NLP products by ScanDoc/AIPIP

Document processing is a central component of every company and ensures that all types of documents are captured and processed correctly. This applies in particular to accounting as the mouthpiece for the company's success. There are numerous obstacles in this area in particular that can affect its efficiency and accuracy.

The biggest challenges in accounting are:

Manual processes:

• Time-consuming and inefficient
• Take up a lot of time and effort
• Slow down the entire process

Prone to errors:

• Inadvertent typos, incorrect categorisations and the like
• Impact of errors on subsequent processes, for example for reporting
• Additional workload and time for corrections

High regulatory requirements:

• Accurate and fast reporting
• High complexity
• Risk of penalties and legal consequences for non-compliance

Costly labour:

• High costs for salaries, training and further education
• Lack of qualified accountants makes it difficult to fill positions
• Loss of employee satisfaction due to manual and repetitive tasks

This is why companies are looking for innovative solutions to automate and optimise their processes. The use of artificial intelligence in document processing in general and invoice processing in particular unleashes efficiency potential that saves costs, streamlines processes and reduces the workload of employees.

“AI Powered Invoice Processing” (AIPIP) is a ScanDoc use case and offers an advanced, AI-powered solution for fully automated invoice processing. AIPIP accurately reads scanned and electronic invoices and automatically determines accounting information such as general ledger accounts and tax codes. The solution also assigns order-related invoice items to open orders. This results in the following advantages:

Reduction of manual processes

• Intelligent information extraction from documents / invoices
• AI-based determination of accounting information such as tax codes, general ledger accounts, vendors, company codes, and other account assignment elements for purchase orders and non-purchase orders;for purchase order and non-purchase order related invoices

Maintain data quality & meet compliance requirements

• Reduce manual errors and increase data quality;t through AI predictions
• Automatic verification of invoice information through more than 80 compliance checks
• Maintenance of a four-eyes principle

Minimally invasive integration

• Easy integration into existing processes and system landscapes through SaaS solution

ScanDoc-AIPIP enables companies to utilise resources more efficiently, shorten processing times and reduce operating costs in the long term. The solution relieves the burden on accounting departments, increases productivity and improves employee morale. KPMG thus offers an innovative and reliable solution based on state-of-the-art technology to comprehensively modernise accounting processes.