Finance & accounting departments of organizations need to focus on data analysis, budget forecasting to help business growth rather than working on high-touch, time consuming and hence costly task of manual processing of invoices and receipts to identify cases which need intervention.
Business Need
- In finance & accounting department of organizations from different industries, over 50 percent of invoices are still received via email and get printed.
- Over 45% organizations rely on manual processing for an approval.
- Manual invoice processing results in higher operational cost.
- Rework results in a longer time for processing, payment of invoices and poor visibility to the stakeholders.
- In a semi-automated approach, where templates are used, new template is required for every new invoice format. With more number of vendors, the template based approach becomes unmanageable and costly.
- Processing of low resolution documents, multi-lingual invoices as well as handwritten reimbursement bills / receipts adds to the variations and the challenges. Cycle time to process the payment also increases.
Solutions
Using artificial intelligence (AI) technologies such as machine learning, neural networks, and natural language processing, izDOX AI Platform invoice processing solution automates classification, field extraction, and validation of data, delivering / integrating it to organizations’ workflow / ERP and accounting systems to provide an end-to-end accounts payable solution. AI platform can also process other documents such as purchase orders, receipts, and bill of lading and so on.
izDOX AI platform provides end to end solution
- Picks up the native & scanned PDFs and images automatically by job processing engine
- Auto identification of invoices in printed and handwritten forms.
- Auto extraction of details from invoices
- Auto validation / corrections, wherever required
- Verification
- Automation by Straight Through Processing (STP), wherever possible
- Quick manual verification by a verifier, for the remaining invoices
- Auto integration with the core business system like ERP, accounting system.
Benefits
- Reduces invoice processing time to minutes.
- Eliminates human errors by over 30% and get high accuracy.
- Improve processing efficiency and go no-go decision making.
- End to end solution with integration with workflow / ERP / accounting systems.