Intelligent Document Extraction for Finance and Accounting Department
We all know that..
The most difficult part of data extraction is that documents (e.g. supplier invoices) have different formats. Different types of documents are used by the departments to process documents in the email inboxes of the Finance and Legal departments. The administrative process gets a boost, but the back office, which spends hours sorting through documents and extracting data, knows how slow and laborious this work can be. In many cases, the data is not available in paper form, which makes the entire process inefficient.
With the help of Intelligent Data Extraction technology, we can now prepare our software to automatically process documents and extract key information from them. Intelligent Document Extraction can be a great solution for companies dealing with large volumes of documents. Organizations can easily automate processes by leveraging Intelligent Data Extraction technology and other forms of intelligent document recognition technologies to achieve end-to-end automation.
Ernst & Young, for example, uses RPA to automate the processing of more than 1.5 million invoices per year and attributes the technology to the company's financial and accounting performance. According to the Institute of Finance and Management, which lists payroll as a key measure, the average employee handles nearly 8,000 invoices a year.
Here’s the deal.
Using IDE (Intelligent Data Extraction) with OCR (Optical Character Recognition) can help to capture data from invoices without much human intervention and provide further support for order automation. In addition to native skills, you can take advantage of dynamic document understanding that complements leading partner technologies. Complementary technologies include known and unknown data formats such as PDF, CSV and XML, as well as a wide range of data types.
The Finance and Accounting sector generates quite a heavy amount of paperwork and documents. Documents like bills, contracts, and receipts which are mostly generated in the paper format result in lesser efficiency and stunted productivity. However, with the help of IDE technology, accounting teams can automatically process the documents and extract key information from those.
Shortens processing time
Eliminates human errors
Lessens the processing costs by 4 times that of the manual data entry cost
Resources are optimized on other workflows to enhance productivity
RoboExtract: How does this Intelligent Document Extracting software make Automation possible?
RoboExtract is an AI-based platform that turns clients’ unstructured documents into a competitive advantage by automating data extraction from various financial documents without human intervention or coding. RoboExtract processes invoices, resumes, legal contracts, and other documents regardless of format or language. Learn more about how RoboExtract automates data extraction throughout the finance industry in this video.