SquareWorks Consulting, a leading provider of financial automation software and ERP implementation solutions, has launched its latest innovation, Invoice AI. This patent-pending technology is designed to revolutionize the way accounts payable (AP) teams handle invoice scanning within enterprise resource planning (ERP) systems. By improving upon traditional Optical Character Recognition (OCR) technology, Invoice AI delivers best-in-class accuracy and the ability to adapt to unique business needs over time.
- Key Features of Invoice AI
- Auto-Learning Technology: Invoice AI learns from invoice patterns in real time, improving its accuracy as more invoices are processed.
- Customization: Businesses can customize data extraction through natural language instructions, eliminating rigid, complex extraction rules.
- Improved Accuracy: Early adopters report significant improvements in both the accuracy of extracted data and vendor information.
- Benefits for Accounts Payable Teams
- Time Savings: By reducing manual data entry and minimizing the need for data revisions, financial teams can save valuable time and reduce errors.
- Improved Data Accuracy: BioLogic USA and The Eye Institute of Utah reported improvements in data accuracy of 12.7% and 12.4%, respectively, after adopting Invoice AI.
- Seamless Integration: Invoice AI works seamlessly with existing SquareWorks OCR solutions, ensuring a smooth transition without changes to user experience.
- Why Invoice AI Outperforms Traditional OCR Solutions
- Adaptability: Unlike generic OCR solutions, Invoice AI learns from each invoice processed, continuously adapting to the unique needs of each business.
- Efficiency: Businesses no longer need to spend time defining complex rules; the system automatically adjusts to optimize invoice scanning and data accuracy.
- Customer Testimonials and Early Success
- Real-World Impact: Customers such as BioLogic USA and The Eye Institute of Utah have seen tangible benefits, including faster and more accurate data extraction, which improves overall efficiency in their AP processes.
With the launch of Invoice AI, SquareWorks is setting a new standard for financial automation. By providing a customizable, adaptive solution that continuously improves, Invoice AI empowers AP teams to achieve greater efficiency and accuracy. This innovative tool helps businesses reduce manual entry, improve data quality, and save time, enabling more reliable invoicing and better financial operations overall.
