How to code an invoice with no manual data entry

Let’s be honest, manual coding is miserable for all of those involved. 

From bottlenecks to late payments and duplicate invoices, there are many headaches that come out of manual data entry. It may seem like the pile of invoices keeps getting bigger and bigger — while the AP staff struggles to keep up. 

And, the breaking point comes when the bills just aren’t getting paid on time or at all. (Yikes.)

Luckily, there is a solution. But, before discussing what that solution is, what is invoice coding? 

What is invoice coding (and who is responsible for it)?

When an invoice enters the company, it goes through several steps before it is fully processed and paid. One of the most important steps in the invoicing process is coding. 

Invoice coding requires an AP specialist to go through and ensure that the invoice has all of the correct information needed such as invoice date, due date, terms, GL accounts, dimensions, etc before sending it off for approval and payment. 

Why is invoice coding important?

Invoice coding is important because it helps maintain accurate financial records and allows companies to track expenses and revenue every month. When invoices aren't coded properly, it can lead to issues such as duplicate payments or late payments to vendors. It can also result in overpayments or underpayments if the invoice isn't coded correctly.

In substance, invoice coding helps AP teams keep track of which expenses have been paid and which ones are still outstanding. And, without a sound, invoice coding process in place, it may seem like your team is barely able to tread water to stay afloat. 

So, what exactly does the process of invoicing look like? 

What makes an invoice ready to be paid and posted?

There are multiple steps that need to happen before an invoice can be successfully marked as “paid” by an AP specialist. And, during a season with a high volume of invoices that need to be paid, this list of items that need to be completed can seem never-ending due to the tedious nature of accountings payable. 

A completed invoice needs: 

• Header data
• Entity information
• General ledger
• Expense
• Allocation codes
• Payment info
• And, to have gone through the appropriate approval workflow

How can invoice coding be transformed from manual to autonomous with no-touch invoices?

With that said, coding doesn’t have to be so cumbersome. 

With the power of an autonomous invoicing system, your team can go from just “barely making it” to handling all invoice coding processes in a matter of just a few seconds. 

At Vic.ai, we like to call this system accounting autopilot because it functions exactly as the name suggests: it automates the invoice coding process without ever needing human intervention. The system learns just as another human would — through trial and oversight. Then it can take over the coding once it becomes confident enough in its data predictions. Artificial intelligence predictions indicate how confident the software is in coding an invoice. This is indicated by colored icons that display the confidence level.

What are the benefits of invoice autopilot?

So, why should you care about autopilot? There are many benefits to an invoice autopilot system including: 

• Time-Saving

Did you know that autonomous invoice coding with Vic.ai leads our clients to spend 80% less time on invoice processing? Also, that we were able to increase invoice processing capacity by 355%? (That’s huge!)

• Cost-Saving 

Invoicing is one of the most error-prone, costly processes in a business today. Luckily, by switching to autopilot, our clients were able to reach a positive ROI in just 7 months.

• Team-Saving

No one likes to feel exhausted at work. 

With autopilot, team members will see a boost in productivity and get to take part in more value-added tasks that they take pride in. 

• Reputation-Saving 

Lastly, placing invoice coding on autopilot can save the reputation of your brand. 

Think of it this way. When you are consistently late with paying vendors, it paints your business in a… not so positive light. Autopilot ensures that your bills are paid correctly and on time, every time. 

Embrace the future with accounting autopilot

Hyper-automating invoice coding ensures that every invoice is coded properly, so if there are any mistakes, they’re caught quickly and corrected before they impact your financial statements or cause delays in payment processing.

As humans, it can be easy to want to do things “the way things have always been done”, but as the world progresses forward, you can either innovate or stay behind. 

At Vic.ai, we make it simple for you. 

From our autonomous invoicing system to our in-depth AI software onboarding procedures, our team is here to help you get rid of manual invoicing once and for all. Our goal is for your team to never have to tediously sift through an inbox full of invoices again!

There is a more efficient way to execute receptive accounting tasks and close the books with clean audit trails. Eliminate mundane tasks all together and expedite your invoice processing times with  our AI-based invoice processing system. Simplify and streamline accounts payable with the 7 ways to unlock faster and more accurate accounting e-guide!