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WHITE PAPER How to Choose the Best Low-Code Invoice Processing Solution The Accounts Payable Professional’s Guide

Table of contents Introduction 3 What is a low-code / no-code invoice processing solution? 4 5 Benefits of LCNC invoice processing solutions 6 Evaluating best-in-class solutions 9 Crucial considerations in vendor evaluation 10 Achieving superior outcomes

Every accounts payable (AP) department is under pressure to do more with less. But what if there was a way to not only streamline accounts payable operations but also to speed up the implementation of an invoice processing solution, and to do it with less IT support? Enter the world of low-code and no-code (LCNC) invoice processing solutions. Low-code and no-code solutions are revolutionizing the finance function, enabling accounts payable departments to deploy efficient and effective invoice processing systems rapidly. By combining pre-built skills or models that use artificial intelligence (AI) and machine learning (ML), and the ability to create new skills with minimal coding, low- code and no-code solutions grant AP departments the power to design and implement solutions tailored to their unique needs, regardless of technical proficiency. Increased operational efficiency, reduced operations overhead, faster return on investment, and an empowered accounts payable department that can swiftly adapt to changing business needs. But none of these benefits are possible without choosing the right solution. This white paper provides AP departments with a guide to evaluating low-code and no-code solutions. The result? Introduction

What is a low-code or no-code invoice processing solution? Low-code and no-code solutions have the potential to transform the way that accounts payable departments automate the processing of invoices they receive from suppliers. Organizations have experienced the stark realization that their legacy automation systems are antiquated and simply not able perform to an acceptable level. The good news is that a new generation of smarter, AI-based invoice capture bypasses the need to build templates for new supplier invoices. Through the application of neural networks and machine learning, finance organizations are poised to deliver greater performance, reduce the need for human intervention, accelerate end-to-end invoice processing to enhance productivity, lower overall operational costs, and improve employee satisfaction. Low-code or no-code solutions use drag-and-drop, pre-trained accounts payable document skills to enable finance teams to start processing invoices in minutes with a high degree of accuracy and without any coding or in-house development expertise. Out of the box, the solutions can identify the document type and recommend a corresponding accounts payable document understanding skill . The technology can suggest a pre-built, ready-to-use skill, or users can search a marketplace for the skill that they need. Skills can be built for a variety of document types such as invoices, purchase orders (POs), receipts, W-2 forms, utility bills, and health claims. Users can also design and publish custom skills to a catalog and make them discoverable to any process automation platform or workflow across a finance department or an enterprise. LCNC solutions with artificial intelligence (AI) and machine learning can efficiently process documents of any kind, including structured, semi- structured, or unstructured documents, and all types of documents, such as machine printed, hand printed, and barcodes.

Hyperautomation simplifies the orchestration of processes between multiple technologies. For instance, AI can be used to capture and verify invoice data, and robotic process automation (RPA) can be used to automate data entry and data look ups in ERP or accounting software packages. And low-code / no-code solutions can integrate with systems such as ERP and accounting software packages, business process management (BPM) applications, chatbots, mobile platforms, and more. Fast startup. Conventional invoice processing systems can be a beast to implement. But low-code and no-code solutions are straightforward to set up and run. Using drag-and-drop, pre-trained skills enables accounts payable teams to start processing supplier invoices in minutes with a high degree of accuracy. The technology can extract invoice header and line-item data from the most complex invoices with hundreds of pages and multiple languages. Better return on investment. Through the application of neural networks and machine learning, accounts payable departments can achieve better operational performance, reduce the need for human intervention, accelerate end-to-end invoice processing for enhanced productivity, lower overall operational costs, and improve employee satisfaction. Ability to unlock unstructured data. Conventional data capture systems cannot easily capture the data stored in unstructured documents such as supplier invoices, emails, receipts, and PDF documents. Many AP departments rely on clerks to manually enter unstructured data, which is costly and error prone. By learning from a vast amount of data every day, AI-based low-code and no-code invoice processing solutions make it easier for AP departments to automatically extract and leverage the information from invoices and other documents. Reduced IT burden. Low-code and no-code solutions empower accounts payable teams to implement their own business applications, thereby reducing development time, rapidly responding to business needs, and realizing positive business outcomes in shorter time. Accounts payable game changer Benefits of LCNC invoice processing solutions Low-code or no-code solutions offer significant benefits compared to conventional AP solutions: These are some of the reasons that more accounts payable departments plan to deploy low-code and no-code solutions to automate the way they process supplier invoices. In fact, Gartner estimates that 70 percent of new applications companies will use low-code or no-code technologies by 2025 1 . 1 Gartner

