Extraction, validation, and verification of invoice data with a purchase order, receipt of the goods, and cost center number is possible by using the izENV. Final data can be pushed back to the ERP system for approval.
Business Need
Automating the invoice process rather than manually handling it is necessary to improve the efficiency of the accounts department. In manual invoice processing, paper-based or digital invoices received via email are processed by accountants. They have to track invoices from receipt to approval at various levels of authority.
Manually extracting data, verifying, and validating using business rules is time-consuming. The invoice data may need to be cross-checked with a purchase order, receipt of the goods, and cost center number. This data then has to be entered manually into ERP systems. Then invoice has to be approved at multiple levels.
This manual invoice processing is tedious, time consuming, and delays payments leading to strained relationships with vendors or suppliers. The invoices automation overcomes delays by processing invoices in minutes.
Solution
Our izINV solution uses AI technologies to extract and validate the data from invoices. This data then validated using business rules by fetching data from ERP systems like purchase order, receipt of the goods, and cost center number. Then final data can be pushed back to ERP system for approval. This automated solution can be assisted by RPA, if required.
The entire integration of izINV with ERP and any other system using APIs.
The izINV can be integrated with the any system using APIs or supported with RPA. The typical touch points are:
1. Online systems or folders to access and read the invoices documents or use APIs to push invoices
2. ERP system for additional information required in data validation
izINV AI Platform Benefits
Scalability
Business growth & Vendor Experience
Accuracy
80 to 99.9% Key Value Extraction Accuracy
TAT
Faster Turn-Around-Time due to higher STP %
Productivity
4x-10x Productivity through Time Saving
izINV Solution Features
Data Extraction
Auto-extraction of data from invoices including Bar Code and QR Code
Data Matching
Matching from invoices with purchase orders, the receipt of the goods, and cost center number
Custom Fields
Customizations of fields to be extracted according to country laws (like taxes)
Identify Sign
Auto-identification of stamps and signatures from documents, if available
API and RPA
Integration using API and RPA with internal systems like ERP to fetch and push the data