Achieving Straight-through Processing using Receipt Capture AI
25 Jan 2020 Ashima Gupta

Achieving Straight-through Processing of Receipts with 'Receipt Capture AI'

Receipts capture AI for data extraction

From ancient merchants to captains of modern industry, processing of financial documents is a great pain, having to go line-by-line through multiple, repetitive forms and trying to work as quickly as possible without making errors. Most of this data processing is manual which is a tedious process. Hence, we bring KlearStack into their lives- a modern platform with advanced AI capabilities and machine learning technologies.

Bridging the gap between Humans and Artificial Intelligence

Artificial Intelligence (AI) allows machines to interpret and interact with the world in such a way as we humans perceive and do. Machines will sooner or later have human intelligence and it will make decisions just as we humans do . To be more precise and crisper, giving computers human-like abilities related to seeing, reasoning, hearing and listening.

Why we need KlearStack for Receipts?

In the present scenario, employees of an organisation manually read the receipts and then enter the values of specific fields into their systems. Now, imagine doing the same process for thousands of receipts daily. Below scenarios will be present for sure: 

  1. Hours of manual work
  2. High rate of errors
  3. Decreasing employee morale
  4. High Cost
  5. Slow speed delays delivery

Vital use cases that need Receipt Capture

  1. Employee Expense Management: In Many organisations, employee claims food, travel, telephone expenses etc. from the company. For which they need to upload the bills in pdf or image formats in company portal. Reading every bill manually takes lot of time. Hence it causes delay in reimbursement process.
  1. Income Tax Deduction Proofs: From an individual to big MNC’s everyone submits proofs for their income tax deduction. This is a huge problem for auditing firms to read, interpret, and submit the claims to government for every receipt.
  1. Accounting: Companies with 500+ suppliers who send the receipts for day to day transactions have different & unique templates. KlearStack can predict correct results for all templates sent in a single platform without prior training of these receipts.
  2. Spend Analytics : Most of the organizations spend huge time to analyze the process of spend management to understand their spending patterns. It is helpful for the organization to perform category level analysis, identify better saving opportunities and build better effective supplier relationship for the future.

How KlearStack process works?

KlearStack can be defined in below simple steps:

  1. Take a snap and upload receipt
  2. KlearStack use its cognitive abilities, machine learning capabilities & AI and process documents
  3. Extracted data is verified, saved and approved by checker.
  4. Uploaded receipts/bills are sent at the backend for re-training purpose in order to get better results for the next time.

Using KlearStack, individual or organisations benefits very quickly.

  1. High Return on Investment
  2. Template independent data extraction
  3. It is a product beyond OCR
  4. Go live in less than 7 days
  5. On-Premise as well as Cloud-based SaaS deployment
extracted-invoice-screenshot

Benefits of KlearStack Receipt Capture AI

  1. KlearStack replaces the age-old system of manual data read and entry with its fast AI capabilities that interpret the data of receipts and display the extracted results to users for its approval.
  2. KlearStack extracts fields like date, time, vendor name, GST, total etc. from every receipt without any fixed template. Also new fields can be trained in less than a month.
  3. KlearStack has a distinct feature of classification where it automatically classifies the uploaded receipts into various categories like food, travel, fuel etc. instead of manual sorting.
  4. KlearStack has its own inbuilt OCR engine that can even interpret & extract data from scanned images and convert it into structured format.
  5. KlearStack is integrated with different ERP and accounting systems that can directly enter data into these portals without manual intervention.
  6. KlearStack provides both options to users -UI & API for the upload process
  7. Set up Cost for Receipt Capture AI is almost zero.
  8. Turnaround time decreases by 5 times.
  9. Productivity of Accounting teams increases by nearly 400%.

Receipts capture & interpretation with KlearStack has simplified the work of accounting teams by a great margin. It has lowered the operational risk and improved internal process. KlearStack automates the process so you can automate the profits! So what’s your plan of implementing such straight-through processing for  the accounting teams in your businesses?

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