How does our Document AI Platform help optimise accounts receivable workflows?
Artificial Intelligence (AI) Optical Character Recognition (OCR), is equally beneficial for enhancing the efficiency and effectiveness of Accounts Receivable (AR) operations as it is for Accounts Payable (AP) processes. AI OCR automation significantly reduces the need for manual data entry as it can extract and digitise data from a variety of documentation related to accounts receivable workflows, including bills, customer purchase orders and receipts. Consequently, this accelerates the AR workflows and reduces human error, increasing accuracy within the AR process. Affinda’s AI-powered OCR data extractor’s high level of accuracy is essential for maintaining healthy cash flow, especially in larger businesses.
By automating data extraction processes for accounts receivable, businesses can reduce the labor cost and the considerable amount of time formerly spent on manual data extraction, enabling quicker invoicing, and subsequently faster payments. This efficiency improves the organisation's cash flow and the overall health of the business. Additionally, as the business grows and the volume of AR documentation increases, an AI OCR data extractor is equipped to easily scale up to accommodate large volumes of documents.
