Hexagon launches AI-powered invoice capture solution for property management sector
Hexagon Software, a UK provider of financial and property management software solutions, has launched a new AI-powered intelligent invoice capture solution.
Available as part of the company’s hosted platform Hexagon Cloud, it aims to deliver immediate and significant cost savings by reducing manual processing time by up to 80 per cent whilst giving greater control and visibility of invoices across the organisation.
According to Mitchell Hill, Managing Director of Hexagon Software, says: “This intelligent invoice capture solution delivers significant efficiency improvements by further automating workflow processes and freeing up staff to handle more productive, client-facing tasks. It provides faster data retrieval and greater visibility of the whole invoicing process.”
Processing time is dramatically reduced by using Google’s AI engine to automatically locate all relevant data from emailed invoices regardless of individual layouts with an accuracy rate in excess of 90 per cent. This self-learning solution quickly identifies where particular information is located on invoices and automatically posts the data directly into Dream, Hexagon’s market-leading financial accounting software solution.
The use of machine learning eliminates the need to manually add barcodes and scan individual invoices before keying in the required data. It also removes the need to create individual templates for each supplier, as required by other applications. Any unread invoices are placed in an exceptions queue for individual review and are automatically tagged to speed up the retrieval process and cross reference to other relevant documents stored in the system.
Supplier invoices that contain order numbers are automatically matched to purchase invoices according to predefined criteria and processing is carried out according to individual business rules. Authorised approvers are automatically notified of invoices that require their attention via email for authorisation from any internet-enabled location on any device. When approved, invoice values are automatically uploaded to Dream or other financial systems including SAP, Oracle, Sun, JDE, Movex, Navision and Sage.
“This Hexagon Cloud invoice capture solution provides real-time insights as to what purchase orders have been raised across the organisation,” says Hill. “It also demonstrates the potential for AI moving forward, providing the power to speed up the processing of other type of documentation such as leases and contracts.”