Digital Solution Store | EY Accounting AI for Payables

Thus, you will incur significantly lower cost and reduce the processing time. AI is trained to assess the invoice data in the context for your company’s accounting and controlling dimensions and thereby suggest accounting entries. You can thus save your employees cumbersome manual work and create more decision-making security on complex cases. This will also lead to minimization of the error rate and a significant increase in the level of detail in your accounting data. Fast processing and process transparency thanks to automated reports contribute to an improvement in supplier relationships.

Scope of functions at a glance | Accounting AI has a modular structure:

• Module 1: extracting invoice data Header and line-item data is extracted. analyzed and interpreted by AI. Formal tax compliance is assessed.
• Module 2: invoice classification In this module, the documents are allocated to an appropriate processing process.
• Module 3: posting prediction AI predicts accounting entries for invoices which are not related to purchase orders as supports three-way match on line-item level for purchase order related documents.
• Module 4: reviewing anomalies In the anomaly detection module, inconsistent or incorrect invoices are identified by the AI as posting proposals from Module 3 are verified to ensure accounting quality.
• Module 5: approval workflow In this module business users approve the invoices without purchase order reference as well as perform any further approvals required by internal policies. Accounting team gets a powerful tool-kit to manage this process step and gains real-time transparency.

Higher level of transparency and faster processing | The benefits of EY Accounting AI depend on the individual use case. However, past experience has provided a baseline:

• An average of 15,000 invoices per day
• Six seconds per invoice
• Minimum 5% reduction in error rate
• System integration

Due to the Multi-ERP integration, EY Accounting AI can be integrated in all standard ERP systems. For SAP customers, the SAP certified solutions is provided leveraging SAP Fiori apps. The accounting entries generated are transferred to the relevant ERP system.

Hosting

With EY Accounting AI, you are provided AI as a service directly from our client compliant cloud platform. This secure automation solution is best suited to local and international companies.