The hidden cost of manual invoice processing

October 15, 2024

In today’s fast-paced business word, AI is changing the way companies handle their data. AI can make things like handling PDFs, data entry, and automating tasks quicker and more accurate. This article looks at the often overlooked costs of manual data entry and how Invoice Detector can offer a solution.

The hidden costs of manual data entry

Many companies still rely on manual data entry, but it comes at a big cost. These businesses end up paying for a larger staff of well-educated finance professionals to simply enter data and chase down invoices — not exactly the best use of their time.

Even though it's been part of business operations for a long time, manual data entry faces many problems today:

Time-consuming: It’s slow and often requires double-checking.

Prone to errors: Repetitive tasks like data entry lead to mistakes, which can have serious consequences.

Scalability: As companies grow, manual data entry becomes harder to manage.

Security risks: It opens up the possibility of data breaches.

Inconsistent: Different people input data differently, leading to inconsistencies.

Invoice Detector: Smarter invoice processing

OCR and even more advanced machine learning approaches work well for simple text documents, but they are unreliable for more complex and specialized documents.

Invoice Detector uses AI to handle invoice processing in a more advanced and reliable way. It can read and understand different types of document layouts, thanks to its use of the latest vision models and language processing technology.

Invoice Detector is specifically designed for accounting and bookkeeping professionals, enabling them to streamline workflows, increase accuracy, and free up time for more complex and strategic tasks.

How does it work?

1- Upload your invoices to Invoice Detector,

2- our AI automatically separates PDFs, extracts all invoice items, filters out duplicates and non-documents, automatically creates creditor/debtor records, and generates ledger-ready entries,

3- you review edge cases and sync the data with your preferred accounting software with a single click.

Conclusion

Manual invoice processing is slowing down businesses. Along with massive inefficiencies, wasted time, and rising labor costs, it is also prone to errors.

We’re offering a 14-day free trial so you can experience the power of Invoice Detector for yourself—no credit card required! Get started today and streamline your accounting and bookkeeping workflows by reducing the need for manual data entry, allowing your team to focus on higher-value tasks.