BOSTON--(BUSINESS WIRE)--SquareWorks Consulting, a financial automation software and ERP implementation provider, today announced the launch of its latest product Invoice AI. This patent-pending new technology transforms the process of invoice scanning for accounts payable (AP) teams who rely on enterprise resource planning (ERP) software. The Invoice AI model improves on the more commonly used Optical Character Recognition (OCR) technology for document scanning, delivering best-in-class accuracy and customization. SquareWorks’ Invoice AI uses proprietary auto-learning technology to quickly learn invoice patterns over time to further increase accuracy while minimizing time spent on configurations.
Early adopters of Invoice AI reported significant improvements in both the accuracy of information extracted and a reduction in errors when using this new invoice scanning technology. BioLogic USA saw a 12.7% improvement in data accuracy and The Eye Institute of Utah saw a 12.4% improvement in vendor accuracy after they upgraded to Invoice AI. These improvements enable financial teams to save considerable time by reducing the levels of manual data entry and diminishing the needs for data revision. Customers can enjoy the benefits of Invoice AI immediately, as Invoice AI will improve on the existing SquareWorks OCR product without any changes to the user experience.
"As technology quickly advances, the products available to improve financial processes for ERP users and AP professionals must also keep pace,” said Bernardo Enciso, CEO of SquareWorks Consulting. “This is why we have come out with our latest AI offering, Invoice AI, to provide a solution which continuously improves on the accuracy of invoice data with adaptable and user-friendly customizations for finance teams. Building on the success of our original OCR solution, we can now bring a smarter, faster and more accurate tool to ensure accounting teams save more time and effort than ever before for more reliable invoicing.”
While many businesses turn to OCR and AI technology to scan invoices and avoid manual data entry, they often rely on generic solutions which fail to automatically adapt to their unique business needs. If their solution allows, businesses are often forced to spend time defining rigid and complex rules to extract invoice data and improve the data’s accuracy. Invoice AI uses new, proprietary technology to adapt to a business’s unique needs in real-time. As invoices are captured in a business’s ERP system, Invoice AI automatically learns from changes made and applies those learnings to the next immediate invoice. To further empower business, custom data extraction requirements can also be defined and achieved through natural language instructions, eliminating the need for complex and rigid data extraction rules.
For more information on the new Invoice AI solution from SquareWorks, please go to: https://squareworks.com/automate-ap-automation-suite/ai-enabled-ocr-and-invoice-scanning-for-netsuite/
About SquareWorks Consulting
SquareWorks Consulting is focused on elevating its customers’ experiences with exceptional automation solutions and consulting services. Our products include Automate, a financial automation platform providing best-in-class automation and AI-enabled capabilities. We also provide exceptional consulting services and partner with our customers to deliver high-quality implementations, optimization services, custom solutions and ongoing support. To find out more about SquareWorks Consulting, visit www.squareworks.com.
