AI for Invoice Processing extracts data from an incoming document – the supplier, number, dates, amounts, tax rates and individual line items – and enters it into the system without manual retyping. It handles various formats and layouts, which was the main limitation of older solutions. The benefit is greatest for companies with dozens to hundreds of documents a month. Extraction can be combined with matching against a purchase order or contract and flagging discrepancies, for example a different price or quantity. Human review remains in place – not for retyping, but for approval. In projects funded by grants, documents additionally need to be labelled and recorded analytically, which requires separate setup when automating.
See also: Analytical Accounting Records for the Project, AI for Administration.
