Enterprise AI based Invoice Reconciliation for enhanced Invoice Data Extraction and Analysis

Collatio® Invoice Reconciliation draws upon the power of AI which is at the core of its proprietary algorithms, and to automate the invoice reconciliation process thus eliminating the drudgery of painstaking manual reconciliations while ensuring accuracy in payments with minimal errors.

The system ensures efficient, timely and accurate payments while eliminating errors such as overpayments on duplicate invoices or overcharging by validating invoices against vendor agreements with pre-defined expense limits and payments.

Key features

  • Digitizes over 200 pages/hour
  • Handles all types of pro-forma, interim, past due and final invoices
  • Ingests documents in diverse formats
  • Extracts key attributes using proprietary OCR software and automatically reconciles invoices and highlights any accounting errors

Use Cases

  • Pro-forma, interim, past due and final invoices
  • Recurring and miscellaneous invoices
  • Special legend invoices, e.g., from law firms, tax invoices
  • Transnational invoices
  • Assessments of vendors regarding KYC and potential sanctions

Impact
& Business Benefits

  • Seamless Integration & Automation
    • Pre-built APIs to ingest & extract data
    • Attribute mapping done to client specific templates
    • Extracts key attributes such as IDs, amounts, dates, names, descriptions, line items, etc.
  • Productivity & Cost Control
    • Digitizes over 200 invoices per hour
    • Ingests documents in diverse formats, e.g., PDF, image, Excel, CSV, etc
    • Provides 80% reduction in time & cost
    • Reinforcement learning via machine and human intelligence
  • Accuracy
    • 90%+ Accuracy utilizing pre-trained proprietary algorithms
    • Supports multiple languages including Spanish, French and German
  • Compliance & Data Security
    • Ensures tax compliance by verifying invoices for KYC, FATCA, etc.
    • Role-based access to client specific data

Collatio’s Invoice Reconciliation serves:

  • Purchase Managers
  • Accounts Payable
  • Receivables
  • Billing Operations
  • Procurements

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