DeepInvoice is a product of DeepReader that is used for Template-free multilingual Invoice Reading. It supports integration with several ERP solutions e.g., COUPA, S4/HANA. DeepInvoice can significantly speed up invoice processing time, reduce errors and manual effort, and increase efficiency and accuracy in the finance and accounting departments. Additionally, it can help organizations to better manage their accounts payable processes, improve cash flow management, and achieve better visibility into their financial operations. The process of invoice reading typically involves the following steps:
Optical character recognition (OCR): The system uses OCR technology to convert scanned or digitized images into editable text.
Classification: The system classifies documents to an invoice or credit note.
Data extraction: The system uses Deep Learning to automatically extracts relevant information such as invoice number, date, vendor name, items purchased, and amount due from the invoice.
Data validation: The extracted information is verified against business logic, and regulations to ensure accuracy with optional use of master data.
Data integration: The extracted information is integrated into the company’s financial or accounting systems, reducing the need for manual data entry.