Invoice Processing

Verified by ABBYY

Invoices are vital documents detailing the cost of goods or services provided by a seller to a buyer, specifying payment terms and amounts owed. The Vantage Invoice Processing Skill streamlines this essential process by classifying and routing invoices from over 35 countries to six regional Document skills, tailored to handle diverse tax requirements, currencies, and business regulations.

Trained extensively by ABBYY on a global scale, our Invoice Skill boasts unparalleled accuracy in processing invoices of varying formats and languages. It adeptly extracts key data points such as header, footer, and line item details, ensuring precision in every transaction. Seamlessly integrating with ERP and other business systems, the extracted data facilitates efficient financial management and decision-making.

When augmented by Vantage's advanced human-in-the-loop capabilities, our model enables human operators to review and validate extracted data as necessary. This dual approach ensures stringent quality control and instills confidence in the accuracy of results, safeguarding your financial data with utmost care.

Designed with efficiency at its core, our AI extraction model revolutionizes invoice processing, minimizing time and effort required. By automating mundane tasks and eliminating manual data entry, your team is empowered to focus on strategic initiatives, driving productivity and optimizing resource allocation. Embrace the future of streamlined invoice management with Vantage Invoice Processing Skill, where efficiency meets excellence.

Benefits
  • Receives and processes invoices in a variety of input formats - scanned images, PDFs, etc. Provides exceptional accuracy of OCR conversion and data extraction.
  • Includes six individual Invoice Document Skills with regional specifics for USA, Canada, Australia & New Zealand, Europe+India and Spain.
  • Automatically detects the invoice region and applies classification, routing the document to the corresponding Invoice Document Skill.
  • Highly accurate, pre-trained AI extraction models automatically detect key fields on the invoice and extracts relevant data (invoice date and number, vendor, PO, amounts, sales taxes, line items, etc.). For a full list of extracted fields, please see the skill documentation.
  • Detects Business Unit, Vendor and Purchase Order automatically, or allows to match against an existing database for optimal accuracy.
  • Includes tax schemes and business rules specific to the individual regions. Performs automatic validations such as required fields, tax amount calculation etc. Further business rules can be added as individually required.
  • Can be augmented by human-in-the-loop review and verification based on accuracy thresholds, missing or incorrect information. The system learns from human interaction and constantly improves the model over time.
  • Allows further training of the model based on customer documents in real time. Over time significantly improves straight-through-processing rates and reduces the need for human interaction.
  • Can be combined with the Document Splitter Skill for Invoices to handle files including multiple invoices.
Documents in this process
Transfer data to other systems
Related skills
ABBYY logo
Contributor:
ABBYY
Published:
6 November 2020
Last updated:
8 July 2024
Purchase terms
Paid
Specifications
Bulgarian, Croatian, Czech, Dutch, English, Estonian, Finnish, French, German, Hungarian, Italian, Latvian, Lithuanian, Norwegian (Bokmal), Polish, Portuguese, Romanian, Slovak, Swedish, Turkish, Ukrainian
Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, India, Ireland, Italy, Latvia, Lithuania, Moldova, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United States, United Kingdom
Production