Document processing is a central component of every company and ensures that all types of documents are recorded and processed correctly. This is especially true for accounting as the mouthpiece for a company's success. There are numerous hurdles in this area in particular that can affect its efficiency and accuracy.
Innovative solutions for automation and optimization
The biggest challenges in accounting are:
Manual processes:
- Time consuming and inefficient
- Take a lot of time and effort
- Slow down the entire process
Error-prone:
- Unintentional typos, incorrect assignments and the like
- Impact of errors on subsequent processes, for example for reporting
- Additional workload and time for corrections
High regulatory requirements:
- Accurate and fast reporting
- High complexity
- Risk of penalties and legal consequences for non-compliance
Expensive labor:
- High costs for salaries, training and education
- Lack of qualified accountants makes it difficult to fill positions
- Loss of employee satisfaction due to manual and repetitive tasks
This is why companies are looking for innovative solutions to automate and optimize their processes. The use of artificial intelligence in document processing in general and invoice processing in particular unleashes efficiency potential that saves costs, streamlines processes and reduces the workload of employees.
Our range of services
"AI Powered Invoice Processing" (AIPIP) is a ScanDoc use case and offers an advanced, AI-supported solution for fully automated invoice processing. AIPIP accurately reads scanned and electronic invoices and automatically determines accounting information such as general ledger accounts and tax codes. The solution also assigns order-related invoice items to open orders. This results in the following advantages:
Reduction of manual processes
- Intelligent information extraction from documents / invoices
- AI-based determination of accounting information such as tax codes, general ledger accounts, vendors, creditors, company codes, and other account assignment elements for purchase order and non-purchase order related invoices
- Increase in data quality & adherence to compliance requirements
Reduce manual errors and increase data quality through AI predictions
- Automatic verification of invoice information through more than 80 compliance checks
- Maintaining a dual control principle
Minimally invasive integration
- Easy integration into existing processes and system landscapes thanks to SaaS solution
ScanDoc-AIPIP enables companies to use resources more efficiently, shorten processing times and reduce operating costs in the long term. The solution relieves the burden on accounting departments, increases productivity and improves employee morale. KPMG thus offers an innovative and reliable solution based on state-of-the-art technology to comprehensively modernize accounting processes.
Your contact
Stoyan Alexiev
Partner, Consulting, Lighthouse Germany - AI & Data Solutions
KPMG AG Wirtschaftsprüfungsgesellschaft