Agentic AI in Finance: Definition, Benefits, and Level of Automation

Learn how AI came to be used in accounting, where it is used today, what role systems such as SAP play, and how companies can take the next step in automation with solutions such as avvaneo Expedite.

Learn how the ZUGFeRD format works, what advantages it offers companies and public authorities, and how it differs from XRechnung. Our guide provides practical tips and tools for easily creating and using ZUGFeRD invoices.

We explain in simple and clear terms what you need to know about EDIFACT as a company.

Find out which formats are relevant for electronic invoicing and what advantages the introduction has for companies.

Find out how the conversion from LE-TRA to SAP TM optimizes your transport logistics. Discover the benefits, the modern data structure, and the enhanced processes of SAP S/4HANA TM.

Digitization is a megatrend. An important part of this is electronic invoices as a mandatory requirement for business-to-business transactions. Their introduction will soon be mandatory throughout Europe - no company will be able to avoid this digitization step. In Germany, the legal guideline for this is contained in the Growth Opportunities Act.

avvaneo Expedite has learned and can now extract enough clues from unstructured invoice information to automatically set up to over 90 percent of all tax codes correctly.

avvaneo Expedite has learned and can now extract enough clues from unstructured invoice information to automatically set up to over 90 percent of all tax codes correctly.

AI on all screens. The public trembles. Cheers. Amazed. We are not surprised.

Ask the ordinary person on the street what the abbreviation ISO stands for. Electricians' shorthand for "insulate"? Internal Safety Organism? Internal Security Orchestra? The last one comes close, but of course ISO is the abbreviation for one of the most successful NGOs of all time.

Auf der Basis unserer Erfahrungen und der vorhandenen Expertise arbeiten wir an der nächsten Stufe des Fortschritts in der Automatisierung von Finanzprozessen. Darüber und viel mehr wollen wir Ihnen gerne direkt berichten, bei unserem nächsten avvaneo User Group Meeting.

This has been extraordinary year for all of us. Therefore, we would like to thank our customers and partners personally for their trust and collaboration.

Mathematical computing has advanced rapidly in recent years. Learn more about the state of Artificial Intelligence. We will share the definitions, the most important areas, and how we at avvaneo use Artificial Intelligence to your advantage.

It can be a long road from fully automated digitization of invoice documents to end-to-end automatic posting. Where do the problems lie?

We are looking forward to working with the SAP Competence Center and the accounting department of ASFiNAG, the Austrian freeway operator.

Last week we went to Berlin with the entire team of avvaneo to our annual workshop.

Too many invoices do not find their way into the correct workflow automatically? You are not alone with this issue. In many companies with automatic invoice processing, up to 15% of incoming invoices are routed incorrectly. Sometimes the mistake is made by the system, sometimes by a person.

You have been driving the automation of your financial processes for years. And then you realize: there are still annoying losses due to inefficiency. For example, invoices that should process automatically but still get stuck in manual workflow loops for 2 to 5 days.

Invoice receipt in SAP - today this essentially runs automatically in large companies. Usually smoothly and quickly, as long as the relevant information for automatic account assignment is within the invoice data received.

avvaneo Discover can now do even more: Until now, you only had the analysis - now you have concrete indications of exactly where improvements are possible and what changes bring. Read more ...

You know the drill! The accounting department is expecting purchase orders that are correctly allocated. However, the purchasing department does not have the time or all the necessary information, so they sometimes use just any account assignment.

The first avvaneo User Group was a great success. Presentation by Porsche on the use of artificial intelligence for financial processes with avvaneo Expedite deserves special mention.

Exceptions happen, right? But what happens when you don’t address the root cause?

Until now, the automation of general expense invoices was limited. We have analyzed how AI can overcome these limitations.

Assigning the correct cost elements and G/L accounts to incoming invoices is a time-consuming task for finance teams.

How much automation is possible?

The use of AI in finance departments allows automation for processes that previously had to be handled manually. Read our analysis of real data of a company on the potential of using AI.

Do you know how much discount you are throwing away?

How close are you to the goal of automatically processing incoming invoices? Where are the biggest opportunities for process improvement in your company? How good is the recognition of unstructured invoices?

Do you know the answers to all these questions?

The billion-euro economic stimulus package of the German government includes a planned reduction of the value-added tax rates from July 1 until the end of 2020, which leaves companies with little time to adapt their systems accordingly.

avvaneo Transforms Edgewell Personal Care Company's Global Financial Operations for Innovation and Scale

In December, avvaneo attended the inaugural meeting of AIF, where members of the association discussed plans for the sharing of information and knowledge to ensure the region has access to the best talent and resources to hasten AI developments that will benefit citizens most.

The majority of finance team processes are either structured and repetitive or analytical and statistical — here we look at how those scenarios map to available technology, AI and RPA.

Deploying a virtual workforce to assist humans creates a more flexible workforce, but how best to incorporate AI and Machine Learning.

Robots do all the work while we sit back and relax.... Is this our new reality?

Not for now!

avvaneo and AFI Solutions partner to help companies automate financial processes inside SAP

Your organization’s financial close and reporting processes — from closing out subledgers to creating and delivering financial filings to regulatory bodies — are complex and burdensome involving multiple systems, departments, and people.

Your organization works with multiple suppliers and fluctuating prices, which can make sourcing products and cost containment laborious and undependable.

Your organization’s ongoing KYC and KYV initiatives are complex, manually-intensive, and challenging and costly to maintain, which can result in compromised processes and quality checks, ultimately leading to poor customer/vendor relationships or even bad press for your organization.

Your organization has set up an invoice portal, which streamlines e-invoicing and invoice processing but onboarding new vendors and data collection remain manual processes, dragging down overall efficiencies.

To vacation or not to vacation? The age-old challenge for organizations and their teams. With the introduction of robots, to vacation is the answer.

The question is not whether you should automate, but why aren’t you automating more?

Considering implementing an AP automation solution to improve your accounting and finance processes? First and foremost, you must decide where your AP automation solution should sit — inside or outside of your ERP.

If you’ve automated your invoice processing, the majority of invoices should either post automatically or enter a workflow. But what happens if you need to manually correct an invoice? This can often be complicated, but it shouldn’t be.

You’ve likely heard the term “e-invoicing” bantered about as the panacea to all life’s problems — or at least account payables’.

Agility means to move quickly and easily. Manual invoice processing is the antithesis of agility. There are multiple points of friction that slow down manual invoice processing and it’s costing your organization time and money.

avvaneo + strategic partners = solutions that work

avvaneo’s experience combined with our range of partnerships with leading application vendors creates the perfect solution for automating financial processes.

Do you have lots of invoices flying around in your company and you lost track?
Why not automate your invoice processing?

Robots aren’t replacing everyone, but the misconception is understandable given the constant barrage of warnings from robotization experts and press. The reality is that in many environments, robotic process automation is about the efficient allocation of the people doing the work, not about reducing the number of people who are working.

avvaneo, innovators of leading-edge financial applications and approaches, today announced it has partnered with Centrifuge - the Operating System for the financial supply chain - to create a more open and innovative blockchain-based supply chain for ERP, accounting systems, and other financial processes.

By integrating avvaneo Document Creator into your existing processes, you can engage your business’s most critical invoicing activities for your business now directly in SAP!

avvaneo Document Creator is the first SAP-certified ZUGFeRD solution for billing, thus guaranteeing simple integration into all SAP ERP systems.

Today we are very happy to announce the beginning of something great: our newly founded company with a new vision to further support a growing SAP market.