DETROIT, Oct. 25, 2023 /PRNewswire/ — As part of its unwavering commitment to enhancing multi-entity accounting efficiency, Gravity Software® is proud to introduce new AI technology to transform accounts payable processes. This transformative solution uses the Microsoft Cognitive Services AI engine to convert PDFs of vendor bills into Gravity Vouchers, significantly reducing the need for manual data entry or corrections.
Accounts payable departments spend over one-third of their time on manual vendor bill data entry within their accounting systems, with additional valuable time allocated to obtaining management approvals for timely bill payments. By integrating Microsoft’s Power Automate workflow engine for approvals with its AI-driven data entry capabilities, Gravity substantially boosts the operational efficiency of accounts payable departments.
One of the standout features of Gravity’s enhanced solution is the provision of a dedicated email address for vendors to conveniently submit invoices. This not only simplifies the invoice submission process but also ensures a smooth and efficient transition to the Gravity Voucher system. Users can review and make any necessary adjustments to the extracted data, ensuring precision and accuracy at every step.
“This is a significant milestone in our mission to elevate financial operations for small to medium-sized businesses,” Gravity Software President and CEO John Silvani said. “Accounts payable is a predominantly manual and time-consuming process for many accounting teams, making it susceptible to human error. By harnessing Microsoft’s advanced AI capabilities, we take pride in offering a solution that not only enhances accuracy and efficiency but also drastically reduces manual intervention and the risk of human errors.”
Gravity’s Accounts Payable Automation with AI technology is set to deliver substantial cost savings and operational efficiencies for businesses of all sizes. With a simple click, Gravity’s system generates vouchers, automatically attaching the vendor’s PDF for quick and easy reference. This seamless integration ensures enhanced transparency and compliance throughout the entire AP process, enabling finance teams to prioritize strategic tasks and provide added value to their organizations.
Gravity users will experience unparalleled ease when handling invoices. The user-friendly interface allows finance teams to review and make any necessary adjustments to the extracted data, ensuring compliance and transparency in the AP process. With just a simple click, precise vouchers are generated, and the vendor’s original PDF invoice is automatically attached for reference.
Key benefits of Gravity’s Accounts Payable Automation with AI technology include:
- Enhanced Accuracy – Microsoft’s Cognitive Services AI engine ensures remarkably accurate data extraction, reducing the risk of errors associated with manual data entry.
- Cost-Effectiveness – By minimizing the need for manual data input or corrections, organizations can significantly reduce labor costs and enhance overall cost-effectiveness.
- Efficiency – The streamlined process enables finance teams to process invoices swiftly, improving overall efficiency and freeing up time for more strategic tasks.
- Transparency – Precise vouchers generated at the click of a button ensure transparency and compliance in the AP process
As a cloud-native accounting software built on the Microsoft Power Platform, Gravity remains at the forefront of technological innovation. Microsoft’s substantial investments in automation and AI, including the recent introductions of Power Virtual Agents and the AI Builder, empower Gravity users to be among the first to benefit from the latest features and automation solutions, enabling them to achieve greater efficiency while staying ahead of the competition.
Gravity’s Accounts Payable automation solution empowers finance teams to concentrate on strategic tasks and business growth initiatives while minimizing the risk of manual errors and ensuring compliance in their AP processes.
These new features are available immediately to Gravity Software users. Additional fees apply for AI-powered invoice processing.
About Gravity Software
Gravity Software is the preferred accounting solution for mid-sized organizations with multiple locations or entities, including family offices, franchises, healthcare, investment, and hospitality companies. More than 3,200 companies in over 30 countries rely on Gravity to manage multi-entity accounting, including more than 350 family office companies. G2 has recognized Gravity as a high performer and a user-friendly solution for several consecutive years. It has also been named among the top 15 accounting software vendors by BusinessSoftware.com and a top accounting solution provider by CFO Tech Outlook.
Name: Valerie Silvani
Title: VP of Sales and Marketing
SOURCE Gravity Software