Evaluating best-in-class solutions There are plenty of tools on the market that can automate the processing of invoices. Solutions are offered by some of the best-known brands in the technology world. Capabilities are offered by big tech platform providers such as Amazon®, Google®, and Microsoft®. Robotic process automation vendors such as UiPath® and Automation Anywhere® embed document capture capabilities as part of their portfolio. There are document capture software providers such as Hyperscience® that support invoice processing. And there are a wide range of purpose-built accounts payable automation solutions such as Tipalti®, NetSuite®, SAP Business One®, and AvidXchange®. In choosing an optimum solution, it is important to consider how these vendors handle the complexities associated with the first critical step in the accounts payable process flow, that is automation of the invoice capture process. Here are some crucial considerations in evaluating competitive offerings: Think integration. The accounts payable department is part of the financial nerve center of an organization. Poor integration between a low-code or no-code invoice processing solution and an enterprise resource planning (ERP) application, accounting software package, or other upstream or downstream system could require manual keying, time-consuming toggling between systems, and cumbersome spreadsheets. Some low-code or no-code solution providers require AP departments to use robotic process automation to establish a pipeline between their LCNC solution and legacy finance systems. Partnering with a low-code or no-code solutions provider that seamlessly integrates with upstream and downstream systems will eliminate unnecessary rework and potential data gaps and errors. Look for pre-built skills (extraction models). One of the most compelling benefits of low-code or no-code solutions is their pre-built skills that make it possible for AP departments to extract the invoice number, invoice due date, the amount due, and other critical invoice data out of the box. Using pre-built document skills significantly reduces the time and resources that an accounts payable department otherwise would have spent developing templates for the different types of invoices it receives and training a system to extract data. Pre-built skills also eliminate the need for extensive technical expertise to set up an invoice capture system. Make sure prospective solutions offer an extensive library of pre-built skills. Some low-code or no-code invoice processing solutions even provide a marketplace of pre-built document skills.

Carefully evaluate each vendor’s functionality for parsing forms. It’s not uncommon for buyers to receive invoices from suppliers that are multiple pages long. In industries such as construction, legal services, consulting, manufacturing, and healthcare, multi-page invoices are commonplace. But parsing multi-page invoices can be incredibly hard for automated data capture solutions to get right. Making matters worse, two invoices may be scanned together. That’s why it’s important to look for a low-code or no-code invoice processing solution with proven functionality for identifying page breaks and other splits in an invoice or other form. Make batch processing a priority. Imagine having to process the invoices you receive from suppliers one at a time. Treating documents as a single transaction might work well for processing small numbers of invoices, but it cannot scale to meet enterprise demands. Avoid potential operational bottlenecks—and the potential late payments and missed early payment discount opportunities that they cause—by finding a low-code or no-code invoice processing solution that can group or batch hundreds or thousands of invoices together for processing. Don’t overlook custom fields. Most low-code or no-code invoice processing solutions include pre-built functionality for extracting common data fields such as the invoice number, the supplier names, the due date, and the amount due. But not every invoice processing solution does a good job of extracting custom fields such as bank account details or a Goods and Services Tax Identification Number (GSTIN). Some solutions cannot extract custom fields. To ensure that invoices are processed as efficiently as possible, find a LCNC solution that can easily extract fields other than those included in a pre-built model. Prioritize unstructured data. Up to 80 percent of the information that some organizations receive is contained in unstructured documents such as invoices, emails, and texts. Difficulty extracting this data adds to the pile of untapped and untagged information residing in an organization’s repositories—so-called “dark data.” Use your information to its full potential by finding a low-code or no-code solution that can extract data from unstructured documents, without the need for enhanced natural language processing (NLP) and reporting tools. Don’t underestimate the importance of table headers. Invoices contain lots of data. And table headers help accounts payable departments make sense of it all. To ensure that your department can extract, process, and analyze its data in a consistent format, look for a low-code or no-code invoice processing solution that allows you to define table headers. Clearly structuring your invoice data will help reduce errors and speed information retrieval.

