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Many businesses grapple with invoice management challenges without automation software. This traditional approach leads to time wastage, frequent errors, delays in handling accounts payable, and elevated costs. Implementing accounts payable automation software and document management systems offers an effective response to these issues, accelerating invoice processing while ensuring data reliability and security.
Viridem combines traditional administrative workflow automation software with AI-based accounts payable automation to enhance data recognition, validation, and overall process reliability.
The benefits of robotic process automation (RPA) go far beyond cost savings. By integrating intelligent automation tools and administrative process automation, businesses gain:
These accounts payable automation benefits align with best practices in modern business process automation software.
According to McKinsey Global Institute, about 19% of work time is spent searching for dispersed information, which impedes administrative management.
Manual invoice processing remains widespread; as per Ardent Partners (2023), the average cost to process a manual invoice is $25 CAD (18$ USD), and correcting an invoice error can cost up to $69 CAD (50$ USD) (IOFM, 2020).
On average, 15% of invoices contain errors, leading to delayed payments and additional costs (European e-Invoicing Study, 2021).
For an employee with an average salary of $55,000 CAD/year (~40 000$ USD) and additional benefits, the total cost per employee reaches $64,330 CAD (~45 500$ USD).
If 19% of their time is spent searching for information, this translates to $12,227 CAD/year (~$ USD) in wasted work value.
| Number of Invoices/Year | Estimated Total Annual Cost |
| 500 | 29 937 $ CAD (~ 21 500$ USD) |
| 1 000 | 59 874 $ CAD (~ 43 000$ USD) |
| 2 000 | 119 748 $ CAD (~ 85 000$ USD) |
An accounts payable automation software, coupled with an electronic document management solution, simplifies processes, reduces office paperwork, and accelerates document management workflows. Automated document management systems allow for
easy organization, storage, and retrieval of documents, paving the way for a paperless office.
· A reduction in processing time by up to 70%
· An increase in productivity between 40% and 60%
Some solutions lean entirely on AI-driven automation for invoice processing. However, this can lead to recognition errors, misinterpretations, and inconsistencies, affecting process reliability.
Viridem adopts a balanced approach by integrating classic automation with targeted AI functionalities, enhancing data recognition and validation while maintaining human oversight.
AI in accounts payable automation with human validation prevents critical errors linked to data inaccuracies, commonly known as AI-induced "hallucinations."
Even with a robust ERP, investing in specialized accounts payable automation systems offers significant upgrades.
While ERP systems manage overall business operations, dedicated accounts payable software specifically optimizes invoice handling and other related document processes. With specialized software, businesses benefit from:
For over a decade, Viridem has supported clients transitioning administrative tasks to automation with its proven electronic document management software enriched with meticulously selected AI capabilities.
Our solution delivers automated workflows tailored to your industry’s unique requirements and ensures compatibility with your ERPs.
Automating accounts payable with our solution is not just about cost savings; it’s a profitable investment that saves you time and money. Depending on invoice volume and company organization, the return on investment (ROI) can be estimated between 6 months to a year. In addition to quick ROI, with Viridem you:
Leading accounts payable process automation with Viridem means choosing efficiency, reliability, and a rapid ROI. Our hybrid, AI-driven accounts payable solutions deliver measurable ROI, substantial cost reductions, enhanced productivity, and secure, scalable operations.
Schedule a discovery meeting with our team today to learn how Viridem can transform your accounts payable management, reduce costs, and quicken your ROI.
Together, we will analyze your current processes and propose a solution tailored to your specific needs.
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