The global shift to a paperless economy has seen the rise of numerous SaaS companies that base their operations on the cloud. Digital transformation and more eco-friendly workflow solutions are helping reduce operating expenses, saving some firms millions of dollars annually. In this light, the world is constantly on the lookout for technological advancements and software solutions to save costs and optimize productivity.
One such business operation with a high potential for digitalization that heavily relies on document processing is accounts payable. Most existing solutions focus on the semi-automated process involving traditional OCR invoice processing and invoice templates.
These systems are less scalable and more prone to errors since most OCR software solutions recognize text using only the pixels and contours of individual characters in an image. This creates the need for constant human interaction to interpret documents and correct wrong inputs resulting from typos or recognition errors.
Having recognized a rising trend and an opportunity for improving accounts payable automation, a Bosnian accounting agency approached Tech387 to develop a system that automates the accounts payable process with a focus on seamless invoice processing and the minimization of room for error.
The specific industry know-how and subject matter expertise have helped with crafting the solution that conforms with industry best practices and also provides a platform for complete accounts payable automation with the potential for scaling across other use cases and different industries.
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Users can easily upload invoices either as images or as scanned documents. Invoice processing starts with a single click and generates results within a few seconds. Users don’t need to worry about a broken connection or closing a tab because the process runs unhindered in the background.
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Thanks to natural language processing, the software recognizes the user’s initially processed invoice and learns from it. Users don’t need to repeat the same process ever again because, for every following user who decides to process the same invoice, the software will automatically recognize it and extract the required data.
Invoice operators can track their invoices through a detailed dashboard that provides an overview in weekly, monthly, annual, or total preview modes. On top of that, users can seamlessly monitor total spending. This allows them to manage dedicated budgets and measure operational productivity in a transparent way.
Whatever accounting software a company uses, users can create their software-specific templates for data export or choose from generic ones. Adapted to communicate with any other financial software, Cloud Finances features a straightforward user flow that minimizes cognitive load and reduces the room for error.
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