Introducing Smart Extract: Revolutionizing Canopy’s A/P Invoice Processing with AI

Managing accounts payable (A/P) invoices in Canopy just got faster, smarter, and more efficient with the launch of our new Smart Extract module. Powered by advanced AI, Smart Extract automates the processing of vendor invoices and related documents, eliminating tedious manual data entry and adapting seamlessly to diverse document formats. Here’s how it transforms your A/P workflow: 

• AI-Driven Data Extraction: Smart Extract uses AI to identify and extract key data—vendor codes, names, reference numbers, invoice dates, purchase order numbers, receipt totals, invoice totals, and gross amounts—without the need for predefined templates or manual mapping. 
• Intelligent Three-Way Matching: It ensures accuracy by aligning vendor invoices with corresponding purchase orders and inventory receipts, streamlining verification. 
• Automated Workflow: Extracted data is automatically entered into Canopy’s database, allowing easy creation of A/P invoice batch entries and supporting General Ledger postings. It also integrates with Canopy’s Document Imaging module and allows storage of additional documents like receipt reports, shipping manifests, and bills of lading. 
• Error Detection and User Control: Smart Extract flags duplicate invoice numbers, filters out irrelevant data, and provides alerts for discrepancies. Users can review and edit data in an intuitive entry grid and document viewer before final posting. 
• Versatile and Efficient: The module supports multiple document formats (PDF, TIF, PNG, JPG), processes multi-page documents, and handles service vendors without purchase orders. It also accommodates centralized billing for related vendors and offers scheduled tasks for hands-off processing. 

Why Smart Extract is a Game-Changer for companies using Canopy 

Food distribution and manufacturing businesses often deal with high volumes of invoices from diverse vendors, each with unique layouts and formats. Manually processing these documents is time-consuming and prone to errors, slowing down operations and straining vendor relationships. Smart Extract addresses these challenges head-on, delivering unmatched efficiency and accuracy. 

Key Benefits 

• Drastic Time Savings: Initial beta testers have reported reducing A/P invoice entry time by up to 70%, freeing up staff to focus on higher-value tasks. 
• Cost Reduction: By eliminating manual data entry, Smart Extract significantly lowers labor expenses. 
• Improved Accuracy: AI-powered matching and discrepancy alerts ensure precise data processing, reducing costly errors. 
• Faster Turnaround: Automated workflows speed up invoice processing, enabling quicker payments and stronger vendor relationships. 
• Adaptability: Smart Extract effortlessly handles varying document layouts, multi-page files, and even service vendors, making it ideal for the dynamic needs of food distributors and manufacturers. 

Seamless Integration with Canopy 

Designed specifically for Canopy users, Smart Extract integrates fully with the A/P and Document Imaging modules (Document Imaging is not required to use Smart Extract), ensuring a smooth and cohesive experience. Whether you’re processing invoices, credit memos, or related documents like receiving reports, Smart Extract streamlines the entire process while maintaining the robust functionality Canopy users rely on. 

Get Started with Smart Extract 

Ready to transform your A/P invoice processing? Smart Extract is now available for Canopy users, offering a smarter, faster, and more cost-effective way to manage vendor invoices.  

Contact Aspen Systems at sales@aspen-systems.com or call 1-800-767-1970 to schedule a Smart Extract demo and discover how it can save time, cut costs, and boost efficiency for your business.