Invoice, the Critical Business Document, Explained [2020]

“Sales cures all” is a commonly accepted and mostly accurate piece of business wisdom. Sales does not translate to revenues if your company can not issue invoices. And your company can not deliver its services or products if it does not pay the invoices of its suppliers. Here, we explain all there is to know about invoices.

What is it?

Invoice is a document that summarizes relevant details of a sale so the buyer can pay the seller.

According to Wikipedia:

An invoicebill or tab is a document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Read more

Share

Optical Character Recognition (OCR) in 2020: In-depth Guide

Imagine you want to edit a printed document like a book, a magazine article or a printed contract. You need to spend hours to type the document from the beginning and be careful about the mistakes. Or you can use an Optical Character Recognition (OCR) tool to scan the printed document and digitize the whole text.

OCR is a great solution for converting human-to-human communication but falls short when converting more structured documents such as forms that need to be processed by machines.

Human-to-human communication is mostly in the form of free text like the one you are reading now. Such documents are called unstructured data and while they are great for human-to-human communication but they are hard for machines to understand. OCR converts the text in unstructured data into machine readable text so it can be searched and therefore more easily consumed by humans. Read more

Share

Invoice Capture: Guide to most firm’s first AI purchase in 2020

Invoice capture is a growing area of AI where most companies are making their first purchase of an AI product. This is because invoice capture is an easy to integrate solution with significant benefits.

While digitization helped automate numerous processes, mostly rule based software was used in digitization. Invoice capture software is different. Invoice capture involves both reading the invoice text with Optical Character Recognition (OCR) and understanding its context with machine learning.

We answered all your invoice capture related questions: Read more

Share

Invoice Processing: First Process to Automate in 2020

Invoice automation (also called automated invoice processing) is a maturing area of automation with limited implementation risks and significant benefits. Invoice automation would free up back office finance/procurement teams to focus on higher value added tasks.

What is invoice automation?

To understand invoice automation, it makes sense to understand what an invoice is and the different types of invoices from an automation perspective. Invoice automation is a critical part of a company’s procure-to-pay (p2p) process (also called source-to-pay s2p) and is part of the company accounts payable management. Read more

Share

Fraud Detection: In-Depth Guide [2020 update]

With the increase in digital banking and e-commerce transactions, digital fraud has become a larger threat. There are numerous types of fraud such as account take over and new account fraud. Companies are estimated to spend >$20bn annually on fraud detection.

Since fraudsters improve their techniques over time and since number of transactions are too numerous to deal with manual controls, companies need to rely on machine learning to build resilient and efficient fraud detection systems.

What Is Fraud Detection?

Fraud detection is a major challenge for Read more

Share