Invoice Processing has traditionally been one of the top manual time and cost consuming jobs in any organization. Every day, invoices worth billions are processed and accounts payable is one process which mid to large size companies cannot avoid. Additionally, one has to go through each and every email, download invoices, verify and extract the data manually and finally, process it for payments.
With processes becoming more digital, the need to automate invoice processing has become crucial to improve accounting, scale to a higher volume, error prone processing and to maintain vendor relationship.
Innominds’ invoice processor is a solution offering which caters to this problem and can be applied to any invoice, trained and processed. It is a four-step process wherein the invoice is read from a data source, validated, data extracted and output stored/exported for payment processing.
Figure 1: Four Stages of Invoice Processing
The invoices can be read from multiple sources like an email, SFTP, web portal, mobile application, fax, API and the invoice format can be a PDF/DOC/JPEG/PNG/XLS/CSV. These invoices can be processed in real time as they are received or can be collected and processed in a batch.
The received files are classified into the category they belong, and are validated for the format and business rules before being passed to data extraction. This layer is important to detect and reject non-compliant and duplicate invoices to ensure secure processing.
Once the invoice is validated, the data is extracted using Pattern Recognition, Machine Learning and Image Analysis. The extracted data will be checked for any anomalies or errors.
Anomaly detection is an important feature offering wherein it highlights suspicious invoices. For instance, the invoice amount from a certain vendor can be higher than the normal amount or some new items are invoiced against the regular inventory from certain vendor. Such anomalies are flagged and presented to the user for manual review before processing.
Post processing, the extracted data can be exported to storage or integrated with any third party APIs like SAP and Oracle for further processing.
Figure 2: Invoice Processing Steps
In addition, the solution has an Admin and an Analytics portal.
Admin portal comes with a pre-defined set of fields for various invoices which can be configured while setting up the processor. Also, a re-training feature is available, which enables the processor to detect and re-train when there are any format changes in the invoices.
Analytics portal gives a view of the invoices processed apart from analytics, which compares/ categorizes various invoices processed.
Figure 3: Feature Offerings of Admin and Analytics Portal
Overall, digitalizing of invoice processing is essential in any organization in order to set up an error free process, going paperless, and reducing the cost/time of the payable teams.
Key Features of Innominds Invoice Processor
- Easy set up and training of invoices with predefined libraries
- Validation and classification of invoices received
- Anomaly detection to flag suspicious invoices
- Supports various data sources and formats
- Easy to integrate with any accounting third party systems
- Analytics portal to showcase the metrics on various invoices processed
- Vendor Analytics to compare various invoices between vendors
Have we got your attention! To know and explore more about Innominds' Invoice Processor Solution, please click on the URL: https://youtu.be/Xu8GNmiu0MY
Innominds is a leading Digital Transformation and Product Engineering company headquartered in San Jose, CA. It offers co-creation services to enterprises for building solutions utilizing digital technologies focused on Devices, Apps, and Analytics. Innominds builds better outcomes securely for its clients through reliable advanced technologies like IoT, Blockchain, Big Data, Artificial Intelligence, DevOps and Enterprise Mobility among others. From idea to commercialization, we strive to build convergent solutions that help our clients grow their business and realize their market vision.
To know more about our Invoice Processer Solution offerings, please write to firstname.lastname@example.org