Go multi-lingual. In our increasingly global, hyper-connected business environment, even small and mid-sized organizations purchase goods and services from suppliers across the world. As a result, organizations are likely to receive invoices in Spanish, French, German, Italian, Portuguese, and many other languages. Unfortunately, some LCNC invoice processing solutions offer limited language support. Finding a solution that supports multiple languages will streamline your invoice processing and boost supplier relationships while helping your organization comply with local tax regulations. A solution that supports multiple languages can also make it easier for your organization to expand globally. Demand easy implementation. Low-code and no-code invoice processing solutions can be deployed much faster and easier than conventional invoice processing systems. But that’s only possible if you choose the right solution. Be on the lookout for LCNC solutions that require professional coding to provide continuous learning for its AI models. If you are evaluating offerings provided by big tech such as Amazon Textract ® or Google Docs®, it is important to keep in mind the extent of their ability to support training models for complex, multi-page invoices, table extraction, language support, and interoperability with your downstream systems. If you are assessing the capabilities of purpose-built accounts payable solutions , most of such solutions license in third-party OCR technology to support the automation of invoice capture. Do they support more advanced AI-based intelligent document processing ? Do they empower line of business users to design and publish pre-trained invoice skills that can be deployed in minutes? Do pre-trained invoice skills get smarter and more accurate over time, as new invoice types and variations are introduced, requiring less human intervention? Another option you may be evaluating is robotic process automation such as UiPath Document Understanding®. It’s important to consider how RPA solutions fit into your organization’s application stack. Depending on requirements, using RPA for invoice capture may be an overkill.

Crucial considerations in vendor evaluation Platform Providers Accounts Payable Solution Providers Robotic Process Automation (RPA) Application Software Providers ABBYY® Think integration. Limited out- of-the-box integrations with downstream applications. Supports integrations with downstream applications such as ERP systems. Supports connectors to ERP systems. Out-of-the-box integrations and document skills auto- discoverable from RPA, BPM, chatbots, mobile apps. Look for pre-built skills. No out-of-the- box pre-trained invoices. Template-based invoice capture, recognition, and extraction. No out-of-the- box pre-trained invoices. Out-of-the-box pre-trained document skills (e.g., invoices, purchase orders, receipts, W-2 forms, utility bills). Make batch processing a priority. Not purpose built for handling large volumes of complex, multi- page invoices. Dependent on OCR recognition and extraction capabilities provided by accounts payable vendors. RPA with OCR can support batch invoice capture. Handles high volumes of invoices by classifying, extracting, and exporting them as searchable files into downstream applications. Don’t overlook custom fields. Limited capability to extract custom fields. Dependent on OCR recognition and extraction capabilities provided by accounts payable vendors. RPA with OCR can handle custom fields. OCR Skill automatically detects and extracts custom fields and tables. Don’t underes- timate the importance of table headers. Limited ability to define table headers. Dependent on third- party OCR recognition and extraction capabilities. RPA tools are capable of handling table headers for invoices. Supports the extraction of table headers, including statement header details and automatic detection and extraction of tables and line items. Go multi- lingual. Limited language support. Dependent on third- party OCR recognition and extraction capabilities. The default language is typically English. Supports over 200 languages and supports extraction of handwritten text in English, German, French, and Spanish. Demand easy implemen- tation. Not low code, no code. Implementation typically requires customization. RPA implemen- tations can be resource intensive. Easy no-code skill designer allows citizen developers to design, train, and publish document skills for all types of documents.

Achieving superior outcomes Low-code and no-code solutions are poised to transform the way accounts payable departments automate their invoice processing, putting automation within the grasp of AP professionals. Choosing the best-in-class invoice processing solutions based on a low-code or no-code approach delivers faster time to value and superior business outcomes: Early visibility: The process should be 100 percent transparent and feature real-time visibility of cash. Invoices become visible within hours of receipt. Workflow monitors and on- demand inquiries provide real-time process status. Financial reporting should be accurate. Reduced cost: Fewer resources are required for invoice receipt and data entry. The cost per invoice should decrease to $2 or less. Cash optimization: Late payment penalties should be eliminated. The ability to capture early payment discounts should increase to 90 percent. Dynamic discounting (trade financing) is a possible source of additional savings. Participants satisfaction: Participation in an automated AP process is easier. Timely, accurate completion should increase the satisfaction of all participants (AP, employees, and suppliers). Process participation requires less time, freeing employees and suppliers to concentrate on higher-value tasks, further increasing their satisfaction.

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1234567891011/ 11100%实际尺寸适合宽度适合高度适合页面自动介绍杂志连续的

WHITE PAPER How to Choose the Best Low-Code Invoice Processing Solution The Accounts Payable Professional’s Guide