Artificial intelligence (AI) has become a game-changer for Malaysian businesses in recent years. AI offers powerful features that helps businesses in Malaysia automate invoice processing more efficient and faster. From extracting and matching data to inputting it directly into your system, AI can streamline invoice processing end-to-end. By moving away from slow manual data entry, finance teams can also gain extra time to focus on other priority tasks and be more productive than before.
In this article, we will share a guide for businesses in Malaysia on how to leverage AI to automate invoice processing. Keep reading until the end to discover an AI tool that works best for this!
The Use of AI for Invoice Processing
Utilizing AI automation can bring various benefits for daily operations, especially in the finance team. Here are several ways AI makes invoice processing way more efficient:
Automate Invoice Data Extraction
AI solves the common problem of time-consuming manual data entry by automating data extraction of invoices. With AI-advanced OCR technology, every piece of data in invoices can be captured and converted into usable data instantly. Additionally, it can handle invoices in any format that vendors send, maintaining the process to run smoothly.
Streamline Accounts Payables
This is related to the previous point, where AI can transform invoices into ready-to-use data automatically. But not only that, AI can further automate invoice processing workflow by extracting data, validating data with PO/DO, and input them to accounts payable system or Excel, reducing payment delay due to slow manual process.
Optimize Reconciliation
Bank reconciliation is important for businesses to ensure that financial records accurately reflect actual cash flow. In this case, AI can streamline the reconciliation process of invoices with bank records. It can help finance teams easily identify discrepancies, duplicates, or mismatched transactions.
Manual vs Automated Invoice Processing
Manual invoice processing involves repetitive steps that often take a lot of time. In contrast, automated invoice processing allows finance teams to achieve greater efficiency in both time and operational costs. Here’s how manual compares to automated invoice processing so you can see the potential benefits it can bring to your workflow.
Data Entry
- Manual: Requires manually inputting data by hand.
- Automated: Auto-captures data accurately.
Speed
- Manual: Slow, approval and payment take longer.
- Automated: Faster turnaround, reduced delays.
Cost & Time
- Manual: Higher operational costs, extensive time required.
- Automated: Less time spent and significantly reduced costs.
Frequently Asked Questions (FAQs)
In this section, we will answer common practical questions when it comes to automated invoice processing with AI in Malaysia.
How can we ensure the security of AI for handling our business invoices?
Select an AI automation platform with built-in data encryption and has obtained industry-standard certifications, such as ISO 27001.
Which tools or software can help automate invoice processing?
Fintelite is an AI-powered document intelligence solution you can trust to automate your invoice workflow, from data extraction, validation, to integration with your existing management system.
See how Fintelite can help you process invoices much faster.
How much does invoice automation cost in Malaysia?
With Fintelite, you can tailor the solution to your specific business needs. For estimation, data extraction service starts from $0.15 per page (approximately RM0.75 per page), and you can save more by upgrading to the bigger subscription plan.
