Executive Summary
Focaloid Technologies introduces a sophisticated solution tailored for the Finance & Accounting sector, integrating AI-driven OCR with advanced Large Language Models LLMs) to optimize accuracy and efficiency. This innovative approach addresses the challenges of processing complex financial documents such as invoices, reports, and compliance forms, reducing manual errors and cutting operational costs.
Key Benefits
Enhanced Accuracy
Custom LLMs ensure superior data extraction from diverse document layouts.
Process Automation
Streamlines data entry, classification, and validation processes, enhancing speed and reducing errors.
Cost-Effectiveness
Employs a multi-tiered OCR approach with confidence-based checkpoints to ensure cost efficiency.
Scalability
Adapts and scales seamlessly with business growth through robust cloud integration.
Innovative Features
- Adaptive OCR Processing – Utilizes open-source OCR for initial document scans, supplemented by premium cloud-based services for complex documents.
- Confidence Score Evaluation – Maintains data integrity by only progressing documents that meet established accuracy thresholds.
- LLM Enhanced Contextualization – Transforms raw data into structured financial information, facilitating immediate action and reporting.
- Continuous Learning – Employs few-shot learning to constantly refine and enhance system capabilities with minimal input.
USE CASE SPOTLIGHT
Automating the Invoice Verification Process
Challenge
Retail company frequently encounters challenges when verifying invoices against purchase orders and goods received. This crucial step ensures that they are only paying for goods that were both ordered and delivered. The manual verification process is not only slow but also prone to human errors, leading to payment delays and potential disputes with suppliers.
Focaloid’s Possible Solution
Focaloid can implement an OCR system specifically designed to automate the invoice verification process, improving both the speed and accuracy of these operations. Here’s how this solution could work:
- Automated Data Extraction – Using OCR technology, the system scans incoming invoices, purchase orders, and delivery receipts. It automatically extracts crucial information such as supplier details, quantities, and pricing.
- Automated Matching – The extracted data from the invoices is then automatically compared with data from corresponding purchase orders and delivery receipts. This step verifies that the invoiced items have been both ordered and received, which is essential before making any payments.
- Discrepancy Alerts – If any discrepancies are detected during the comparison, such as a mismatch in quantities or pricing, the system alerts the accounts payable team. This prompt notification allows for quick resolution of mismatches, preventing erroneous payments.
- Seamless Integration with Financial Systems – Once an invoice is confirmed to be accurate, the data is automatically updated in the company’s financial system. This integration facilitates prompt and accurate payment processing, maintaining good supplier relationships.
Outcome
The implementation of Focaloid’s OCR technology for automating the invoice verification process could significantly streamline how the logistics company handles its invoices. Here are the improvements they might expect:
- Increased Efficiency – The time required to process each invoice is reduced, thanks to the elimination of manual data entry and comparison tasks.
- Reduced Errors – Automation minimizes the risk of human error in the invoice verification process, ensuring that payments are accurate and justified.
- Improved Cash Flow Management – Faster and more accurate invoice processing leads to timely payments, avoiding late fees and taking advantage of potential early payment discounts.
- Enhanced Supplier Relations – Reliable and prompt payment processing strengthens relationships with suppliers, crucial for ongoing
business operations.
Technology Landscape
OCR Engines
Initial scans with DocTR, complemented by Amazon Textract for challenging documents.
LLMs
Specially configured OpenAI models for financial documents ensure precise and adaptable data handling.
The Focaloid Advantage
- Financial Documentation Expertise - Profound knowledge of financial processes and regulatory compliance.
- Tailored Solutions - Custom setups to meet specific documentation and compliance requirements of clients.
- Proactive Compliance - Continuous alignment with evolving US and international financial standards.
- Client-Centric Service - Dedicated to ongoing support, client feedback integration, and system improvements.
How can we help you?
Get in touch with us to schedule a consultation
