Automated Invoice Data Collection
Automated invoice data collection from day one. The OCR (optical character recognition) technology extracts the key information from invoices irrespective of their layout. Advanced machine learning technology is applied for improved recognition rates
Automated invoice data collection using the FIS OCR document reader
The FIS OCR document reading software (FIS / fci) is a world leading, innovative technology that is used to automatically examine a digital invoice (or other financial document) and collect the required key data with minimal or no human intervention.
The technology generates financial and time savings by reducing the manual workload of accounts payable departments. Data quality is also increased prior to importing it into SAP or other ERP/Financials software.
Using the technology results in less data entry and therefore frees up resource for accounts departments.
The technology collects the content of invoices that are captured as a digital scan or are received as an emailed attachment.
The software offers unmatched recognition rates for invoices, extracting both the header and line-item (position) content.
The OCR technology is normally paired with the FIS / edc (invoice monitor) to post a high percentage of invoices automatically into SAP (ECC 6 or S4HANA) without the need for human intervention (no touch processing).
Data collection on day one
The OCR reading software is pre-programmed to identify specific information fields on an invoice and then extract the relevant data within close vicinity. The ‘freeform’ recognition technology automatically finds the invoice data irrespective of invoice design and layout.
- Supplier details and invoice receiver checks are validated against the latest SAP data.
- Invoice financial values are checked for feasibility by checking arithmetic agreement between net, tax and gross values.
- Fuzzy technology compensates for incomplete or inaccurate data or poor quality invoice scans.
- Several OCR engines are utilised to increase data reading accuracy.
- Machine learning, any manual confirmations or checks are stored in an intelligent knowledge base for each vendor to build up a statistical probability of the key data locations.
- Automated data entry means that the cost of processing invoices is reduced and savings are generated by the technology.
Detailed reports illustrate vendor invoice volumes and data extraction rates for specific fields to identify issues with suppliers.
For organisations who wish to
Make savings by introducing automated data entry processes and significantly reducing the workload on accounts departments.
Improve data quality by introducing automated validation and feasibility checks against SAP data.
- The printing and manually keying in data from a physical document
- The slow process of data-entry of invoice data with inherent errors
- Multiple OCR engines - working in agreement
- Automatic recognition of suppliers, company codes and order numbers
- Automatic forwarding of emailed invoices
- Machine learning by storing key invoice data from previous invoice completions
- Freeform recognition, FIS / fci is pre-conditioned out-of-the box to search for key financial document data
- Intelligent knowledge base which stores data co-ordinates for all successfully read invoices and therefore reduces the number of corrections in the future
- FIS / fci collects header and line items automatically
- Contributes to no-touch processing when combined with FIS / edc (invoice monitor)
- Ability to read any semi-structured document such as sales orders, payment advice notes or vendor statements
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