At the beginning of October 2020, FPT IS (FIS) released a brand new solution for accountants named automated invoice content extraction.
Previously, in the invoice processing, accountants had to do several manual tasks to verify invoice information, input software information, accounting and recording transactions. The input process takes about 5-6 minutes for each invoice. Incorrect information on invoices adversely affect accounting, post-inspection, inspection and audit of businesses, especially tax agents or businesses who have to handle a large number of invoices. The simple repetitive process accounts for nearly 50% of resources, including time and employees.
Understanding the need for improvement, FIS FPS team, with a wealth of experience in tax and IT system implementation for tax institutes, came up with the idea, researched and developed the Automated Invoice Content Extraction, aiming to boost productivity in accounting and auditing.
FPS’s Automated Invoice Content Extraction enables to save time processing from 5-6 minutes to 60 seconds, minimize input errors by 90%, ensure the accuracy of information and output templates. Specifically:
- OCR, jointly developed by FPT.AI, identifies and extracts structured data on invoices within 5 seconds, with up to 95% of accuracy (100% for electronic invoices).
- Fuzzy text search automatically searches and identifies information from detailed description of goods on the invoice, accelerating the invoice processing and helping accountant identify inventory items.
- RPA complete the process of data recording, finding and bill verification within just 5 seconds (while the traditional way takes 2 to 3 minute).
The Automated Invoice Content Extraction runs on Cloud and is ready for use on mobile app. Accountants can take photos of invoices and put them into the data system immediately. The output is the invoice reports specified by tax authority and can be used as the input for tax reports and other formats to integrate with accounting software and optimize management of import and export data.
Compared with other providers on the market, FIS’s Automated Invoice Content Extraction is outstanding with its incredible processing speed, high accuracy, efficiency, security, scalability and investment potential. The solution is also the first product marking the coordination of FIS and FPT.AI, with the expectation to develop a useful product bringing in significant revenue and profits.
The first customer of the Automated Invoice Content Extraction is a large tax agent in Ho Chi Minh City. Currently, the agent signed a contract with a distribution company, generating a large amount of invoices for them. According to the leaders of the company, the product can reduce at least 70% of personnel in the invoice processing.
From the capacity and demand of more than 700 tax agents, 1,800 tax accounting services providers and businesses which have to handle a large number of invoices, the solution is a potential product to optimize efficiency in accounting.
In the future, FPT IS is expected to research and develop a smart accounting solution which can optimize management for several organizations, especially tax agents and businesses that possess complex or multi-branch financial management system.
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