itim has introduced Invoice Hub AI, a platform designed to automate accounts payable processes and reduce the need for manual administrative work. The system digitally connects customers with their suppliers, bringing invoice submission, approval, matching, query management and accounting-system transfer into a single workflow.
The launch expands itim’s focus on retail process automation by addressing finance operations that can be labour-intensive, fragmented and vulnerable to delays. By reducing the number of manual stages involved in handling invoices, the platform is intended to lower processing costs while improving consistency across supplier and internal approval procedures.
Suppliers can submit invoices through several routes. They may enter invoice details directly into a portal, email invoices as PDF files or transmit them through electronic data interchange. When a PDF invoice is received, Invoice Hub AI converts it into a digital line-level invoice and uploads the information into the platform automatically. This approach is designed to reduce manual data entry and create a more standardised process regardless of how suppliers choose to submit documents.
Invoice Hub AI also manages non-trade invoices, which are often referred to as goods not for resale invoices. These documents are routed to nominated approvers, who can review and authorise them within the system. Approved invoices are then assigned the appropriate general ledger and cost centre codes. Automating this routing and coding process may help businesses strengthen control over internal approvals while reducing the risk of invoices being delayed or directed to the wrong department.
Employee expenses are handled through a similar digital process. Employees can upload expense claims together with scanned receipts, after which the claims are sent to the relevant approvers. The platform uses artificial intelligence to identify potential VAT recoveries, adding a further control point within the expense-management process.
For trade invoices, or goods for resale invoices, Invoice Hub incorporates itim’s DIDOS invoice-matching solution. The system can approve invoices automatically when they match recorded receipts or fall within a configurable tolerance. Where an invoice does not match, the platform initiates a price or quantity discrepancy process. It can also raise debit notes automatically when suppliers have overcharged.
itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.
