Automated invoice verification
Manual checking of incoming invoices is often time-consuming, error-prone and ties up valuable accounting resources.
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Typical use cases of our AI software
Whether claims, procurement processes or invoice processing – our AI-based IDP platform solves a variety of use cases and helps companies to increase efficiency, increase sales and reduce risks.
Delivery Bills
Can delivery bills also be processed? Yes, that’s no problem. Delivery bills accompany the delivered goods and confirm which items were delivered and in what quantity. They are important for reconciliation with the invoice to ensure that the items delivered match the items invoiced.
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Automated invoice verification offers an efficient solution: by using modern technologies such as Optical Character Recognition (OCR) and Artificial Intelligence (AI), incoming invoices are digitally recorded, checked for accuracy and completeness of the mandatory information and compared with purchase orders. The entire process, from checking to automatic approval, payment and archiving of invoices, is optimized by automated workflows. Companies benefit not only from considerable time savings and a reduction in manual errors, but also from greater transparency, optimized cash flow and improved compliance.
What does invoice verification mean?
Invoice verification is an important part of a company’s financial and accounting processes. It is used to check the accuracy and completeness of incoming invoices before payments are made. Invoice verification is carried out according to both formal and factual criteria.
Formal invoice verification checks whether all legally required details such as invoice number, date and tax rate are correctly stated.
The factual invoice verification ensures that the invoice corresponds to the services rendered or goods delivered and that there are no errors in amounts or contractual agreements. The invoice is only paid once it has been successfully checked and approved. Thorough invoice verification is crucial for avoiding errors in incoming invoices, detecting irregularities at an early stage and preventing potential risks such as fraud. It contributes to financial transparency and efficient expense management and protects the company from financial losses.
In addition, proper invoice verification is necessary to ensure compliance with tax law and regulatory compliance requirements.
What is AI-based automated invoice verification?
AI-based automated invoice verification optimizes accounts payable by using advanced technologies such as AI, machine learning (ML) and OCR. These solutions automate the entire verification process of incoming invoices, reducing manual errors, shortening processing times and relieving employees of time-consuming routine tasks.
Modern software, such as ExB’s IDP platform, automatically extracts invoice data and checks it for accuracy, completeness and compliance with legal requirements. In addition, incoming invoices are automatically compared with the corresponding orders and order confirmations to ensure that all contractual conditions have been met. This means that incorrect invoices or discrepancies can be identified and rejected in real time.
Digital invoice verification not only includes the recording and checking of invoices, but also their approval, posting and archiving, which enables complete automation of financial processes and significantly increases efficiency in accounts payable.
Automating invoice verification: how it works
Automated invoice verification using Intelligent Document Processing (IDP) enables fast, precise and error-free verification of incoming invoices. Intelligent solutions, such as ExB’s IDP platform, combine artificial intelligence and machine learning to automate the entire verification process. Digital invoice verification with IDP comprises the following steps:
- invoice receipt and data extraction: invoices arrive at the company in various formats, e.g. as paper documents, PDF files or EDI formats. Incoming invoices in paper form are scanned and digitized, while digital formats are imported directly. Data is then extracted using OCR to capture text and figures from the digital invoice. With the help of OCR technology, relevant data such as supplier, invoice number, invoice date and amounts are automatically extracted and made available for further invoice processing.
- reconciliation of the invoices: Using AI and ML, the extracted invoice data is analyzed. The software compares the invoice data with the corresponding order and delivery data as well as the contractual agreements. It checks whether the calculated amounts, quantities and prices are correct and match the original orders. Any discrepancies, such as incorrect amounts or missing items, are immediately identified and highlighted.
- automatic approval and release of the invoice: After successful validation, the invoice is transferred to the automated approval process. Predefined workflows are used to automatically decide which invoices can be released directly for payment and which require manual checking by the relevant departments. Error-free invoices are immediately forwarded for payment approval, while deviating or incorrect incoming invoices are forwarded for manual clarification. The automated approval process ensures a fast and error-free check, thus avoiding delays in payment approval.
- payment processing and digital archiving: Once the invoice has been approved, the payment process is automatically triggered to ensure timely payment. At the same time, the invoice is archived digitally, which not only fulfills the legal requirements for documentation, but also enables the invoice to be searched for and managed quickly and efficiently.
Advantages of automated invoice verification
Automated invoice verification offers companies a wide range of benefits that not only save time and money, but also significantly increase process reliability. By using digital invoice verification software, companies can automate their workflows, reduce manual activities and minimize sources of error. Companies that rely on digital invoice verification software solutions gain a sustainable competitive advantage and lay the foundation for future-proof and efficient financial accounting. The key benefits include:
- reduction in error rates: Automated invoice verification enables incoming invoices to be checked quickly and accurately for plausibility, correctness and compliance with legal requirements. The automatic validation of invoice data, such as the comparison with orders and delivery bills, reduces human error and ensures efficient and error-free invoice processing. Digital invoice verification therefore increases the security and accuracy of accounting processes and reduces the risk of double payments or payment delays.
- increased transparency and compliance: Automated invoice verification increases transparency in accounting through complete documentation of all transactions. The integration of compliance rules into automated invoice verification processes also ensures that all incoming invoices are systematically checked for legal requirements and internal guidelines. This automation helps to minimize compliance risks and protects companies from costly errors that could lead to legal problems.
- time efficiency and cost savings: By automating invoice verification, companies can significantly reduce the time spent on manual verification processes and make the entire invoice processing and approval process faster and more efficient. This frees up valuable resources and increases productivity. At the same time, sources of error are minimized and the effort required for corrections is reduced, resulting in considerable savings in the cost of correcting errors. Automated invoice verification systems also ensure faster payment processing by ensuring that payments are made on time and without delays.
Automated invoice verification with ExB
ExB’s IDP software uses IDP to analyze invoices, extract relevant information and automatically match it with your system data. Our AI-based IDP platform compares invoice data with supplier contracts and internal accounting policies, detects discrepancies and immediately informs the responsible employees.
ExB offers a solution for automated invoice verification that is specifically tailored to your company’s needs. Our IDP platform extracts and validates data from all types of invoices, detects discrepancies and automatically highlights errors. The software solution can be seamlessly integrated into existing financial or ERP systems so that the entire invoice verification process runs efficiently and error-free. With ExB, you not only benefit from significant time and cost savings through automated workflows, but also ensure compliance and minimize the risk of financial losses due to manual errors.
Contact us now without obligation or book a free demo to get to know our IDP invoice verification software. Take your accounting processes to a new level with ExB!
Is AI worth it?
Artificial intelligence (AI) is increasingly finding its way into our everyday lives and corresponding solutions will become a natural component of digital change in large companies and German SMEs in the coming years. But is AI also worthwhile for your company?
“Thanks to ExB’s software, we were able to master the challenges of document processing in the logistics sector. The automatic assignment of order documents and the generation of instructions for our employees have significantly simplified and accelerated our processes.”
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“Thanks to the collaboration with ExB, we have been able to tremendously optimize our email processes in conjunction with our procurement system. It is as if we have received a digital extension of our team, working tirelessly and accurately.”
Further information on automated invoice verification with ExB
Explore our comprehensive platform overview, discover the benefits for your industry and expand your knowledge with our informative IDP blog and advice section.
Find out what IDP is, how our platform works and what advantages it offers.
With ExB, you can automate your document processing - no matter what industry your company belongs to.
In our blog, we report on the latest developments and explain exciting trends relating to IDP and AI.
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