Streamlining invoicing in fintech with Artificial Intelligence

Problem statement

Manual Invoice Processing Struggles: The client faced inefficiencies and errors due to manual handling of invoices, impacting productivity and accuracy.

Inconsistent Invoice Templates: Dealing with diverse invoice formats created challenges in extracting structured information, affecting data analysis and reporting.

Slow Payment Processing: Manual invoice entry caused workflow bottlenecks, leading to delays in payment processing and potential cash flow issues.

Compliance Risks: The client needed a solution to detect errors and ensure regulatory compliance in invoice data, reducing the risk of penalties.

Scalability Concerns: Growing invoice volumes posed challenges for manual processing, necessitating an automated solution for streamlined operations and future scalability.

Solution overview

OptiSol collaborated with a financial startup to develop an innovative invoice automation solution, streamlining and simplifying the complex invoice processing workflow.

Our solution converts unstructured invoice data into properly formatted text, enabling accurate data extraction and analysis.

We create a customized dataset to map similar fields such as Invoice Number and Invoice Date, ensuring consistent categorization and improved data management.

Our intuitive web user interface allows users to effortlessly drop invoices, instantly receiving key-value pairs of specific information, enhancing productivity and reducing manual effort.

Leveraging our built-in Named Entity Recognition (NER) model, we accurately extract entities present in the invoices, improving data accuracy and speeding up processing.

Business impact

Time and Cost Savings: Our invoice automation solution reduces manual effort, streamlining the invoice processing workflow, leading to significant time and cost savings.

Improved Accuracy: By automating the data extraction process, our solution eliminates human errors and ensures accurate capture of invoice information, improving data integrity and reducing financial discrepancies.

Enhanced Productivity: With automated invoice processing, employees can focus on more value-added tasks, boosting overall productivity and allowing the business to allocate resources effectively.

Faster Payment Processing: By expediting the invoice handling process, our solution enables faster payment processing, improving cash flow management and strengthening vendor relationships.

Scalability and Growth: Our scalable solution can handle large volumes of invoices, accommodating business growth and increasing operational efficiency, paving the way for future scalability and expansion opportunities.

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