How Nu-Pie’s ML based Invoice processing tool is helping businesses improve efficiency.
The Future of job reports say that data entry as a job profile is going to be redundant.
All companies need cash flow for their survival. Hence careful planning of that cash flow will lead to efficient management of cash. A planned cash flow will ensure adequate working capital in the company. Hence it is imperative to keep the cash flow adequate to keep the liquidity going for the concern. ML based automated invoice processing tool helps the company to streamline and reduce the time spent in payables. It restructures the accounts payables process by reducing time and errors involved in the processing of invoices. It helps the company to monitor their expenses. If invoices are not paid on time, suppliers hesitate to cooperate which will stagger the pace of production. This in turn would affect the goodwill of the firm. Also, it is very useful invoice management software for small businesses.
The invoice processing system is a tool by which invoices received by the company are loaded into the system and ends with final payment being made to the supplier. So how does Automation of Invoice processing using Machine Learning help a company eventually?
1. Improving Efficiency & Reducing costs in operations – Human error is more or less negated when invoice processing is automated. Manual data entry is prone to errors and slip up can be greatly reduced with automated invoice processing. Moreover, manual invoice processing involves several man hours for entering the information in the invoice into the system, manually storing and filing of documents. Automated invoice processing will lead to an overall increase in efficiency of the company by automating data extraction, secured storage and retrieval. Further, this time saved will also help the company in avoiding late fees levied by supplier and keep their operations smooth and running.
2. Fraud prevention – Invoice fraud is the most common fraud. Fake invoices, duplicate invoices etc are what seasoned fraudsters rely on. Having an automated invoice processing tool helps in early detection of red flags automatically. This will definitely help in protecting companies from irrevocable reputation and monetary damage.
3. Easier reporting – Reporting of information is as important as fraud prevention. Reporting facilitates decision making. As data relating to business operations are clearly available under one umbrella, frequent and comprehensive reporting becomes an easier and faster task.
4. Integrated systems – An automated invoice processing system integrated with the existing systems can save time and effort as information from the invoices are extracted automatically, invoices are stored securely within the system, matching against a particular purchase order and delivery note and then subsequently included in the payment run for processing.
At Nu-pie, our proprietary best ML based automated Invoice processing tool helps in reducing manual efforts by almost 86% and makes invoice processing a breeze. The whole process of is completed in less than a minute. Following are the more detailed steps which in our automated tool.
1. It starts with the scanned invoice getting uploaded into our invoice processing tool.
2. The scanned image goes through 3 step process – thresholding, grey scaling and filtering noise to increase the sharpness and contrast. This enables the system to recognise the characters from an enhanced image.
3. Our proprietary ML based algorithm then checks the image and identifies tables and columns. From these tables and columns, the key and variables are extracted. Our invoice processing tool learns the combinations of keys on a real time basis thereby having a constant improvement in the prediction.
4. The keys are then matched to the relevant and required data points in the system and updated into the system immediately.
5. The user will be able to view the invoice side by side with the extracted data to facilitate easier review and approval.
If you think nobody cares about if you’re alive, try missing a few payments – Earl Wilson
Author: Mark John; Co-author: Benila Jacob