InvoiceDetect
Increase automation in the invoice approval process by detecting irregularities before invoices are paid
Let InvoiceDetect find the irregularities, so you don't have to
- Speed up approval time
With AI assisted invoice approval, accountants spend less time checking invoices for errors.
- Reduce payment errors
InvoiceDetect provides high accuracy anomaly detection, reducing the risk of data errors.
- Increase automation
Automate a larger share of your processes so you can work smarter, not harder.
Like having x-ray vision
It is virtually impossible for the human eye to catch all irregularities when processing many invoices. The InvoiceDetect AI models analyze large datasets and learn to recognize what is normal and what requires attention, providing invoice approvers with a valuable second pair of eyes.
- Clear insights.
- InvoiceDetect learns from historical patterns and flags when something deviates from it, making it easy to spot what needs extra attention.
Results from customer tests
Saved time and increased automation
70%of invoices showed no deviations and could be processed for payment automatically
30%of invoices showed either weak or strong deviations and were singled out for further investigation
Detect fraud
Many companies are vulnerable to fraud attempts due to lack of robust controls in their internal processes. InvoiceDetect can help mitigate this risk by flagging deviations in data points such as vendor name, bank account number, or shipping address from previous records. This way, companies can promptly identify anomalies and take appropriate action to prevent any exploitation.
Spot price surges
With InvoiceDetect, businesses can keep a watchful eye on their expenses and make informed decisions to optimize their bottom line. An example is monitoring vendors’ prices for sudden changes. InvoiceDetect is a powerful tool that analyzes invoice line items and compares them to historical records. By doing so, it can detect any deviations and flag discrepancies in the invoice amount, making it easier for businesses to stay vigilant for sudden price changes and control costs.
Increase on-time payments
Receiving information about payment schedule changes improves businesses’ ability to pay on time. InvoiceDetect highlights any changes to the payment schedule on incoming invoices compared to previous invoices, enabling businesses to develop better vendor relationships and more accurate cash flow projections.
See it in action
Try the InvoiceDetect prototype to get inspiration for how you can build anomaly detection into your product.