Digital Invoice Processing
Digital invoice processing enables companies to increase efficiency in accounting, accelerate processing time and minimise errors. To achieve this, a large proportion of the otherwise manual, repetitive processing steps are carried out digitally with the help of AI.
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In 99 seconds, we explain the benefits of AI-powered document processing, how our IDP technology works, the different solutions we offer and the types of documents we can process.
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.
Your benefits with AI solutions from ExB
Convincing figures: These four advantages clearly show how our IDP platform improves your company.
A fully digital invoice processing with AI includes the following steps:
- information recognition: Incoming invoices are automatically checked for relevant information. This includes the invoice number, the invoice amount and the detailed service or delivery data. An IDP platform can structure the data from very different types of invoices and make it available for further processing.
- Invoice verification: This is also done automatically as part of the digital invoice processing. To do this, the software compares the invoice data with the order. To ensure a smooth comparison, the software solution has interfaces to relevant levels, for example to the ERP system.
- Clearance: The final step in the digital invoice processing is the approval. If all the checks have been passed, the payment is approved automatically.
Manual checks only for errors
Ideally, invoice processing with AI support should require no manual intervention. This means that the entire process, from invoice receipt to payment approval, should work without the intervention of a human employee. Only when the software detects errors, for example, discrepancies between the order and the delivery, does the affected invoice go to manual processing for more detailed checking. This relieves the accounting department of recurring tasks and saves valuable resources. As a result, the department is significantly more productive with the same staffing levels.
The advantages of digital invoice processing
Digitally processing invoices significantly increases efficiency in companies. However, this is not the only reason for implementing it. Overall, there are a number of advantages:
- Security: Invoice processing is one of the processes with a high error rate, not least because of the repetitive nature of the work. Modern digital processing with AI avoids this source of error and has its own verification instances so that only correct invoices are released.
- Speed: Digital processing of incoming invoices is carried out by software in seconds. This helps companies avoid problems such as late payments, while also meeting important deadlines, such as cash discount periods.
- Cost savings: The alternative to digital invoice processing is manual payment approval. This involves a large number of working hours that can be saved or used elsewhere.
- No shortage of skilled workers: Digital invoice processing is also a sensible strategy for dealing with a shortage of skilled workers in accounting. The significant reduction in workload makes it possible to handle the same or a higher volume with fewer staff.
The technology behind digital invoice processing
From the moment an invoice is received to the moment payment is approved, the entire invoice processing procedure can be carried out digitally. To make this possible, various AI-supported work steps are interlinked. One of the central functions of ExB’s IDP platform is optical character recognition (OCR), which automatically reads the invoice. This means that both paper-based and digital invoices can be processed.
The next step is to analyse the content. In this context, the software uses AI to check relevant data such as the delivery quantity specified in the invoice. The connection to the CRM or ERP system makes it possible to automatically compare this data. Content recognition and machine learning methods are used for this. This makes it possible to digitally map even complex invoice verification processes.
Cross-industry invoice processing
ExB’s digital invoice processing is optimised for a wide range of industries. To achieve this, the software solution considers specific challenges, such as those in the healthcare industry. ExB’s IDP platform is suitable for all medical institutions. In addition to saving time, digital invoice processing significantly improves documentation quality.
The manufacturing industry can also benefit from digital invoice processing: in addition to invoices, other documents can be processed with the software in industry, including delivery notes and quality assurance forms. In logistics, on the other hand, fast and efficient processes are particularly important, also in terms of gaining a competitive advantage. Similar advantages arise in retail. Many incoming invoices are generated here. Digital capture, analysis and verification significantly optimise workflows.
Banks, on the other hand, have special requirements for data security and accuracy, both of which can be improved with digital invoice processing. The system is integrated into the existing IT architecture as needed.
Conclusion: personalised invoice processing with ExB and AI
To summarise, it is clear that to meet the high demands of customers and employees, as well as legal requirements, a system for digital invoice processing must be able to execute and capture numerous process steps. The industry-specific solutions from ExB master this with a customised AI strategy. Innovative technologies such as ML, OCR and IDP provide the basis for this. Seamless integration into the existing IT environment ensures that the AI solution can take full advantage of all its benefits.
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?
“With ExB, we have replaced manual data entry from emails and PDFs with automated reading. Relevant information flows directly into our WMS and TMS systems – faster, error-free and efficiently.”
“With Anna, we have gained a digital teammate. She now processes thousands of transport invoices, automatically checks over 95% of them and compares them with freight rates in the TMS as well as information from waybills and order confirmations. This has greatly accelerated our invoice verification process and taken the quality of our processes to a new level.”
“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.”
“ExB’s advanced technology enabled us to not only overcome AGILA’s challenges in animal health insurance, but also to provide added value. The high precision and automation of ExB’s AI extraction was a key factor in this.”
“When it comes to innovation, we’ve come to see ExB as the thought leader in AI and IDP, and a valuable sparring partner capable of championing the key strategic role of ML and automation.”
“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 digital invoice processing 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.
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