also unlocks a wealth of valuable financial data and insights. Upon login, users are greeted with an intuitive dashboard that provides an at-a-glance overview of pending action items and priority invoices requiring attention.
From there, Artificio’s natural language processing capabilities allow you to slice and dice AP data in endless ways using plain English queries. Need a report on total monthly expenses for a particular vendor category? Or perhaps you’d like a breakdown of non-employee spend over the last quarter? Just type your request, and Artificio will generate the visualized report on the fly.
For more advanced reporting needs, our platform allows you to build and save custom reports with your organization’s preferred filters, visualizations, and data combinations. You can then download these reports locally or schedule them for periodic distribution to other team members across multiple channels like email and Slack.
This level of interactive, self-serve financial reporting empowers stakeholders across your organization with on-demand access to the AP metrics they need, when they need them.
User Administration and Access Controls
Of course, not everyone within your organization should have unfettered access to financial data and processes. Artificio provides granular user administration capabilities that allow you to configure access permissions suited to each employee’s role and responsibilities.
You can easily control who has visibility into which data sets, as well as who can initiate approval workflows, sync with accounting systems, issue payments, and more. This ensures a proper segregation of duties and oversight across AP functions.
As your team’s makeup evolves, adding, removing, or modifying user roles and privileges is a breeze within Artificio’s centralized user management interface.
Integration Beyond QuickBooks
While this blog post has focused primarily on Artificio’s integration with QuickBooks Online, our platform offers seamless connectivity with a range of other major accounting, ERP, and financial software solutions.
No matter which back-end systems power your core financial operations, Artificio can serve as the intelligent connective tissue that automates invoice processing while ensuring your books remain synchronized across all platforms.
Conclusion
Accounts payable solution is an often overlooked but mission-critical pillar of financial operations. By partnering with Artificio, you’re implementing best-in-class AI technology to eliminate the manual drudgery, pain points, and risk associated with traditional AP processes.
From intelligent data capture and verification to automated approval routing, accounting integration, payment processing, interactive reporting, and robust user administration, our solution covers all facets of the invoice-to-payment lifecycle.
The result is a dramatically more efficient, accurate, and cost-effective way to manage accounts payable – freeing your team to focus on higher-value financial planning and analysis rather than tedious data wrangling.
If streamlining AP through the power of AI integration sounds appealing, we invite you to schedule a personalized demo with one of our product experts today.