In the fast-paced world of accounts payable (AP), accuracy and efficiency are paramount. That’s why SquareWorks has unveiled its latest groundbreaking innovation: Invoice AI. This patent-pending technology is set to redefine the invoice-scanning process, offering significant improvements over traditional Optical Character Recognition (OCR) methods.

What is Invoice AI?

Invoice AI is an advanced invoice-scanning solution designed to enhance the accuracy and speed of data extraction for AP teams using enterprise resource planning (ERP) software. Unlike conventional OCR, which can struggle with accuracy and adaptability, Invoice AI uses proprietary auto-learning technology to continuously improve its performance. The more invoices it processes, the smarter and more accurate it becomes.

In order to make the biggest impact, SquareWorks chose to apply this new technology to invoices; invoice scanning lies at the heart of AP functions while often requiring the largest amount of manual effort, taking up a sizable amount of time for AP professionals. This effort spent on processing invoices can be a significant impediment to organizations trying to scale and can distract from other, more strategic, business goals.

At the core of the Invoice AI technology is the ability to quickly learn from mistakes, and apply those learnings immediately to the next invoice. While many products utilizing AI and machine learning require large, historical datasets and can take time to incorporate new learnings into the models, requiring AP teams to manually fix their data sets while the models they rely on slowly learn over time. With a much tighter feedback loop, Invoice AI provides more value in a shorter period of time.

SquareWorks’ Invoice AI is built to work seamlessly within NetSuite, eliminating the need for disruptive changes or complex configurations. Businesses can integrate Invoice AI quickly and enjoy immediate improvements in their invoicing processes—without the headache of major system overhauls.

Real-Time Learning for Seamless Adaptation

One of the standout features of Invoice AI is its ability to automatically adapt to a business’s unique invoicing needs. Traditional OCR solutions often require rigid and time-consuming rule-setting, forcing businesses to define complex extraction rules that may still fail to meet their specific requirements. Invoice AI, on the other hand, learns in real-time as invoices are captured within a company’s ERP system. It automatically adjusts to changes, improving its accuracy with each invoice it processes.

This adaptability means businesses no longer have to spend hours tweaking data extraction rules or manually fixing inaccuracies. Instead, Invoice AI continuously improves on its own, making the process smarter, faster and more reliable.

Bringing Cutting-Edge AI Technology to ERP Users

Invoice AI provides best-in-class accuracy rates in addition to ease of use, ensuring any employee responsible for invoice processing can use the tool without a technical background in creating data extraction rules.

Invoice AI uses a three-pronged approach to create compounding value for customers. The latest in character recognition technology provides exceptional accuracy in addition to implementing natural language to simplify setting up rules and enables newfound flexibility for this type of work. This is all in addition to the auto-learning feature, which automatically learns from mistakes and applies new rules to invoice scanning in real-time. While OCR can be classified as a type of AI, Invoice AI utilizes AI technology at every step of the invoice scanning process, ensuring every aspect is as seamless and intelligent as possible.

As AI models continue to rapidly improve, so will Invoice AI, with further improvements to accuracy rates and increased customization options for data extraction. SquareWorks is also looking to integrate this AI technology into the rest of the product suite to redefine business workflows for finance teams. As business overhead is further reduced with the time savings AI can offer across finance functions, teams can focus instead on their core business and more strategic pursuits.

Why AI vs OCR?

OCR has become a placeholder name for many types of solutions within the sphere of technologies that can detect written characters and convert to a machine-readable format. While other solutions often rely on a combination of OCR and AI technology, SquareWorks’ Invoice AI relies on deep learning where results are automatic, as opposed to traditional OCR, which requires intense intervention using large data sets to train OCR models to correct their mistakes. These AI capabilities are especially important for AP professionals and Controllers who are often setting up these technologies without deep technical knowledge of the tools—they can use natural language and rely on Invoice AI’s immediate adaptability to benefit from the technology right away.

A Smarter, Simpler Solution for Accounts Payable

Invoice AI builds upon the success of SquareWorks’ original OCR Invoice Scanning solution, offering enhanced functionality and performance. Existing users of SquareWorks OCR can immediately benefit from the improvements offered by Invoice AI without the need for a complete system overhaul or complicated learning curve. The user experience remains exactly the same, but the accuracy and efficiency of the technology are vastly improved.

By leveraging the power of AI, businesses no longer need to worry about rigid, complex systems requiring constant adjustments and fine-tuning. With its ability to learn from every invoice and its capacity to handle custom data extraction instructions via natural language, Invoice AI puts the power of automation into the hands of AP professionals, without the need for specialized expertise.

Finance teams need game-changing technology in order to stay ahead of the curve. Invoice AI allows teams to streamline their processes and focus on what matters most: making informed financial decisions to drive business success. SquareWorks is providing businesses with the tools they need to do just that—ushering in a smarter, more efficient future for accounts payable teams everywhere.

Discover Invoice AI Today

Ready to take your invoicing process to the next level? SquareWorks’ Invoice AI is here to help you save time, improve accuracy and transform your accounts payable operations. To learn more about Invoice AI and how it can integrate with your NetSuite setup, visit: https://squareworks.com/automate-ap-automation-suite/ai-enabled-ocr-and-invoice-scanning-for-netsuite/