Product Overview: Intelgic Invoice Processing
Intelgic’s Invoice Processing solution is a comprehensive and innovative tool designed to automate and streamline the accounts payable (AP) workflow, leveraging advanced technologies such as Artificial Intelligence (AI), Optical Character Recognition (OCR), and Robotic Process Automation (RPA).
What the Product Does
Intelgic’s Invoice Processing system automates the entire invoice processing cycle, from sourcing and capturing invoice data to validating, approving, and integrating the data into existing accounting and ERP systems. This end-to-end automation significantly reduces manual data entry, minimizes errors, and enhances the efficiency of the AP process.
Key Features and Functionality
Automated Invoice Sourcing
- Invoices can be sourced automatically from emails, folders, or other external systems, eliminating the need for manual intervention.
AI-Driven Data Extraction
- The pre-trained AI model extracts key data from invoices with a high accuracy rate of up to 99%. This includes capturing line items, vendor names, billing addresses, due dates, and amounts due. The AI model can handle various document formats, including PDFs, scanned images, and to some extent, handwritten documents.
Integration with Accounting Systems
- The extracted data is integrated seamlessly with existing ERP or accounting systems through APIs and webhooks, ensuring a smooth workflow. This integration supports both cloud and desktop solutions, even if they do not support APIs.
Validation and Approval
- The captured data is available for validation and approval within the Intelgic invoice processing AI platform. Users can review the data alongside the original invoices to ensure accuracy before approving the invoices for payment.
Automated Matching and Approval Processes
- The system automates the matching of invoices with purchase orders, receipts, and contracts. It also handles complex approval processes, including part payments and exception handling, according to predefined business rules.
Customized Data Capture
- The AI model can capture additional and customized data points from invoices without extra cost. It also supports the automation of 3-way and 4-way matching for other documents such as shipping documents and receipts.
Security and Compliance
- Intelgic ensures high data security by storing minimal user information and deleting all data after training and tuning the algorithm. The data is stored in highly secured cloud servers, complying with international guidelines.
Flexibility and Scalability
- The solution is highly flexible and can be run within the user’s network or in the cloud. It offers a ready-to-use API with rich documentation, allowing for quick integration with existing systems. The platform also supports bulk uploads of invoices and provides a user-friendly dashboard for managing and processing documents.
Benefits
- Time and Cost Savings: Automates up to 80% of manual data entry time, reducing the cost associated with processing invoices.
- Enhanced Accuracy: Achieves high accuracy in data extraction, minimizing errors.
- Improved Efficiency: Streamlines the AP workflow, allowing for faster processing and approval of invoices.
- Customization: Offers tailored solutions based on specific business rules and requirements.
- Comprehensive Integration: Seamlessly integrates with various accounting and ERP systems.
Intelgic’s Invoice Processing solution is a powerful tool for organizations seeking to modernize and optimize their accounts payable processes, enhancing overall operational efficiency and reducing costs.