How Kloo Elevates Invoice Management for Certinia

January 8, 2024
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In the world of finance and accounts payable, efficiency and accuracy are paramount. Kloo's capabilities for automated invoice management, when integrated with Certinia, offers a comprehensive solution for finance leaders and business users alike. Thus, the cumbersome task of invoice processing into a streamlined, error-free, and cost-effective operation.

Customers of Certinia are well aware of its extensive capabilities and powerful features. However, this breadth of functionality does bring a level of complexity, particularly for those not regularly interacting with the software, such as individuals outside the finance department. Recognising this challenge, Kloo emerges as a dedicated solution, specifically designed for Accounts Payable (AP). Seamlessly integrating with Certinia, Kloo introduces an intuitive, user-friendly approach to the AP process, significantly simplifying invoice management for all users. 

What is Automated Invoice Management?

Automated invoice management involves digitising all activities in invoice processing, from data entry to payment processing. It automates routine tasks such as scanning, validation, matching, and approval of invoices, thereby reducing processing time, minimising errors, and improving vendor relations​​. This technology is crucial for businesses aiming to streamline operations and focus on strategic tasks, further reducing the risk of fraudulent activities. 

Invoice automation with Kloo involves converting paper-based invoices into a digital format, which are then processed using AI and machine learning algorithms. This process includes automated data extraction, significantly reducing manual data entry by accounts payable staff. Moreover, workflow automation plays a crucial role in streamlining the invoice approval process, enabling companies to set up predefined approval workflows and automate the routing, reviewing, and approving of invoices​​. 

AI in Invoice Management

Kloo leverages advanced AI technology to significantly accelerate traditional aspects of AP processing, including invoice matching​​. Invoice matching is an integral part of the accounts payable process, involving the validation and comparison of information on purchase orders (POs), vendor invoices, and product receipts​​. This process is essential for verifying the accuracy of transactions, ensuring faster settlement of vendor dues, and preventing vendor fraud and payment for fraudulent invoices.

Kloo's automation capabilities digitise the invoice matching process, eliminating the need for human intervention. By using tools like optical character recognition (OCR) and robotic process automation (RPA), Kloo enhances touchless invoice processing, making it more efficient and error-free​​.

The Kloo Solution: AI-Powered Invoice Management

Kloo's solution for automated invoice management is an all-encompassing approach that leverages AI and OCR technology to extract and store invoice data efficiently. This system not only saves valuable time but also increases accuracy with features like automated PO matching and a customisable approvals engine​​:

  • Invoice Submission by Email: Kloo enables users to submit invoices directly via email. This feature is particularly beneficial for those who need to manage invoices but don't require full access to Certinia. It streamlines the process, saving time and reducing the need for training on the ERP system. 
  • OCR Enriched with AI: Kloo enhances OCR technology with AI for invoice uploads. This combination leads to more accurate data extraction, reducing manual entry and the associated risk of errors.  
  • AI-Powered Invoice Matching: One of Kloo's standout features is its AI-powered contextual reasoning, which allows the platform to match invoices to purchase orders with a much higher degree of accuracy than rules-based automation. Kloo’s contextual reasoning can also draw fuzzy matches, automating the matching process even when there are small discrepancies or complications e.g. a supplier’s full name on the invoice, but abbreviated name on the purchase request.  
  • Integrated Payments: Kloo also offers integrated payment solutions, including options like open banking and BACs file payments, all within the platform. This integration allows for a more streamlined payment process, reducing the time and effort involved in managing financial transactions. 

Benefits of Kloo's Automated Invoice Management

  1. Time and Cost Efficiency: Streamlines invoice workflows, saving valuable time and resources.
  2. Error Reduction: Minimises the likelihood of errors through automated data extraction and processing.
  3. Improved Vendor Relations: Ensures timely and accurate payments, fostering better vendor relationships.
  4. Fraud Prevention: Reduces the risk of fraudulent activities with efficient management and monitoring of invoices.
  5. Operational Streamlining: Allows businesses to focus on more critical tasks, improving overall productivity and efficiency.

Integrating Invoice Management with Certinia

Kloo's invoice management proposition for Certinia guarantees an enhanced user experience overall, further optimising financial workflows. This integration ensures that businesses not only manage their invoices efficiently but also leverage the full potential of Certinia's robust features.

“Complimenting Certinia with Kloo has enabled Agilisys to significantly improve approval and document processing across the business' payables processes. The intuitive UI means that business-side users can quickly action approval, and document ingestion is as simple as forwarding emails to our own Kloo AI agent. This enables us to operate faster and empower the finance team to spend their time on the real value-add activities - not chasing for approvals!”

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Yuan Liu, Certinia Implementation Program Director, Agilisys

 

 

Conclusion

In summary, Kloo's AP solution plugs seamlessly into Certinia, streamlining the process of uploading, processing and paying your invoices. The key lies in its autonomous invoice processing capabilities, which significantly reduce the need for manual intervention in the process. This optimisation not only accelerates financial operations but also has a ripple effect on overall business efficiency, strengthening supplier relationships and opening avenues for cost savings.

To learn more about Kloo's proposition for Certinia customers, check out our Certinia Integration page here.

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