Image credit: Towfiqu Barbhuiya on Unsplash
How many “missing expense receipt” forms does your company receive each month?
One of our construction clients had this very question.
They process 5,000-10,000 pages of employee expense receipts per month, but didn’t have an easy way to calculate the number of lost expense receipt forms they receive among these. 👀
👉 The solution: Contexture is able to use its AI-powered OCR technology to scan through the 10,000 records, identify the lost receipt forms, and extract any data elements needed to a CSV or Excel file.
All in a matter of seconds. ðŸ§
With this information, Accounting can quickly calculate the number of lost receipts, the value of these items, and assess whether anyone is potentially abusing the company’s expense receipt policy. 📊
Another example of how Contexture and AI are making life easier for Accounting departments and solving business problems.
Contact us to learn more ways to automate your expense management processes.
Learn how AP teams in the construction industry are using AI-powered AP Automation solutions to automate invoice data entry and PO validation and free up time for higher-value accounting projects.
A flexible AP automation solution provides the flexibility of "planes, trains, and automobiles" to ensure you arrive at your destination.
Repetitive invoice entry tasks, document matching, and GL coding can all be automated, freeing up employees to focus on more creative and challenging aspects of their work.
Have you ever experienced the exhilarating feeling of driving on the Autobahn in Germany? That's a good analogy for what it's like to use AI and machine learning to automate invoice processing.
