Invoice processing automation
Invoice receipt, i.e. the physical or electronic receipt of invoices and the subsequent verification, is a time-consuming and error-prone process. It makes sense to automate these work steps. This means that instead of manually sorting, checking and posting invoices, they can be processed automatically using advanced technologies.
Watch our video to find out how ExB can automate your document processing and save your company time and money.
In 99 seconds, we explain the benefits of AI-powered document processing, how ExB’s IDP technology works, the different solutions we offer and the types of documents ExB 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 numbers: these four advantages clearly show how our IDP platform improves your company.
The automation of incoming invoices requires the use of software solutions to digitize and automate the process of capturing, processing and archiving incoming invoices.
Especially companies that process a large number of invoices on a regular or recurring basis should consider automating their invoice receipt process. Some specific examples of invoices for which automated processing is particularly suitable are
- Invoices for goods and services: Businesses in retail, automotive and manufacturing receive and send invoices for goods and services purchased or sold. These invoices contain details of products, prices, quantities and payment terms.
- Supplier invoices: These invoices are issued by suppliers and contain details of products supplied or services rendered.
- Invoices for medical treatment or insurance: These include routine check-ups, emergency treatments, doctor’s bills, surgical procedures, medication costs, pharmacy bills and other medical services.
- Workshop invoices: These include, among other things, car insurance invoices.
Advantages of automating the receipt of invoices
Companies continue to face the challenge of managing manual and time-consuming processes. Automating invoice receipt is one solution to improve efficiency and accuracy. By automating their invoice receipt process, companies gain the following benefits:
- Error minimization: automated systems reduce human error that can occur with manual processes. This makes invoice processing more accurate.
- Time and cost savings: By automating repetitive tasks, working times and therefore costs are minimized.
- Faster invoice processing: Automated systems enable faster processing of payments and therefore better liquidity planning for companies.
- Increased compliance and traceability: Automated systems provide better transparency throughout the entire invoice process, from capture to payment.
- Increased customer and supplier satisfaction: Faster and more accurate invoice processing can improve relationships with customers and suppliers.
Automating the invoice receipt: how it works
Incoming invoices are first recorded and, if necessary, digitized. The scanned or digital invoices are processed using OCR-Technology. Optical Character Recognition automatically extracts the relevant data from the invoice (e.g. invoice number, date, amount, supplier information, etc.), checks it and enters it into the accounting system. This reduces the time required for manual data entry and increases efficiency. OCR is a proven method for automating data entry.
Once invoices have been processed using OCR-based technology, the use of Artificial Intelligence (AI) and Intelligent Document Processing (IDP) opens up further opportunities to automate and optimize the invoice entry process. These advanced technologies enable not only the digitization and classification of invoices, but also in-depth analysis. By using artificial intelligence (AI) and intelligent document processing (IDP), the invoice receipt process can be automated even further: By using these technologies, incoming invoices can not only be digitized, but also classified and checked for plausibility, and exceptions and discrepancies can be identified.
AI-based automation of the invoice receipt
AI-based document processing of this kind is particularly useful for around 20,000 or more invoices to be processed per year. Intelligent solutions such as ExB’s IDP platform enable the automation of incoming invoices. ExB combines various advanced technologies such as artificial intelligence and machine learning (ML). The extracted data can then be seamlessly integrated into existing systems via API and fed into existing accounting systems, for example.
Automation of invoice receipt with IDP
Intelligent Document Processing (IDP) enables efficient, accurate and automated processing of invoices, which is traditionally manual and time-consuming. Automating invoice receipt with IDP involves the following steps:
Step 1: Invoice receipt and data extraction
Digital capture and data extraction: Invoices are received in digital form, for example by email, and captured directly. Physical invoices are scanned and converted into a digital format. Data is then extracted using OCR to capture text and figures from the digital invoice.
Step 2: Data processing and recognition
AI and ML processing: The captured data is analyzed using AI and machine learning (ML). The system learns to recognize and interpret certain patterns, layouts and key elements of invoices, such as invoice number, date, amounts, tax information and supplier data. The IDP platform validates and checks the extracted data for completeness and accuracy.
Step 3: Data classification and integration
Structuring and classification: The validated data is structured and converted into the required format for further processing. The data is classified and assigned to the appropriate categories or accounts.
The converted and structured data is automatically integrated into the company’s existing financial or ERP systems. This enables invoices to be posted automatically and financial data to be updated.
Step 4: Workflow and approval process
Automated workflows: Based on the integrated data, automated workflows are triggered, e.g. for the approval of invoices. The system can apply rules to determine which invoices can be approved automatically and which require manual review.
ExB offers customized solutions for almost any use case, setting it apart from other invoice receipt automation software solutions. Contact us now for a free, no-obligation product demo.
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?
“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 automating invoice receipt 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.
Mit ExB automatisieren Sie Ihre Dokumentenverarbeitung – ganz egal, zu welcher Branche Ihr Unternehmen gehört.
In our blog, we report on the latest developments and explain exciting trends relating to IDP and AI.
We are here for you.
- Questions, feedback, discussions – we take time for your individual request. Simply send us a non-binding message via the contact form.
- You would like to book a demo directly? With pleasure. Simply select your desired date in the calendar.
- We would also be happy to meet you in person – you can find us in Munich and Leipzig.
Mon - Fri (9:00 am - 6:00 pm)
