Invoice automation, or automated invoice processing, is the automated process of extracting important data from invoices and feeding it into an AP (Accounts Payable) system for quick approvals & payments. The AP process has traditionally been a paper document driven system fraught with inefficient manual processes, delays, and errors.
Invoice automation aims to improve productivity, save time and resources by automating every step of the AP process including:
An automated invoice processing solution can effectively handle invoice management by removing inefficiencies and time-consuming manual processes. AP teams can additionally accelerate their workflows by leveraging AI & ML capabilities offered by invoice automation.
Upload an image or digital copy of the invoice into Nanonets.
Nanonets extracts relevant data according to your business rules.
The data is then converted into a machine readable format (CSV, JSON, DOC).
Nanonets Invoice Automation allows AP teams and businesses to process invoices quickly and more efficiently. Supercharge your procurement process and strengthen relationships with suppliers. Here are some more reasons for going with Nanonets invoice automation:
Match invoices, POs and receipts more efficiently. Checking for discrepancies and verifying 3-way matching is easy with Nanonets.
Nanonets algorithm identifies patterns and exceptions on the go, requiring no manual or external interventions.
Nanonets Invoice Automation can be set up to run on-premises for businesses that wish to keep all data secure and in-house.
Highly accurate & efficient data capture powered by an algorithm that is the benchmark for invoice OCR.
Nanonets uses custom data to train models. This level of customization allows businesses to tackle industry-specific use cases.
From creating custom OCR models & retraining them to adding new fields & handling integrations, Nanonets can handle it all. Adapting Nanonets for your specific business needs is straightforward.
Businesses often face dynamically changing requirements. Nanonets invoice automation allows you to easily re-train your models with new data to overcome potential challenges.
Capture as many fields of text/data that you like and present it in any desired fashion. Nanonets is not bound by the template of a document!
Nanonets only extracts relevant data, automatically sorting them into intelligently structured fields. This does away with a lot of time spent in revision and verification.
Nanonets AI can recognize and handle handwritten text, images with low resolution, images with new or cursive fonts and varying sizes, images with shadowy text, tilted text, random unstructured text, image noise, blurred images and more.
Since Nanonets focuses on training with custom data, it is uniquely placed to build a single model that can extract text from documents in any language or multiple languages at the same time.
No need to worry about hiring developers to personalize our API. Nanonets was built for hassle-free integration. You can also easily integrate Nanonets with most ERP, RPA or CRM software.
“Instead of spending hours and hours engineering a workflow to sync key information from thousands of PDF documents to our accounting software, we're able to automate this accurately and spend more time on highly strategic initiatives. We work on a variety of processes collaboratively and Nanonets is part of our daily flow here. Nanonets has been crucial in helping us scale processes as we grow.”
“My overall experience with Nanonets has been delightful to say the least. The ease of implementation, administration, and use makes our jobs easier when it comes to digitizing large volumes of agreements, invoices, and other partnership related documents.”