The document capture business is booming. Business has adopted capture and the benefits in a big way. According to Research and Markets, the market is estimated to reach USD 622.03 million by 2025, growing at an annual rate of 24.82 between 2020-2025. Image recognition and capture, along with Artificial Intelligence (AI) are valuable tools that enable digital transformation optimization.
Process Automation & Intelligent Capture = Formula for Success
AI is fueling digital transformation, its an enabler, not a threat. Intelligent capture technologies used with process automation offers businesses tools to manage detailed manual document-based processes. You can leverage the combined capabilities of AI and image recognition to make shorter work of manual paperwork, like accounts payable, order processing, medical claims management, etc. Intelligent Document Processing combines AI, Robotic Process Automation (RPA), business process automation, and intelligent data capture with Machine Learning and OCR/ICR/OMR enabled recognition and data extraction capabilities. It is especially useful for implementing document-dependent tasks.
InvoiceAction AP Invoice Processing Automation for QuickBooks
Connectis provides Artsyl InvoiceAction, an intelligent automation solution that processes documents along with your regular ERP software including QuickBooks on premises and cloud. It can resolve the manual handling of large amounts of paperwork — sorting, filing, and data entry errors; missing reports; poor traceability of source documents; time-consuming manual cross-checking and validation; etc.
QuickBooks is a great for getting your bills and payroll in order. By integrating InvoiceAction with QuickBooks, you’ll be able to quickly access the data from invoices and other unstructured business documents, without having to spend hours on manual sorting, data entry, and validation.
Artsyl’s InvoiceAction is intelligent data capture technology with powerful image recognition capabilities to identify and extract data from a diverse range of vendor invoice formats and types. Normally, you’d have to sort incoming invoices and manually key in the data for each invoice into QuickBooks for analysis. But manual data entry is error-prone, duplicate data entry, missing invoices, or inability to identify the corresponding vendor for a particular invoice, all of which will delay AP processing cycle times. And if your business needs to scale, its tough for your organization to grow, and its hard to keep track of and monitor your purchase data and cash flows, even if you have a good accounting system.
InvoiceAction eliminates these pains. InvoiceActin supports multichannel invoice capture from emails, FTPs, fax, scan, etc. so you won’t misplace or lose invoices. Image recognition is achieved using AI and machine learning technology.
InvoiceAction includes pre-built logic and workflow definitions to process invoices that come in many formats. The solution’s intelligent bots perform automatic capture, extraction, validation (2-way/3-way matching, vendor lookups, etc.), verification, and export of approved invoice data to QuickBooks quickly. When the system recognizes a new invoice for which there isn’t a pre-built logic to process it, it uses machine learning to imitate user actions used to key-in data the first time, and apply those actions for subsequent processing of similar invoices. InvoiceAction reduces user intervention the more you use it, with every new type of invoice. InvoiceAction enables straight-through intelligent document processing of vendor invoices, so you always get accurate, error-free data every time.
Maximize QuickBooks’ Usage with the help of InvoiceAction
With InvoiceAction in the process, QuickBooks users will always have the right data — drastically reduced cycle times and operating costs means spending minutes to process invoices instead of hours or days, you’ll be able to scale as you need.
The InvoiceAction bots know where to look for data on each invoice, and with image preprocessing capabilities, provide a near-autonomous app to identify and prepare any document for 100% capture.
And with each AI-driven process the approved invoice data exports go right into QuickBooks, now that’s digital transformation you can use.
If you’re wondering where you might store the scanned invoice PDF’s and TIFF invoice files instead of printing more paper for your filing cabinet (or storing them on a hard drive – argh !!) – we recommend a subscription to Vasion DMS where your invoice documents and data can be automatically uploaded so your AP clerks can search & access your documents from any web browser.