In today's fast-paced business environment, invoice capture, extraction, reconciliation and manual entry into ERP are critical processes for companies of all sizes. It involves the identification and extraction of key information from invoices, such as vendor name, invoice number, date, and amount, and the transfer of this data into a digital format for processing and analysis. Manual invoice processing can be time-consuming, error-prone, and costly, which is why more and more businesses are turning to automated solutions to streamline the process. One such solution is Kanverse.ai, a leading provider of offering that enables end to end automation from invoice capture, extraction, reconciliation to publishing into ERP services.
What is Invoice Capture and Extraction ?
Invoice capture and extraction is the process of identifying and extracting relevant information from invoices, such as vendor name, invoice number, date, and amount, and converting this data into a digital format for processing and analysis. The process typically involves scanning paper invoices or electronically receiving invoices in a digital format, such as PDF or XML, and then using software to extract the key data fields. Once the data has been extracted, it is then transferred to a digital format, such as a spreadsheet or accounting software, for further processing and analysis.
Why is Invoice Capture and Extraction Important?
In today's fast-paced business environment, companies need to be able to process invoices quickly and accurately to maintain their competitive edge. Manual invoice processing is time-consuming and error-prone, which can lead to delays, errors, and increased costs. By automating the invoice extraction and capture process, companies can streamline their accounts payable workflows, reduce errors, and improve efficiency. This not only saves time and money but also helps to improve overall business performance.
How Does Kanverse.ai Help with Invoice Capture and Extraction?
Kanverse.ai provides best in class invoice capture and extractionservices that use advanced AI/Machine learning algorithms to extract data from invoices quickly and accurately. Their platform offers a range of features and benefits that help businesses streamline their invoice processing workflows, reduce errors, and improve efficiency.
Advanced AI/Machine Learning Algorithms
- Kanverse.ai uses advanced patented AI based multi-stage engine to extract key data fields from invoices quickly and accurately. The platform is trained on large datasets of invoices, which enables it to recognize patterns and extract data fields with a high degree of accuracy of up to 99.5% extraction accuracy. This reduces the need for manual intervention, which helps speed up the invoice processing workflow and reduce errors.
Automated Data Extraction
- Kanverse automates the data extraction process, which saves time and reduces errors. The platform can extract key data fields such as vendor name, invoice number, date, and amount, and transfer this data into a digital format for further processing and analysis. This helps businesses to streamline their invoice processing workflows, reduce manual intervention, and improve overall efficiency.
Faster Processing (From weeks and days to just seconds):
- With Kanverse.ai's advanced artificial intelligence algorithms, invoice data capture and extraction can be completed quickly, which helps businesses process invoices faster. This enables businesses to pay their invoices on time, avoid late fees, avail themselves of early payment discounts and maintain good relationships with their vendors. Kanverse.ai has successfully helped many companies process a large volume of invoices within seconds, which used to take weeks and months.
Improved Accuracy (with up to 99.5% extraction accuracy guaranteed):
- Kanverse.ai uses advanced machine learning algorithms to extract data from invoices with a high degree of accuracy. This reduces the need for manual intervention, which helps to improve accuracy and reduce errors. This is particularly important for businesses that process a large volume of invoices, as errors can be costly and time-consuming to correct.
Customizable Workflows and Approvals:
- Kanverse.ai offers customizable workflows, which enables businesses to tailor the invoice processing workflow to their specific needs. For example, Kanverse provides multi-hierarchy-based approval workflows for invoices being processed. This helps to improve efficiency and reduce errors by automating manual processes and streamlining the workflow.
Automated validation and filing in Existing Systems:
- Kanverse.ai can integrate with a range of existing systems, including accounting software, enterprise resource planning (ERP) systems, and document management systems. Kanverse validates the extracted data with pre-fetched data from existing systems using a business rules engine. This enables businesses to seamlessly validate the extracted data and integrate their invoice processing workflows with their existing systems, which helps to improve overall efficiency and reduce errors.
- By automating the invoice capture and extraction process, businesses can save time and reduce costs associated with manual intervention. This can also help to reduce errors, which can be costly and time-consuming to correct. Additionally, businesses can take advantage of early payment discounts by processing invoices faster, which can help to save money over time.
Compliance and Security:
- Kanverse is compliant with a range of industry standards, including SOC2, GDPR and ISO 27001. Kanverse.ai also provides a role-based access-controlled mechanism for protecting sensitive PII data in the documents. So sensitive data is redacted and is made visible to only certain roles as defined by the customer. Kanverse also uses advanced security measures to protect sensitive data, such as encryption and multi-factor authentication. This helps to ensure that businesses can trust Kanverse.ai with their sensitive data.
Kanverse.ai AP Invoice Automation product can help businesses streamline their invoice capture and extraction processes by automating key data extraction fields, improving accuracy, customizing workflows, integrating with existing systems, saving costs, and providing compliance and security. These benefits can help businesses to process invoices faster, reduce errors, and improve overall efficiency, which can have a positive impact on their bottom line.