Invoice processing has traditionally been one of the most time-consuming tasks for finance teams in companies of all sizes. Especially, when the documents are written in Chinese language. Even most invoice processing software can’t read them. But now, this process can be done much more efficiently with AI-powered automation.
What Is Invoice Processing Automation?
There are several financial automation tools in the marketplace, the basic premise of which is the ability to send and approve purchase orders and invoices digitally, rather than physically managing and escrowing them.
The real turning point for finance automation is intelligent document extraction and invoice processing. These technologies will automatically fetch account information and then feed that data to your hotspot systems, eliminating error-prone manual data entry.
Read how we implement this idea to our client’s invoice process automation.
How Does Invoice Automation Work with Chinese Documents?
Traditionally, manual invoice processing begins when an invoice in Chinese language is delivered to the accounting department either physically or electronically. See how it works on our demo video below:
Compared to traditional accounting systems, invoice processing automation solutions use AI-powered automation to reduce steps and improve accuracy. This speeds up the payment process.
So when multiple invoices are sent to the finance department, they are immediately loaded into automation software to scan and collect data. You no longer need to view invoices one by one, giving accountants valuable time to focus on other more urgent or strategic responsibilities.
Solutions like Gleematic uses AI-powered OCR (Optical Character Recognition) and Natural Language Processing (NLP) technology. It automatically scans, extracts, and fills in data in Chinese language to the designated fields of the system.
Save to Your Reading List: Most Frequently Asked Questions about OCR
Key Benefits of Chinese Invoice Processing
Automating the invoice process brings tangible benefits to finance departments. Of course, like any other business tool, operations automation is an investment.
The good news is, depending on your business and the accounting software or software you choose, it will generate significant returns even in areas outside of your finance department.
Reads documents in Chinese language
Not many automation software can work with Chinese languages, but our software can. Gleematic is available in Chinese, using Natural Language Processing (NLP) to interpret Chinese characters with superb accuracy. Our software can also read other Asian languages such as Bahasa, Korean, Vietnamese, etc.
Prevents costly errors
Human error in business processes can lead to costly consequences, whether due to distraction, misunderstanding, or sincere error. But machines can read and process extremely large amounts of data simultaneously without error.
Automation improves accuracy, dramatically reducing invoice processing time. In accounting automation, reconciliation and financial close is the biggest time savings since the tedious task of crossing records is performed as balances settle. Of course, you will also need a good accountant to check the final numbers.
Some finance professionals may fear that automation will make their work unnecessary, but in fact, the opposite is true. In fact, it gives team members the freedom to apply really important high-level skills.
To summarize, the goal of automated invoice processing is to simplify the complexity and reduce the high costs associated with traditional financial methods. Versatile software like Gleematic eliminates the need to rely on legacy methods and simplifies the invoice process in a single, centralized software.
By: Elsa Ajarwati
Attribution: Business photo created by tirachardz – www.freepik.com