What is our Invoice Processing
Our AI system is being programmed to read and comprehend invoices at a human level while also performing the same tasks several times faster than a person. A few seconds or minutes of computer processing time can replace hundreds of hours of laborious effort thanks to the neural network's ability to recognise and process invoices. OCR extracts data from documents intelligently when used for scanning and processing invoices.
At a human level, our AI technology does read and comprehend an invoice. It is programmed to complete the same task a great deal faster than a person. The neural network can process invoices and recognise them, cutting the processing time down from hundreds of hours of laborious effort to only a few seconds or minutes. OCR intelligently extracts data from documents used for scanning and processing invoices.
Technology
When a scanned document or image file is received through email, Google Drive, or Dropbox, our optical character recognition (OCR) technology automates the data extraction from printed or written invoice. Invoices can also be handled by integrating Saleforce, Xero, MyOB, and Quickbook. After the invoices are scanned, the text is transformed into a machine-readable format so that it may be used for data processing.
With the help of our optical character recognition (OCR) technology, we can automatically extract data from printed or handwritten invoices from scanned documents or image files that we receive by email, Google Drive, or Dropbox. The text on the invoices is then converted into a machine-readable format for use in data processing after they have been scanned.
Use Case
Developed differently for various stakeholders, care commerce is a mobile application i.e. aged care people can book a service for them through the application. Once the service is provided to the aged care person by the supplier, Aged care supplier can upload their invoices for payment settlement and can also list the services on the care commerce application. Aged care suppliers have a variety of options for submitting invoices, including emailing them by Dropbox, email, or the system.
Once the invoices are uploaded, the care commerce platform helps aged care providers to fully automate the analysis and validation of invoices, claim resolution, and claim settlement processes. Through care commerce, providers can see the actual situation of the entire claim process. Aged care providers will be informed if their claim has been granted or refused by the government and will then be paid. If the claim is approved, after receiving the payment, care commerce will examine the payment account and distribute the funds to suppliers and providers in accordance with the policies established by the systems' providers. If the claim amount is less than the service amount, care commerce will automatically check the claim amount and ask the customer to pay the provider on their behalf. Aged care people have the ability to validate an invoice or reject specific invoices and services.
Value to the business
01
Usually a business works with numerous vendors and numerous invoices on a daily basis. Because invoices might be received in a variety of formats, including hard copies,scanned PDFs, word processing files, etc., the issue is made tougher. Managing these many invoice formats, received at various times and frequently by different employees,becomes difficult. Missed invoices result in penalties for late payments, damaged vendor relationships, operational delays, and audit-related problems.
02
Important information on an invoice includes corporate IDs, tax data, the service or product that was provided, the price, the delivery status, etc. When invoices come in different forms, it is difficult, if not impossible, to verify that they have all the necessary information. Some errors that are simple to overlook include utilising the incorrect client's name, failing to accurately itemise products and services, and failing to disclose discounts or penalty costs.
03
Especially if there are numerous stakeholders participating in the process, it is frequently impossible to determine the present status of an invoice inside its processing schema. Where is it? Who gave their approval? What more is required? When will the money be transferred? Due to a lack of transparency, these queries frequently surface.
04
A business may receive numerous invoices each day from various vendors. The invoice processing team places each invoice in the routing queue after performing a preliminary inspection. Routing an invoice incorrectly is a possibility for even the most proficient specialist. An incorrect routing of an invoice causes it to go through extra procedures, wasting time and labour.
Challenges of manual claim processing
01
Increase process efficiency by making decisions more quickly, which will boost effectiveness. Our technologies automate the consumption of content, such as document ingestion, optical character recognition, and signature verification tools. Thus, with the combination of these technologies, all procedures are completed in a matter of seconds.
02
Automation of invoice processing eliminates the effects of human error. The monitoring and tracking procedures are enhanced as a result. Correct tracking increases the transparency of the claim process as a whole. Aged care providers can make well-informed choices on how to offer the best services to clients.
03
By integrating hyper-automation technologies with newly developed operational procedures, our system will reduce operational costs by 30%. In a digital-first world, the move towards hyper-automation will be a crucial component for businesses to achieve operational excellence and, as a result, cost savings.
04
By adding checks throughout the procedure and enhancing visibility, automating invoice approval workflows helps eradicate fraud. During automation, irregularities can be automatically identified. Internal and external frauds, as well as the resulting losses, can be avoided using electronic signature verification.
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