Corpay Complete is a full Accounts Payable (AP) spend management platform that automates and streamlines unlimited vendor bill processing using service-level agreements and artificial intelligence such as Optical Character Recognition (OCR), Machine Learning (ML) and human arbitrage supported by 97% accuracy. In this article, you will learn how Corpay Complete uses the latest technologies to read and code invoices.
Artificial Intelligence (AI)
AI is a combination of technologies such as OCR and ML that enable computers and machines to perform advanced functions such as reading, understanding, translating spoken and written language, analyzing data, providing recommendations, and much more. ML, a subdiscipline of AI, uses data and algorithms to enable computers and machines to imitate the way humans learn without explicitly being programmed. AI and ML are often used interchangeably because majority of AI programs utilize ML. OCR is a form of ML that automatically converts images into text documents that can be searched and modified.
Corpay Complete uses OCR along with ML and human arbitrage to:
- read, extract, record, and convert data from invoice images into machine-readable formats with 97% accuracy. Using OCR, Corpay Complete reads and extracts data from invoices in the following foreign languages:
- Deutsche
- Spanish
- French
- Italian
- Croation
- Dutch
- Swedish
NOTE: The 97% accuracy rate, noted above, is for data extracted from invoices in English. Data extraction from invoices in foreign languages may not be as accurate and the Invoice Processing team may be unable to manually correct data that is extracted incorrectly from invoices in foreign languages.
- match new invoices to existing purchase orders using two-way and three-way matching rules. See the Two-Way and Three-Way Match article for more information.
- provide variance tolerances for invoice validation. Corpay Complete allows AP teams to create tolerances for differences (variances) discovered when matching new invoices to existing purchase orders during two-way and three-way matching. Tolerances can be defined based on percentage or amount and assigned to vendors.
- apply general ledger codes for accrual, invoice, payment, discount, purchase order, card, expense, and credit memo accounts automatically.
- process domestic and international invoices. All currencies are supported in Corpay Complete.
- synchronize invoice amounts using foreign currencies to Enterprise Resource Planning (ERP) integrations automatically.
- match payments, invoices, accruals, and purchase orders creating a complete spend management picture and audit trail.
- enable approval workflows. Corpay Complete provides unlimited workflows that can be customized based on rule sets, multiple approvers, or teams to ensure that all invoice approvals align with your company’s best practices.
- provide access controls. AP teams can limit access for users in Corpay Complete using polices, roles, and permissions.
- enable robust reporting.
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