The term “artificial intelligence” was first coined by James McCarthy in 1955. In less than 70 years since then, AI has gone from being a scientific concept to a fact of life.

Invoice scanning is a crucial step in managing the accounts payable (AP) process for any business. You may think that invoice scanning is no longer required if invoices are received electronically. However, according to Bottomline’s The State of ePayables report, more than a staggering 48% of invoices are received in paper format. In other words, paper invoices are still very much a part of modern accounts payable, and so is invoice scanning.

Invoice management is an important task regardless of the size of your business, but it can quickly become overwhelming due to the sheer volume of invoices, varying formats, and the need for accurate tracking and timely payments. Manual processes with paper invoices are time-consuming, often leading to errors, delays, and difficulty in maintaining organized records. However, with the right invoice processing software, you can streamline invoice management, saving time and reducing errors.

This year generative AI led to more disruption and innovation than ever before. Investment in AI research is expected to cross the $200 billion mark next year. The figure stood at $92 billion in 2022. AI has changed the world as we know it in 2024. This is true of how our relationship with AI has changed this year. We adopted it into our solutions through Astera Intelligence. But Astera Intelligence is just the tip of the iceberg of the things we accomplished this year…

Invoice scanning software is a tool that helps businesses process invoices quickly and accurately by digitizing and extracting critical information from them. It uses technologies like optical character recognition (OCR) to read invoice details such as vendor names, dates, amounts, and line items. This software is especially useful for accounts payable teams and businesses that deal with a high volume of invoices, making their financial processes faster and more reliable.