EY Accounting AI for Payables

Your business challenge

Accounts payable (AP) functions manage large volumes of incoming invoices but often rely on inefficient and error-prone processing, with little to no technology support and fragmented point solutions.

Businesses face challenges as they attempt to automate and streamline the processing of incoming invoices, whilst minimising human intervention.

EY Accounting AI for Payables can help with:

• Automation issues
• Staff productivity
• Purchase-to-pay challenges
• Touchless processing

Solution benefits

EY Accounting AI for Payables is developed using multiple high-end business and cutting-edge AI technologies. It is a single synergistic solution that achieves full AP automation within one coherent workflow.

EY Accounting AI for Payables:

• Redefines the approach to processing incoming invoices as it minimises the need for human intervention and sets new standards for speed and quality in your AP function
• Has ease of use and reliability as the solution digitises, reads, and validates the content of non-electronic and electronic invoices. EY Accounting AI for Payables also identifies potential errors and inconsistencies within the invoices
• Includes end-to-end processing as the solution follows  comprehensive data processing that begins with data extraction through to enterprise resource planning (ERP) posting
• EY Accounting AI for Payables applies artificial intelligence to invoice processing. The solution starts with automated data extraction from invoice images and compiles data into a structured digital format. The output includes posting to ERP where approved postings are routed to the corresponding tables and ledges of your ERP system

Solution features & functionality

The solution features and functionality include:

• Purchase order match: AI-enabled, automated matching of invoice line items to purchase order even if descriptions vary
• Smart posting: automated purchase order matching and the generation of accounting entries by line-item level
• Tax determination: allocation of tax codes to invoice line items leveraging on EY’s proprietary tax determination engine
• Anomaly detection: AI-enabled, automated error identification of inconsistencies in invoice, accounting, and tax data
• Approval: individually configurable approval workflow enhanced with AI
• Reporting: standard and bespoke reporting generated through PowerBI dashboards