Springbrook Adds AI Tool for Invoicing to ERP Platform

Springbrook Software added an artificial intelligence tool for invoicing to its Cirrus enterprise resource planning (ERP) platform for local governments.

The new AI tool eliminates the burden of manual invoice processing, which is a source of inefficiencies for municipalities, the company said in a Tuesday (Jan. 21) press release.

“Springbrook’s goal is to eliminate the burden of manual processing by developing innovative, secure and easy-to-use tools,” Springbrook Software CEO Robert Bonavito said in the release.

The company’s AI Document Reader automatically reads and processes invoices uploaded by users, according to the release.

It extracts critical information, creates invoice records in Cirrus, links invoices to the appropriate vendor records, and, after selecting the applicable general ledger (GL) account for payment, manages all tasks, such as attaching scanned invoices to records, the release said.

The invoices are not stored for model training, so customer data remains private and secure, per the release.

“We are thrilled to offer a solution that significantly reduces administrative workload, enabling our customers to focus on delivering critical services to their communities,” Bonavito said in the release.

Small local governments tend to prioritize timely payments to their suppliers because many of those suppliers have personal relationships with city personnel, Mark McClenahan, who was payments manager at Springbrook at the time, told PYMNTS in an interview posted in January 2020.

“As a mayor, I might go to the same church as the sand supplier for my icy roads,” McClenahan said. “If I have a terms code of net 30, I’m going to make sure I pay the guy I go to church with by net 30.”

Business leaders are turning to AI as a solution for their accounts payable (AP) cycles, according to the PYMNTS Intelligence report “Automating Accounts Payable for Cost Savings.”

The report found that 78% of chief financial officers said the integration of AI into their AP processes is important, 73% said it contributes to overall savings and growth, and 85% said it leads to more accurate and efficient processes.

The advantages of automating AP processes include reducing the risks associated with fraud, gaining cost savings and improved cash flow management, and seeing enhanced data analytics capabilities, according to the report.

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