Semantik Invoice New Feature Alert: Automated Vendor Matching

The ability to automatically extract invoice data will make a world of difference to productivity in the accounting department. While there are many frustrating tasks in accounts payable processing, some of the most painful and irritating come with issues around invoice and ERP mismatch of vendor names. For example, in most systems, if Acme Company is on the invoice but Acme Co. Inc. is in the ERP, it’s likely not to match and require manual resolution.

Whether you already have a data capture tool or looking at investing in an intelligent document processing solution, automating and integrating the technology can be tricky. You’ll rarely find a solution that is intelligent enough to understand that Acme Company and Acme Co. Inc. are the same. And you’ll find yourself asking why you made the investment in the first place if you’re still manually processing the invoices. It’s a challenging problem that causes a huge drain on employee productivity. 

With Semantik Invoice’s new automated vendor matching feature, you can seamlessly integrate with your system of choice, whether that’s your ERP, ECM, iPaaS or RPA. Semantik uses the latest technology to automatically find the best appropriate vendor match, eliminating the need for human intervention. And, the platform is cloud-based, allowing enterprises of all sizes to take advantage of scalability, efficiency and performance.  

How It Works

Semantik Invoice is out-of-the-box and can be configured in less than an hour. As an AI-based, low/no-code solution, any business user can be up and running quickly with its simple user interface.

Step 1: Upload your list of vendors by selecting Vendors in the Settings screen. The system enables you to upload 18 fields for each vendor, whether that’s the vendor’s address, phone number, or a set of custom fields that you’d like to send on to the target system. Any new vendor list successfully uploaded will replace any existing one.

Step 2: Once the vendor list has successfully been uploaded, Semantik Invoice will then seek to match every invoice with a vendor from the vendor list. No additional setup or configuration required. It’s that easy.  

For more information on Semantik Invoice, learn more here or contact us for a free trial.