CoSupport AI
What is Hermes - AP Automation?
Leveraging cutting-edge technologies like Artificial Intelligence (AI), Robotic Process Automation (RPA), and Optical Character Recognition (OCR), this software transforms accounts payable operations. It automates the end-to-end invoice management process, extracting data from invoices using AI-based OCR, validating information against business-specific rules via RPA, and seamlessly integrating with financial systems. The system is designed to handle large volumes of invoices reliably and efficiently, operating 24/7.
By automating repetitive and time-consuming tasks, the platform significantly reduces manual data entry, minimizes human error, and accelerates invoice processing times. This leads to quicker payments, improved vendor relationships, and substantial cost savings. It enhances operational efficiency, boosts productivity, and provides better control and visibility over critical financial data through features like comprehensive 3-way matching, custom approval workflows, and secure cloud-based access for enhanced transparency and data accessibility.
Features
- AI-Powered Data Extraction: Utilizes AI-based Optical Character Recognition (OCR) to accurately read and extract data from invoices.
- Robotic Process Automation (RPA): Employs RPA bots to automatically validate business rules and input invoice data into financial systems.
- 3-Way Matching: Conducts comprehensive checks between purchase orders, goods receipts, and invoices to prevent fraud and errors.
- Custom Approval Workflows: Facilitates the setup and management of multi-level invoice approval processes within the system.
- ERP Integration: Offers capabilities to integrate with existing Enterprise Resource Planning (ERP) systems for seamless data flow.
- Cloud-Based Processing: Provides secure, cloud-based access, enabling teams to manage invoices from anywhere, anytime.
- Continuous Operation: Designed to process invoices 24/7, 365 days a year, accommodating high volumes and ensuring timely processing.
Use Cases
- Automating high-volume vendor invoice processing.
- Streamlining end-to-end accounts payable workflows.
- Reducing errors associated with manual invoice data entry.
- Accelerating invoice approval and payment cycles.
- Improving financial control and data visibility for AP departments.
- Enhancing vendor relationships through timely and accurate payments.
- Scaling AP operations efficiently as business grows.
- Reducing operational costs within the finance department.
FAQs
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What is RPA and how does Hermes use it?
Robotic Process Automation (RPA) uses software robots to automate repetitive tasks. Hermes utilizes RPA to detect incoming emails with invoices, automatically input validated invoice data into your financial system, and check against business rules, thereby reducing costs, minimizing errors, and accelerating the invoicing process. -
How does Hermes help improve vendor relationships?
By automating and speeding up the invoice processing and approval workflow, Hermes ensures that vendors are paid accurately and more quickly, which helps build and maintain positive vendor relationships. -
Can Hermes handle different types of invoices?
Hermes uses AI and OCR technology designed to process various invoice formats, including digital invoices received via email or SFTP and scanned paper invoices uploaded through its user interface, turning unstructured data into machine-readable format. -
How does Hermes ensure accuracy and reduce errors?
Hermes employs AI-based OCR for data extraction, machine learning for optimization, RPA for rule validation, and comprehensive 3-way matching. All entries are checked against master files, and exceptions are flagged for manual review, ensuring high accuracy.
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Hermes - AP Automation Uptime Monitor
Average Uptime
99.5%
Average Response Time
202.03 ms
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