Hermes - AP Automation

Easy AI-Powered Accounts Payable (AP) Invoice Automation Software for Busy Accounting Teams

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Description

Hermes - AP Automation is an enterprise-level software designed to revolutionize accounts payable departments. It leverages cutting-edge technologies like AI-based Optical Character Recognition (OCR) to accurately extract data from invoices and Robotic Process Automation (RPA) to validate business-specific rules and automatically integrate invoices into financial systems. This approach aims to transform the AP department from a traditional cost center into a strategic profit center by providing enhanced control and visibility over critical financial data.

The system offers a comprehensive solution for managing large volumes of invoices and complex financial transactions, operating 24/7 for continuous processing. Key benefits include substantial cost reductions, minimization of human errors, accelerated invoice payments, and a significant boost in employee productivity. Hermes - AP Automation is cloud-based, ensuring secure access to invoice information from anywhere, thereby improving vendor relationships and enhancing overall data accessibility and transparency for businesses.

Key Features

AI-Powered Data Extraction: Utilizes AI-based OCR to accurately capture data from various invoice formats.
Robotic Process Automation (RPA): Automates rule-based tasks like data validation and entry into financial systems.
End-to-End Invoice Automation: Manages the entire invoice lifecycle from receipt and data capture to approval and payment posting.
Comprehensive 3-Way Matching: Automatically matches invoices with purchase orders and goods receipts to prevent discrepancies and fraud.
Customizable Approval Workflows: Allows businesses to configure multi-level approval workflows based on specific rules and hierarchies.
Seamless ERP Integration: Integrates with existing Enterprise Resource Planning (ERP) systems for smooth data flow and record-keeping.
Cloud-Based Platform: Offers secure, 24/7 access to AP processes and data from anywhere.
Significant Cost Reduction: Aims to save up to 90% of invoice processing costs.
Productivity Enhancement: Designed to boost employee productivity by as much as 65%.
Reduced Processing Time: Capable of reducing AP processing time significantly, by up to 10 days in some cases.
High Scalability: Built to handle increasing volumes of invoices as businesses grow.
Error Minimization: Reduces manual data entry errors, leading to more accurate financial reporting.

Use Cases

Automating high-volume vendor invoice processing for large enterprises.
Streamlining complex AP approval chains for faster payment cycles.
Reducing manual data entry and associated errors in financial records.
Implementing robust 3-way matching to minimize fraud and overpayments.
Integrating accounts payable data seamlessly with existing ERP systems.
Improving visibility and control over payables for better cash flow management.
Enabling remote AP operations through a secure cloud-based system.
Transforming AP departments into efficient, value-adding units.

Frequently Asked Questions

What is RPA and how does Hermes utilize it for AP automation?

Robotic Process Automation (RPA) is a technology Hermes uses to automate repetitive, rule-based tasks in the accounts payable process. This includes automatically inputting invoice data into your system, validating information, and reducing manual intervention, which helps decrease costs, minimize human errors, and speed up invoicing, ultimately boosting productivity.

How does Hermes address common challenges in manual accounts payable processes?

Hermes tackles issues like handling non-standard invoices, processing unstructured data, managing complex approval mechanisms, and reducing manual error-prone data entry. By automating these aspects, it helps prevent delayed payments and improves operational sustainability, especially for organizations with high invoice volumes.

What are the key benefits of using Hermes for AP automation?

Hermes can significantly improve AP department efficiency by drastically reducing invoice processing time (e.g., from 8 minutes to under a minute per invoice), leading to potential cost savings of up to 90%, boosting employee productivity by around 65%, and minimizing errors for more accurate financial records.

What core technologies power Hermes AP Automation?

Hermes employs a suite of modern technologies including Artificial Intelligence (AI) to understand and optimize AP processes, Machine Learning (ML) to automate and customize business rules per vendor, Optical Character Recognition (OCR) to accurately read and extract data from invoices, and a secure cloud-based system for 24/7 accessibility.

Is Hermes AP Automation scalable for growing businesses?

Yes, Hermes is designed for high scalability. It can efficiently manage large volumes of vendor invoices and adapt to sudden increases in processing needs, ensuring that your AP operations can grow alongside your business without impediment.