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Stop wasting money on manual invoice processing – automate with AI OCR

Bills processing is a key component of accounts payable and invoice workflow in any organization. Yet manual processes hinder employees from quickly capturing statements data and accurately processing invoices. According to a study by research firm Ardent Partners, the biggest challenge facing accounts payable in 2022 is that invoice approvals take too long. This study looking at customer relationships underscores that: at 84.4%, suppliers place the highest value on payment processing being quick and smooth. Automate the invoice processing with AI OCR could change the way!

Indeed, only with accounts payable software using AI is an invoice processing workflow possible for companies, which relieves employees. This not only improves customer relationships, but also operational efficiency.

Contents

1. The problems of manual invoice processing

– Slow incoming bills capturing
– Risks due to error-proneness
– No timely payments

2. Automate your invoice capturing with Intelligent Document Processing

3. 5 reasons why Parashift IDP platform is the right solution for your AP invoice automation

– Cloud solution for invoice OCR
– Fully GDPR compliant cloud platform
– Unique Document Swarm Learning technology
– Configure individual fields on invoices with one click
– Optional: full validation for invoices

4. Parashift IDP: Excellent for your bills and hundreds of other business documents


Whitepaper

1. The problems of manual invoice processing

Every process in the company has its own challenges. Accounts payable invoice processing is no different. Invoices in digital and paper form, in structured or in unstructured form lead to various complications in capturing and processing. Chances are, if you’ve already integrated an invoice automation solution, it’s either not working well or not working at all. What often remains is manual invoice data entry into an ERP system by employees. A decrease in operational efficiency is the logical consequence of this.

Slow incoming invoice process

So the main problem without powerful bills scanning and data capture is that your employees have to manually check data from invoices and type it into an ERP system. The entire AP process becomes very slow and requires vast amounts of resources, usually in the form of additional employees.

Slow AP process = higher additional costs

Risks due to error-proneness

Another key problem with manually entering data from bills into ERP systems is that it is highly prone to error. People become inherently inaccurate after typing in dozens of invoices. The error-proneness leads to high risks and costly corrections.

More manual touch points = higher risk for inaccuracies and errors in invoice capturing

No timely payments

The slow processing times inevitably lead to delays in accounts payable. This creates the problem of payments not being made on time. Not only does this mean that cash discounts are not benefited from, but also that expensive interest on late payments is incurred which causes the supplier relationship to suffer.

No timely payments = cash discount is not used

2. Automate your invoice capturing with Intelligent Document Processing

The problems of manual bills processing are pervasive and integrating an invoice data capture software is imperative for your company. There are several providers for invoice processing automation on the market. The question of which solution is the best software for automated bills processing quickly becomes redundant given the advantages of AI OCR, also known as Intelligent Document Processing (IDP).

IDP combines various AI technologies such as machine learning, deep learning, natural language processing and computer vision. The IDP solution automatically captures data from invoices with different document layouts. It passes this data, again automatically, into systems such as SAP, Oracle Netsuite, Microsoft Dynamics and Sage.

In contrast to conventional bills processing OCR, IDP thus offers significantly more flexibility in the capture of invoices. Regardless of whether they arrive at your company in structured, semi-structured or completely unstructured form, IDP is also able to learn based on data and thus automatically improve itself on an ongoing basis.

Intelligent Document Processing combines comprehensive AI technologies that understand the context from documents. By automatically processing structured, semi-structured, and unstructured documents, it enables organizations to achieve end-to-end automation.

View of the UI: This is how easy it is to use the Parashift IDP platform

3. 5 reasons why Parashift platform is the right solution for your AP invoice automation

Intelligent Document Processing is the solution for your automated invoice processing. However, not all IDP is the same. Bills data capture software vary widely in terms of capabilities and features. Parashift platform leverages invoice capture with AI to make sense of the data it collects and deliver the best possible invoice processing extraction performance.

In the following, we will go over the immense benefits and unique features of Parashift IDP platform for your automated invoice processing:

1- Cloud solution for invoice OCR

The Parashift platform is a cloud-first solution because cloud infrastructure is the most reliable medium. Thus, you benefit from a globally scalable solution that comes with the highest level of security thanks to the continuous software improvements. Your company will be spared from long project work when it comes to document enhancements and extraction performance improvements thanks to the cloud-first approach.

In addition, the successful application of powerful AI technologies relies heavily on a constant and seamless flow of communication between users and servers, for which a cloud solution is the only option.

2- Fully GDPR compliant cloud platform

Parashift’s modern cloud infrastructure is fully GDPR compliant, making it safe for companies in any industry and anywhere in the world. ISO27001 and HIPAA compliant data centers make Parashift a secure provider for invoice data capture software. You can find more information regarding security and compliance here.

3- Unique Document Swarm Learning technology

At the core of the Parashift IDP platform lies proprietary Document Swarm Learning technology. This novel approach to solving document extraction is the first of its kind on the market. Through cutting-edge AI technologies for capturing, classifying and extracting unstructured documents such as invoices, combined with the cloud-first approach, global AI training is achieved across all customers and across billions of data points.

It also opens up the possibility of cost and effort sharing with all other users of the IDP platform, thanks to the innovative approach. AI OCR technological advances are continuously achieved through all documents processed in the cloud and immediately shared with all customers in the network. Platform-wide learning creates three main benefits for your automated invoice processing software:

  • Highest recognition rates for completely unknown bills with a variety of different document layouts (whether structured or completely unstructured).
  • AI OCR is continuously improving with incoming invoice processing from all customers.
  • More training data generates better and better invoice automation OCR.

4- Configure individual fields on bills with one click

The Parashift IDP platform is built strictly according to the no-code principle. This means that your employees don’t need to have any programming skills to use the platform. If you have invoices where you want to configure individual fields, you do it directly on the platform and with a few clicks.

5- Optional: full validation for invoices

If you want to free your accounting teams from not only all manual bills processing work, but also any validation of invoice data, Parashift offers the option of full validation. This allows you to obtain fully validated bills data via the API through a Parashift BPO partner. This ensures 100% elimination of all manual work and straight-through processing (STP) for your invoice processing workflow.

Overview: benefits of integrating Parashift platform as your accounts payable software:

  • Deploy highly skilled employees to more important work: With the Parashift IDP solution, you free your highly skilled employees from tedious and error-prone typing of invoice data and instead deploy them to more important work.
  • Easy to use platform: Configure custom fields for your invoices with one click directly on the platform. Thanks to no-code without you needing to be IT savvy to do it.
  • Document Swarm Learning: The unique Document Swarm Learning technology achieves maximum learning synergies across all invoices and other documents. In numbers, this means 15x faster and 30x better results for your automated invoice processing.
  • Maximum flexibility and agility: Invoice data capture software in the cloud brings you maximum flexibility and agility in scaling your requirements.
  • Minimal time-to-solution: Easily integrate the Parashift IDP platform with any of your desired third-party systems. Or alternatively, into your own application via the modern REST API.
  • Always transparent cost of ownership: No hidden fees and no annual maintenance costs – you only pay for what you use.

Companies that make the Parashift IDP platform their strategic hub for invoice processing and everything else related to document extraction significantly accelerate their end-to-end automation efforts.

4. Parashift IDP: Excellent for your invoices and hundreds of other business documents

Parashift is not only an excellent solution for your automated bills processing, but is also well suited for the automated processing of hundreds of other business documents. These include purchase orderspension fund statementsdelivery bills and many more. So don’t hesitate to tell us about your automation project; we’ll be happy to help.

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