Automated receipt processing – the way it should be done
Manual receipt processing leads to errors, inconsistencies, and lost receipts. And it’s just the tip of your document’s iceberg.
No matter if you’re a merchant, point-of-sell system owner, or HR manager, the IDP platform gives power back to you.
As a result, you get fewer errors, better accuracy, and more control over the entire operation. Process more receipts in the long term, without growing your operation.
Try receipt data extraction today.
The future of receipt processing is here
Optical character recognition converts images, such as photos or scans of your receipts, into machine-encoded text. The model handles low-quality so worry not about multilingual symbols, poor image quality, and stains.
Receipt data extraction
The core feature of our technology is the powerful data extraction component. With AI and ML at its core, entity extraction understands the context of receipt data fields. You can also customize the fields you’d like to extract.
Based on the receipt contents and layout, the platform automatically labels the incoming files and sorts them for you. The first segmentation requires no manual work.
Connect Alphamoon with your stack through API or via Zapier. Add a database like Google Drive or OneDrive to source new documents straight to the document automation tool.
Have questions about the product? Read the most common ones or get in touch.
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What processes can I improve thanks to receipt automation?
Automating receipt processing can improve expense management, budgeting, forecasting, and internal collaboration. With an AI-powered Intelligent Document Automation tool like Alphamoon, your team can reduce manual errors, speed up receipt processing, and gain more control over payments and cash flow.
How much time does it take to set up Alphamoon Workspace?
Setting up Alphamoon Workspace is a simple three-step process. First, sign up with your email and create your unique password. Once you log in, create a new process, upload documents and approve them after your verification. Further information about the step-by-step onboarding process is located in the Documentation – you will find it in the user dashboard after creating an account.
Which receipt languages can Alphamoon Workspace handle?
Our receipt OCR software works with English, Polish, and Danish documents with nearly 100% accuracy. The model can process documents consisting of the Latin alphabet in general.
What receipt formats can I process in Alphamoon?
The platform supports common file types, including PDF, DOCX, XLSX, PNG, JPG, TIFF, and emails. After data extraction, data appears in a file, ready to be downloaded as CSV or XLSX or safely imported into the internal processing system of your choice.
What are the exact steps in receipt processing?
Upload your documents and confirm or edit the information you would like to pull from the files. Once uploaded, Alphamoon incorporates OCR and extraction features to firstly convert the files into text and then find all the relevant data. The user-friendly dashboard shows you the document, and connects each piece of data with the corresponding field in the document. You may edit the extracted fields and approve documents to move forward to the next receipt. It’s that easy!
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Where to start with receipts automation?
Receipt automation can improve several business areas, including:
- Expense Management: Automating receipt processing streamlines the capture and management of expenses, reducing manual effort and errors.
- Accounts Payable (AP): Automating receipt data entry into the system enhances accounts payable (AP) processes. Receipt automation eliminates manual data entry, improves processing times, and reduces the risk of errors. As a result, it creates a more efficient AP workflow.
- Audit and Compliance: Automated receipt management ensures accurate and complete documentation for auditing purposes. Keeping a central repository of digital receipts simplifies the retrieval and verification processes, resulting in higher chances of maintaining compliance with internal and external regulations.
- Budgeting and Forecasting: Thanks to automating your receipt processing, expense data is automatically captured, categorized, and integrated into other accounting tools. As a result, businesses get real-time visibility into spending patterns. They can lead to better budget allocation and more clarity on business transactions.
- Reimbursement Processes: Receipt automation simplifies reimbursement processes by eliminating the need to submit paper receipts manually. Intelligent Data Processing tools for documents can capture, store and process digital receipts, which reduces administrative burdens and improves reimbursement turnaround times.
What fields can be extracted from receipts?
These are standard fields that can be extracted from receipts:
- Invoice ID: Unique identifier assigned to the invoice.
- Date: When the transaction occurred, or the invoice was issued.
- Customer Name: Name of the customer or client who made the purchase.
- Customer ID: Unique identifier assigned to the customer or client.
- Tax: The amount of tax or sales tax applied to the transaction.
- Store Name: Name of the store or business where the purchase was made.
- Time: The time of the day when the transaction took place.
- Total: The transaction amount, including any applicable taxes or discounts.