Automated Invoice Data Entry

Automated data entry from day one. The OCR (optical character recognition) technology extracts the key information from invoices irrespective of the layout. Advanced machine learning technology is applied for improved recognition rates

rtificial Intelligence and Machine Learning

FIS / fci

FIS OCR document reading software (FIS / fci) is a world leading, innovative technology that is used to automatically examine a digital invoice (or other semi-structured document) and extract the required data with minimal or no human intervention.

The technology generates financial and time savings compared to manual data entry and increases data quality prior to importing into SAP or other ERP/Financials software.

Using the technology means more automated data entry and therefore minimises the administrative burden on accounts departments.

The is installed on its own separate server (outside of SAP ERP) and reads the content of documents 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 invoice data automatically in SAP without the need for human intervention (no touch processing).

The solution is also normally enhanced with the FIS email reader and means that there is no need for printing and scanning of invoice attachments.

Reading Invoices 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.
Reporting

Detailed reports illustrate vendor invoice volumes and data extraction rates for specific fields to identify issues with suppliers. FCI report recognition rates

Summary

For organisations who wish to:

Make savings by introducing automated data entry processes and significantly reducing the degree manual tasks.

Improve data quality by introducing automated validation and feasibility checks  against SAP data.

Alternative to:
  • The printing and manually keying in data from a physical document
  • The slow process of data-entry of key invoice data with inherent errors
Key Technologies:
  • 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 reads 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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