Insiders’ new auto-verification feature significantly reduces the workload and ensures standardized quality at the highest level —across both e-invoicing and traditional invoice documents. Customers of the AI-based solution are enthusiastic.
Insiders is now offering its customers automatic invoice matching. Auto-posting is performed consistently using machine learning AI, regardless of the input format, and across the board for e-invoices, PDFs, and traditional paper documents—even without a purchase order reference.
Maximum accuracy thanks to state-of-the-art AI
The intelligent auto-coding relies on AI-based, supervised learning to automate the assignment of cost centers, cost units, and accounts, identify the usual approvers of the documents, and generate meaningful posting notes. The solution analyzes and learns from historical ERP data to make journal entries that are precise and tailored to each customer. Among other things, a neural network is trained which, using natural language understanding and transfer learning, can reliably derive the appropriate decisions from the training data—even for new suppliers in a familiar industry. Changes and new requirements are captured through continuous retraining in the background, ensuring that the solution is always up to date and offers the highest precision. As a rule, three months of historical data from the ERP system is currently sufficient as training material, to achieve very accurate automatic account reconciliation—approaching 100 percent—even in challenging cases. With a new approach currently being tested in pilot projects, the solution can even function with virtually no historical data.
Seamless integration and interoperability with e-invoicing
Automatic account recognition is based on Insiders’ powerful AI OvAItion and can be seamlessly integrated into existing processes as well as ERP, ECM, or workflow systems via proven interfaces. In addition to modular solutions from Insiders, customers can also opt for the comprehensive e-invoice solution, which combines all components to enable intelligent 360-degreeinvoice management that spans all common formats—from paper to e-invoices—and offers certified Peppol Access.
“The current rapid spread of e-invoicing is also driving new AI applications in accounting, such as automatic account reconciliation and anomaly detection. “With our solutions in the e-finance sector, we enable our customers to achieve a new level of automation and process quality in accounting,” says Tobias Widmann, an expert in e-invoicing at Insiders.
AI-based auto-accounting offers a wide range of benefits
By automating account assignment, customers gain numerous advantages. For one thing, it relieves the accounting department of the monotonous, routine work involved in processing the same types of invoices over and over again, allowing it to use its resources more effectively. Furthermore, automation makes it much easier to scale up and thus cope with seasonal peaks or rapid growth. Furthermore, automation ensures a consistently high and standardized level of quality.
The first companies are already using the service and are enthusiastic about it. Auto-Verification is now available through Insiders Technologies or its partners. The company is happy to provide a customized demonstration or proof of concept.
