Manual invoice data entry, approval and export to a financial system are labour intensive tasks. Every step is prone to a human error; it is a time-consuming and ineffective process that adds stress to the people in a back-office; The major culprit in this process is unused or lost data, that could lead to poor financial decisions.
By automating these routine tasks, we are helping businesses to save time and unlock the potential of the hidden data, so you can take control of you cash flow and put a step ahead of your competitors.
Ocerra is an accounts payable automation software that can capture, extract, export AP invoices into the financial system and provide AP visibility to the whole organisation. We came across companies who process up to 1500 invoices per week, but with reasonable pricing policy, Ocerra is financially viable on amounts as low as 25 invoices a week.
How do we achieve it?
Here at Ocerra, we are not trying to reinvent the wheel. Instead, we are focusing on the recent O.C.R. and AI technologies to deliver a more efficient and financially viable solution.
There are other companies that already working on the same topic as AP Invoice Automation. However, invoices come in all sort of different formats; this makes the extraction process far from perfect; large businesses can only achieve 60-70% of accuracy. The reason is not only various invoice formats but also constantly changing systems and suppliers.
To extract information from invoices, majority of the AP Invoice solutions are either using keyword search algorithms or templates and rules.
Keyword search algorithms do not work well because the Invoice or PO number can be just a free-standing word in a header. Same applies to a freight cost and discounts, values can be hidden between the lines.
When using templates and rules, AP staff can configure templates based on keywords and element positions. This approach works if you only have few suppliers, and they keep its document format unchanged. It just does not usually happen in the real world.
In Ocerra, we have combined the latest technology ingredients to achieve a higher degree of automation and accuracy. Backed by AI and machine learning, you don’t need to create rules or templates. The system can apply it automatically and feedback to our Natural Language processing engine.
By making the AP solution in the AWS Cloud, we also share the hosting cost among many clients.
What data is extracted by Ocerra?
Ocerra can extract two types of information, header and line level.
The header information includes:
Invoice number
Purchase order number
Supplier
GST or ABN numbers
Total amount
Freight costs and discounts
Line Level information includes
· Tabular data such as labour, plant and material costs, including line description, quantity and amounts.
The line information is especially important for construction and civil service companies, where job costing is a must-have requirement to run a successful business.
Making it almighty.
There is no such AP solution in the world that can auto-extract with 100% accuracy. A manual intervention is still required. So, it is important to add a self-learning capability to AP invoice automation. In Ocerra, we have included a semantic search algorithm for AP invoice processing. Our user-friendly interface can help you to annotate* a new invoice format with a couple of clicks.
Annotation results will be used again for the next invoice from this supplier. This means that you will only need to do it once. The system is capable of sharing annotation results across multiple clients. With every new invoice, Ocerra becomes smarter and more accurate.
*What is annotation? It is a way to show a machine where it should take the right information from the document so that it can learn and apply it next time without your help. Don’t worry, you don’t need to be a technical person, anyone with basic computer skills can do it!
You can watch how to train Ocerra AP automation software here.
What have we already achieved?
80% of accuracy using the latest machine learning approach.
Full learning capability. In other words, the more documents we process, the higher degree of automation we can achieve.
One-click integration with Xero and MYOB Accountright.
Ability to integrate with any other financial system or ERP.
Effortless implementation, at no extra costs. You can start using Ocerra from a day one.
Using Xero? Start free trial.
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