SquareWorks Consulting, a financial automation software and ERP implementation provider, has launched its latest product, dubbed Invoice AI, to transform invoice scanning with artificial intelligence (AI).
The patent-pending technology offers an advanced alternative to Optical Character Recognition (OCR), delivering better accuracy and customisation capabilities for accounts payable (AP) teams.
Invoice AI leverages proprietary auto-learning technology to adapt to invoice patterns over time, reducing configuration efforts while improving accuracy.
Early adopters of Invoice AI have reported significant improvements in data accuracy and reduced errors, said SquareWorks Consulting.
The enhancements in the new solution are expected to allow financial teams to significantly reduce manual data entry and minimise the need for data corrections.
Furthermore, the new technology integrates seamlessly into existing systems, as Invoice AI is designed to enhance SquareWorks’ OCR product without requiring changes to the user experience.
SquareWorks stated that many businesses relying on OCR and AI solutions often face limitations due to generic technologies that fail to meet specific operational needs.
Invoice AI addresses this gap by offering a solution that adapts automatically to unique business requirements, streamlining the invoice processing workflow for organisations.
It also enables businesses to define custom data extraction requirements using natural language instructions, eliminating the need for rigid extraction rules.
SquareWorks Consulting CEO Bernardo Enciso said: “As technology quickly advances, the products available to improve financial processes for ERP users and AP professionals must also keep pace.
“This is why we have come out with our latest AI offering, Invoice AI, to provide a solution which continuously improves on the accuracy of invoice data with adaptable and user-friendly customisations for finance teams.
“Building on the success of our original OCR solution, we can now bring a smarter, faster and more accurate tool to ensure accounting teams save more time and effort than ever before for more reliable invoicing.”
