Accounting has played a decisive role in trade between people and businesses since ancient times. From the first records on clay tablets and papyrus rolls to modern accounting, the processing of incoming and outgoing invoices is and will remain a part of every business.
Processing invoices is time-consuming
Until now, the collection and further processing of invoices have been significant time and cost factors. Invoices have to be examined, relevant information extracted to initiate the corresponding scheduled payment, documents stored in accordance with applicable archiving regulations, etc. Fortunately, we are on the verge of a technological breakthrough in this area. The way invoices were handled and the workflows used so far are changing drastically.
AI enables clever reading of invoices
Many Companies are amazed to learn how far corresponding AI solutions have already come in capturing invoice details. Invoices can have a very complex structure depending on the industry. Although they often differ in layout and details, modern AI technologies can cope without any problems. Important data like invoice number, issuing company, bank details, etc. is extracted automatically. This is where the wheat is separated from the chaff and real AI solutions show why they go far beyond pure text recognition (OCR). Previous systems often reached their limits as soon as invoices differed in detail e.g. if the account data had different placement or format from earlier, manual intervention was often required. Here, AI shows itself to be “capable of learning” and can cope with different formats after a short time.
Complex accounting processes
Data read and structured with AI can be transferred to other applications and processes within the company. Intelligent workflows can be designed to be optimally integrated into the existing IT architecture and the existing financial and accounting solutions. In this way, considerable added value can be achieved – through intelligent processes from the receipt of an invoice to the final release, based on the individual role and legal structures within the company.