If there’s one thing that’s really useful for accounting, it’s workflow automation technology, including invoice processing. With such software in the system, all steps are greatly simplified, accuracy is increased, work time is reduced, and labor costs are reduced – all good news for modern businesses that are hungry for such solutions!
The technology for automate invoice processing from Smart Soft is extremely adaptable to others company systems, as well as is created for machine learning based on feedback sent by users. The number of invoices can be extremely large and this makes it difficult for the employees in the accounting department to do their jobs well.
Introduction to automatic invoice processing
Manual data entry and extraction can be quite a complex undertaking for a large part of employees in the accounting department who have to manage a large volume of information every day, which is also the reason for making mistakes. these same mistakes amount to financial losses for the companies, but also to the deterioration of party relations.
This, over time, has given rise to the need to use technologies to optimize and rationalize work processes – a great way to improve employee productivity but also to strengthen the company’s positions in conditions of strong competition. The technology for automate invoice processing by Smart Soft helps to achieve accurate accounting which is often a challenging task even for experienced accountants.
Manual processing of documents is an essential prerequisite for the appearance of errors of various types related to the amounts owed, the names of suppliers, names of goods, etc. In order to avoid this problem, it is advisable to rely on a software solution with which the management of a large number of documents will not be a challenging task.
How it works – highlights while performing the steps
When it comes to automating invoice processing it is important to describe the steps that are performed while the technology is in action. They are as follows:
- receiving paper or pdf documents – they can arrive by email, be scanned or enter the system through a special web portal that more and more companies today rely on. Depending on how they do it and their processing is different – digitization of paper documents, extraction of JPEG, TIFF, PNG and GIF formats from e-mail, as well as extraction of documents from web portals;
- optical recognition – optical recognition – OCR is among the key technologies that provide the great opportunity to transform handwritten documents into a digital format so that their data can be easily extracted and then processed. Optical character recognition from Smart Soft is a must-have for modern businesses that are constantly trying to improve workflow and streamline the entire workflow;
- classification of company documents – before proceeding to the processing of any document, it must first be properly classified. Identification is at the heart of this process, because without it, classification cannot be achieved – users can fully rely on technology to automate the process, which Smart Soft offers to the audience;
- data extraction – the main task during this step is to extract information related to supplier names, invoice number, amounts due and other important details relevant to accounting. The technology uses machine learning models, context understanding, cross-format understanding, correction and validation;
- data export – among the available tools for automatic document processing is intelligent export. The process involves redirecting the information to other directories where it will be well-stored. In order to carry out this operation, a connection must be made to the accounting software, the data must be transferred, which can then be exported in a suitable format – XML or CSV.
Steps in automatic invoice processing are several, each of which is key to the execution of the entire process of extracting information and archiving it afterwards. When working with good software like that of Smart Soft, the results will be good – the accuracy in the analysis and archiving of information, and then its export, will be at a level that is of fundamental importance for any business.
Thanks to such intelligent developments, the accounting department will work efficiently and its employees will not have to take on tasks that are overwhelming for them. Smart Soft’ software has taken care of the modern business, offering users a rational solution for dealing with the large volume of documents that are received daily in company structures.
Conclusion
As it became clear earlier, part of the automatic processing of invoices is also the extraction of data which is the basis of the process. This step, along with all the others, make the invoicing process much easier and even enjoyable for company employees. Data extraction is very accurate and the correction of errors at the moment, which improves the form positions, and narrowly – provides companies and their customers with a good professional exchange.