4 reason for automated invoice processing

What is automated invoice processing?

Automated invoice processing is the method that uses software integrated with OCR technology – Optical Character Recognition – to extract invoice information, enter it into businesses’ systems and manage data storage.

Automated invoice processing can cut time and resources by up to 80%. Once being received, invoices will be scanned and their photos will be analyzed by the system. This automatic method of data collecting reduces many hours spent on manual data entry. After that, the software will automatically extract and convert data into electronic documents that are searchable within a few clicks.

FPT.AI Vision solution developed by Smart Cloud Co., Ltd. provides the best OCR technology in Vietnam’s market. FPT.AI Vision can extract information on all types of invoices (electricity bill, water bill, retail bill, etc) in just 0.7 – 2.1 seconds/invoice. The fast, accurate process and the feature that automatically saves information by its type help businesses simplify this essential process.

The automated invoice processing of FPT.AI Vision includes the following steps:

Step 1:  Take a photo of the invoice and upload it to the system

Step 2: Pre-processing: This is the step to filter noise, helping the system to process the image more accurately. For example, if the image is too dark, the image must be brightened and sharpened.

Step 3: Determine the information area (Crop): The system will remove unwanted background of the image. For example, if the invoice is on a table, the system will crop the image to remove the table because excess background can confuse the next steps.

Feature: FPT.AI Vision automatically extracts and digitizes invoices with an accuracy of 98%

Step 4: Identify information area: Determine the area that has information to be extracted

Step 5: Read and classify information: Enter the extracted information into specific places for each type of information as required by businesses.

Step 6: Post-processing: Edit wrong information after the system finishes reading.

The ultimate benefits of automated invoice processing

Speed ​​up the process and minimize processing time

Unlike the traditional method of invoice processing that requires manual data entry, advanced OCR technology helps to carry out the process automatically and takes only 3-5 seconds per invoice. Invoice processing is the first step that is necessary for important steps after it, such as approval, payment, accounting, etc. When the process is automated and the time is minimized to just a few seconds, enterprises can ensure the continuity and speed of the next activities and processes in the business operation model. Also, a speedy process helps businesses to retain the trust of suppliers and business partners, as well as their good impression of the brands, bringing long-term benefits for the relationship with collaborators.

More safe and secure

There is so much complex information on invoices such as tax identification number, account number, invoice number, amount, etc., leading to many mistakes in manual data entry with an error rate of 20%, not to mention the duplication of data such as entering data twice for the same invoice, etc. An uncleaned input can affect all the processes of approvals, payment and accounting following it. Moreover, many people accessing data sources, especially the input, will make the process not secure and safe.

With automated invoice processing applying OCR technology, businesses can reduce errors of data entry by up to 90%, ensure that the data is clean to store and reuse later. The process is completely automated by machine, so the risks related to humans are minimized, ensuring the safety of businesses’ data.

Store and manage invoices more efficiently

The solution to automatic extraction and digitization of invoice information finishes with all information on Cloud storage – the cloud computing environment of businesses. Thus, businesses will no longer see filing cabinets that contain many risks of loss such as fire, mold, etc. The waste of time spent on searching for paper-based invoices will also be resolved completely with OCR technology.

OCR technology allows businesses to store photos and invoice information in digital form on the cloud data storage. Businesses can organize and manage data in groups to ensure consistency and easily reuse data. Unlike the traditional scanning technology that only converts information into photos, OCR technology stores information as digital documents. Thus, employees can easily find information with just a few clicks, and information can be easily synchronized, backed up and restored on Cloud storage. As a result, businesses can reduce the costs of invoice storage, standardize the process of archiving and managing invoices to easily provide information for auditing.

Optimize costs and human resources

OCR technology helps automate completely the process of entering invoice data and optimize the process of finding invoice information, thereby freeing employees from boring repetitive tasks and inefficient processes. High-quality human resources will focus on more specialized tasks, helping to improve productivity and efficiency of business activities.

In addition, by automating the entire process, OCR technology contributes to the reduction of thousands of labor hours, minimizes the number of errors in manual input. Businesses can save a large amount of operating costs while still optimizing productivity.

Besides, the costs of manual invoice processing, such as postage, shipping fees, printing fees, environmental fees, etc., are also minimized thanks to the complete automation and storage of data on digital platforms. Businesses can save a significant amount of costs by applying OCR to invoice processing automation.

Unlike normal OCR technology, the OCR solution of FPT.AI Vision is equipped with Artificial Intelligence, natural language processing technology (NLP) that has the highest level of accuracy in the market, and advanced Machine Learning technology, being able to identify with an accuracy of up to 98%. FPT.AI Vision has a technology that allows the machine to understand and distinguish many special characters, precisely identify confusing words. Moreover, FPT.AI Vision solution is a part of “Make-in-Vietnam” solutions that can accurately extract Vietnamese words and characters, far exceeding solutions from foreign providers, bringing the best solution to Vietnam’s market.

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