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Finnit.ai - An Accounts Payable Automation

Introduction

The Accounts Payable Automation application, built on the Microsoft Power Platform with AI Builder and Dataverse, revolutionizes the traditional accounts payable process. This use case highlights the key features and benefits of the application, including vendor management, AI-powered invoice scanning, 3-way matching with purchase orders (PO) and goods receipt notes (GRN), 3-way details matching screen, and seamless integration with Zoho Books for efficient financial data posting.


 

Key Features

  1. Vendor Management: The application provides a centralized vendor management system, allowing users to maintain a comprehensive database of vendors, their contact details, payment terms, and other relevant information. This feature streamlines vendor communication, facilitates accurate record-keeping, and ensures smooth collaboration.

  2. Vendor Invoice Scanning via AI OCR: Leveraging AI OCR (Optical Character Recognition) capabilities, the application automates the extraction of invoice data from scanned or digitally uploaded invoices. It accurately captures key information such as invoice number, date, line items, and amounts, eliminating the need for manual data entry and reducing errors.

  3. 3-Way Matching with PO and GRN: The application performs a robust 3-way matching process by comparing vendor invoices against both purchase orders and goods receipt notes. It automatically validates quantities, prices, and line item details, ensuring consistency and accuracy across all three documents. This feature helps identify discrepancies and exceptions, preventing erroneous payments.

  4. 3-Way Details Matching Screen: The application offers a user-friendly interface for reviewing and resolving any mismatches or discrepancies identified during the 3-way matching process. Users can easily compare and reconcile data across the invoice, purchase order, and goods receipt note, making adjustments as necessary to achieve accurate and reliable financial records.

  5. Posting Data to Zoho Books: To streamline the accounts payable process further, the application seamlessly integrates with Zoho Books, a popular accounting software. It automatically posts validated and matched invoice data, including line item details and totals, to Zoho Books. This integration eliminates manual data entry, reduces errors, and ensures real-time synchronization between the accounts payable system and the financial accounting system.


 

Benefits

  1. Increased Efficiency and Accuracy: By automating invoice processing and 3-way matching, the application significantly reduces manual effort and human errors. It accelerates invoice processing time, allowing for timely payments and enhanced vendor relationships. The AI OCR technology ensures accurate data extraction, eliminating data entry errors and improving overall accuracy.

  2. Cost Savings: The automation of the accounts payable process reduces the need for manual labor, minimizing operational costs. The application helps prevent payment errors and discrepancies, reducing the risk of overpayments or duplicate payments. Additionally, seamless integration with Zoho Books eliminates the need for redundant data entry, saving time and resources.

  3. Improved Compliance and Auditability: With accurate and consistent 3-way matching, the application enhances compliance and auditability. It provides a comprehensive audit trail of invoice processing, approvals, and payment transactions. The ability to easily review and resolve discrepancies ensures adherence to internal controls and regulatory requirements.

  4. Enhanced Vendor Relationships: Efficient vendor management and timely invoice processing contribute to improved vendor relationships. The application enables prompt and accurate payments, reduces payment inquiries, and fosters better communication with vendors. This leads to enhanced trust, stronger partnerships, and potential cost savings through early payment discounts.

  5. Real-time Financial Data Integration: The seamless integration with Zoho Books ensures real-time synchronization of financial data. This provides up-to-date and accurate financial information for decision-making, budgeting, and reporting purposes. Users can access real-time financial insights and make informed business decisions based on reliable data.

 


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