Automated invoice accounting process

Context

Accounting and banking are both sectors that require multiple time-consuming tasks. These repeated missions can also impact the productivity of many employees. Nevertheless, today we assist in the rise of tools that allow us to automate all these processes. Indeed, automation technologies such as RPA are expected to have a potential economic impact of 6.7 trillion dollars by 2025. Moreover, tools like OCR can also be an alternative to RPA and help you to automate your accounting or banking processes. This is what we will analyze in this use case.

Before beginning, let’s clarify two words that are going to use a lot in this article: invoice and bill. Invoice is the document issued by us, and the bill is the document issued by another company for us, so we are issuing invoices and receiving bills.

Challenge

• Extract information from invoices (bills) using OCR technology.

• Add possibility to search, edit, and classify invoices (bills).

Solution

• Connect OCR API to company software

• Train software using ML algorithms

• Recognize, collect, and classify information over APIs

• Enable converting data and storing in databases

Result

At the end of this automated workflow, we can observe that the data are being extracted in seconds by autoscanning and classifying documents. Compliance checks and structuring data are provided so invoices may be quickly reviewed and analyzed.

Finally, you won’t have to waste hours on entering accounting invoices (bills) to the system thanks to the OCR technology.

If you decide to automate your accounting, at Young App, we will gladly help your company with all API & OCR projects you may have.