Processing 1.8+ million invoices per year through an Intelligent Document Recognition solution
eConnect is a Dutch FinTech company for which Rappit built an e-invoicing platform for enterprises to send and receive invoices to their business partners. Rappit further built a Machine Learning enabled Intelligent Document Recognition solution allowing for the automatic processing of invoices leveraging Google Cloud. Resulting in a higher quality and cheaper solution, with a ROI in under 1 year.
Their challenges
- Manual invoice processing: Invoices received as PDFs or scanned copies require manual intervention to enter data into accounting software.
- Need for e-invoice format: Converting invoices to an e-invoice format would enable automated processing across different accounting systems.
- Inefficient conversion partner: The current conversion partner is associated with high costs, frequent errors, and lengthy turnaround times (up to 5 hours per document).
Our solutions
- Automated invoice processing: Incoming invoices (PDFs and scanned images) are received via API and processed automatically.
- Text extraction: Google Cloud Vision API extracts text from PDFs and images.
- Invoice classification: Machine Learning classifies documents as invoices or receipts.
- Data extraction: Invoice entities are extracted and converted into XML format.
- Human-in-the-loop: Human feedback is used to improve the accuracy of extracted invoice data.
- Machine Learning model development: Tensorflow is used to develop Machine Learning models.
- Model deployment: Google Kubernetes Engine and Kubeflow are used to deploy the models.
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Integration with accounting systems: Validated invoice data is updated in backend accounting and ERP systems.
Results
- ROI: less than 1 year
- 1.8+ million invoices processed per year
- 4x faster: Inovoices are processed and available in the accounting back-end system in minutes
eConnect
eConnect is a Dutch Billing Service Provider, the market leader for the Dutch market, with an international ambition.
The company’s mission is to provide a fully automated administration service for everyone, making the administration process entirely Machine2Machine. eConnect is on a trajectory to build a network of over 300 financial software providers all connected to the eConnect hub. The Peppol Access Point of this hub is connected to the international Peppol network and all other Billing Service Providers connected to this network, allowing a true paperless (machine-2-machine) procurement process. Major Dutch financial software vendors all have a direct integration with eConnect.