Using artificial intelligence in conjunction with optical character recognition, the software can ‘read’ and assign incoming documents such as supplier invoices and vehicle inspection reports.
The system, says Freeway, identifies unique reference text for each supplier, such as VAT number or telephone number, to ‘learn’ where to find purchase order, invoice number, net, VAT, and tax date information.
The company says it expects this technology to be particularly useful for reconciling invoices with purchase orders. On scanning the document, the software captures key information and matches it to the record held in the Freeway system. It can also read line items and amounts to check and correctly apportion specific items.
“Many Freeway system users are switching away from paper by using our mobile apps,” says Patrick Tandy, managing director of Freeway.
“However, they still receive paper documents from external sources, frustrating the switch from paper to digital. Now we have a solution that eliminates much of the paperwork handling to boost automation and efficiency.”
As well as accounting documentation, the software can be used for other paperwork such as vehicle inspection reports, compliance and safety certificates, time sheets and third party maintenance reports.