What happens when you sit at your desk and see a stash of invoices in front of you? You’ll be horrified by all the paperwork and the unnecessary effort and time you’ll need to invest. 

But you know what? We’ve found a better way that involves using a simple tool like AlgoDocs that can take that mountain of invoices and turn it into a molehill. The AI-powered software automates invoice processing so you can focus on the work that matters. 

Furthermore, forget about the errors if you’re going with AlgoDocs. Just feed your invoices into the tool and its smart tech does the heavy lifting, extracting key details with ease. Post-accounting campaigns give you clean and organized data that can be exported and integrated with different accounting software packages. Already eager to know the way you can use AlgoDocs in your business or work? Read onward and unravel the secrets to this powerful technology.

What is Invoice Processing Automation?

Invoice processing automation means to instead employ robots or software that can automatically extract data and validate the information in invoices. Instead of employees spending hours manually entering information from invoices into accounting systems, automation handles the bulk of the work.

Following are some of the advantages you’ll get using invoice processing automation:

Reduce Manual Data Entry

With automation, invoices are scanned and then uploaded to the system. Optical character recognition (OCR) technology reads the text on the invoices and extracts the key details like vendor name, amount due, invoice number, line items, totals, etc. The only major task that employees are left with is to review and approve the extracted data. This reduces data entry by up to 80%, resulting in faster processing time and lower costs.

Ensure Accuracy

Automated invoice processing uses validation rules to double-check that the information from invoices is accurate and complete before extracting as Excel, JSON, XML, or even exporting to other software like accounting ones. The software will allow you to modify, update, and format data. This helps avoid errors that could lead to overpaying vendors or messing up your financial records.

Gain Valuable Insights

It allows you to capture and organize all extracted data in one place, which will help you to identify efficiency points, decrease costs, and become more effective in your moves.

Invoice processing automation is a game changer for streamlining accounts payable workflows. 

Scalability

As your business grows, your accounts payable workload will increase exponentially. Now you might need to either increase the employees in your company or change how your system works. Automated invoice processing seems the only right approach that will remain efficient, and the company will be able to keep growing.

Through an automated system such as AlgoDocs for instance, it is easy to process as much as you have invoices a day, without having to increase the staff workload. Such AI-based cloud software is designed to effortlessly deal with the high volumes of and more complex cases.

How Does Automated Invoicing Work?

Before following software like AlgoDocs, it is essential to check through how it operates, otherwise, you risk being left in a confused state following the instructions. The system comprises various state-of-the-art technological platforms working harmoniously to ensure getting the data from invoices is to a very high level of precision. Here’s how it goes:

Optical Character Recognition

Our first step is to upload the electronic version of your documents, i.e. scanned files like PDFs or images. As mentioned above, the AlgoDocs’ advanced optical character recognition (OCR) algorithms convert the image into machine-readable text. It becomes extremely accurate achieving over 99% accuracy.

Natural Language Processing

Moving on to the next step, AlgoDocs uses natural language processing (NLP) to understand the semantic meaning of the invoice text. For example, an itemized invoice may show the date, amount due, line top, taxes, and so on. Through NLP, the system can decode complex ideas like abbreviations, synonyms, and various ways of expressing the same thought. AI has been taught on many invoices amounting to millions, thereby it is equipped with a wide spectrum of information for making its decisions.

Pattern Matching

In addition to understanding the text, AlgoDocs matches the layout and patterns found on the invoice to templates in its knowledge base. It includes handwritten text, tables, and their info, for example, dates, totals, line items, and company info. It’s highly useful especially when the human eye can’t identify what’s written on the paper.

Integration and Posting

Once AlgoDocs has extracted and validated the invoice data, it seamlessly integrates with your accounting software, ERP platform, or is simply downloaded as Excel, JSON, or XML. 

Secure & Compliant

AlgoDocs is based on a cloud platform with a top-rate security level. Sustaining the best standards in data security and compliance policy such as ISO 27001 (Information Security Management System) and ISO 9001 (Quality Management System) achieve certifications and GDPR-ready. Your data is encrypted end-to-end and access is permission based on user roles.

Through AlgoDocs, you obtain an AI-based overall, end-to-end invoicing automation solution ranging from capturing to payment. AlgoDocs will help you optimize your business, plus it is your buddy that you can trust, who never reveals any information.

Final Thoughts

In summary, AlgoDocs can change your invoicing process, and in this era of AI technology, it significantly outperforms other methods. Hence, you will get rid of entering data manually, and instead, you can concentrate on other aspects of your work that you do like.

Why not let yourself be carried away by the AI? Sign up now for a forever free package and see how AlgoDocs could be the future of AI-based document management systems. In less than a few clicks, you would cut down this tedious task and will be able to recover your evenings and weekends. 

Leave a Reply

Your email address will not be published. Required fields are marked *