Credit Note OCR
Automate data extraction from credit notes, like credit note numbers, supplier code, vendor information, and other important fields with KlearStack AI-powered credit note OCR and IDP solution. Realize end-to-end accounts payable and receivables automation or supply chain optimization. Improve straight-through-processing.
Challenges of Data Capture From Credit Notes
Varied Formats
Varied context
Incorrect or Missing Data
Large Volumes
Cros-Verification
Compliance
Integration
Limited Visibility
End-to-end Credit Note Processing
Intelligent Data Extraction
Template - Free Solution
KlearStack offers template-free solutions for automating and extracting data from Credit Notes. Our AI-powered algorithms can recognize and extract relevant data fields from a wide range of Credit Note formats minimizing errors and improving overall accuracy. With KlearStack’s template-free approach, businesses can achieve streamlined Credit Note processing while also gaining the flexibility to handle a wide variety of Credit Note layouts and formats.
End-to-end document processing
Straight through Processing
KlearStack’s automated solution for credit notes enables Stright through processing (STP) by extracting data from credit notes and performing a three-way match with the original purchase order and invoice. This ensures that the credit note is valid and accurate and can be processed quickly without manual intervention. With STP enabled by KlearStack, businesses can minimize the time and effort spent on credit note processing, freeing up resources to focus on other critical business operations.
Cross-Verification
Three Way Match
The three-way match is a crucial process for companies to ensure that their financial transactions are accurate and complete. KlearStack’s automated Credit Note processing solution ensures that the three-way match process is accurate and efficient by extracting and validating data from all relevant documents. This reduces the likelihood of errors and discrepancies, saving time and minimizing the risk of financial losses.
Our AI powered Credit note OCR can be used to extract dozens of fields from each credit note and organise them into searchable file formats.
99% Accuracy
Day Zero Accuracy
KlearStack’s technology can ensure that all relevant data is accurately extracted and processed from the moment the credit note is uploaded into KlearStack AI’s platform. This level of accuracy helps to eliminate errors and ensure that businesses can rely on the processed data for critical decision-making processes. With KlearStack’s day-zero accuracy for credit notes, businesses can streamline their processing workflows and free up valuable resources to focus on other important tasks.
Flexible Deployment
Cloud & On-Prem Support
KlearStack’s automated Credit Note processing provides both cloud and on-premises support options for businesses. This flexibility allows businesses to choose the deployment option that best suits their needs and preferences and scale up or down as needed without additional infrastructure or resources. KlearStack’s support options make it easy for businesses to deploy and manage the system according to their unique requirements.
Out-of-the-box Integrations
Seamless Integration
KlearStack’s AI-powered platform seamlessly integrates with your existing enterprise systems, such as ERP, CRM, and other business applications, to create an efficient and streamlined workflow. With the integration of KlearStack, you can easily extract data from Credit Notes and other financial documents and integrate it into your financial system without any manual intervention, reducing errors and improving efficiency.
Frequently Asked Questions
In the context of automation, a Credit Note is a document issued by a seller to a buyer indicating that a credit has been given to the buyer for a certain amount. This credit is typically given due to returned or overcharged goods or services. Credit Notes are an essential part of any business accounting process, as they help to ensure accurate record-keeping and reconciliation of transactions.
KlearStack uses its advanced Cognitive Document Processing technology to automate the credit note extraction process. This technology allows KlearStack to automatically capture and extract relevant data from Credit Notes, including the vendor name, date, credit amount, and reason for the credit. By using AI and machine learning algorithms, KlearStack is able to quickly and accurately process large volumes of Credit Notes, saving time and increasing efficiency.
KlearStack applies various intelligent classification and data validation techniques to ensure the extracted data from Credit Notes is accurate and reliable. KlearStack’s machine learning algorithms can also learn from human validation and feedback, improving the accuracy of the extraction process over time. KlearStack also has a team of experts who perform quality checks on the extracted data to ensure its accuracy and reliability.
Yes, KlearStack can integrate with various accounting software platforms, including QuickBooks, Xero, and SAP. This allows for a seamless Credit Note automation process, where the extracted data can be directly transferred to your accounting software.
Yes, KlearStack’s automation process can be customized to suit your business needs, including defining workflows and approval processes. This ensures that your Credit Note automation process is tailored to your business requirements and follows your specific business rules.
