Invoice & Receipt Automation (IRA)
Say goodbye to manual data entry and hello to a more efficient and streamlined process
Invoice & Receipt Automation provides a high level of automation for invoices and receipts, substantially reducing manual effort. Just provide an email address or location of your documents, and IRA will take care of the rest.
How it works
IRA uses OCR (Optical Character Recognition) to extract raw text from your invoices and receipts, including handwritten text. A state-of-the-art AI model then classifies the extracted data to determine the type of document, such as “invoices,” “receipts,” or “others”.
If the confidence score exceeds a specified (user-defined) threshold, the document is further processed by specialized AI models for either invoice or receipt data extraction. The extracted data can be transformed and modified based on your specific business requirements and sent to virtually any system. IRA offers a high degree of automation for invoices and receipts (>90%), and the process is automated with a human in the loop in case an invoice or receipt cannot be detected. The solution is easy to set up and completely customizable for your specific business needs and leverages state-of-the-art technology from Microsoft and OpenAI. It can also be adapted to any other document data extraction use case.