Matching the supplier to your invoice is a key step in ensuring streamlined and accurate accounting processes.
Here's how we do it:
Extracting information from your invoice:
First, we extract key details from your invoice using our automated system. This among others includes the suppliers IBAN (International Bank Account Number) and VAT ID (Value-Added Tax Identification Number).
Matching fields to your supplier accounts:
We compare the extracted IBAN and VAT ID with the information in your supplier accounts.
If there is an exact match (one-to-one match) between these fields and a supplier in your records, we identify that supplier as the one who issued the invoice.
Handling multiple matches with AI 🤖:
There are numerous scenarios where one-to-one match is not possible, for example the invoice may contain multiple IBANs and VAT IDs or have either of them missing
In these scenarios, we use artificial intelligence (AI) to assist. This uses all data on the invoice, such as address of the supplier, company names etc. Here’s how our AI system works:
Self-Learning with AI:
Every organization gets its own custom AI system tailored to its specific inputs and supplier lists - it analyzes how invoices were assigned to suppliers previously and predicts the correct supplier based on these patterns
It continuously improves through an instant feedback loop. If the system makes an incorrect prediction, you can correct it, and the AI will learn from this correction immediately. This ensures the AI becomes more accurate over time.
Confidence-based predictions:
If the AI system isn't confident in its prediction, it will not guess. Instead, it will leave the supplier field empty, prompting you to fill it in manually. This approach ensures that the system only provides predictions when it is likely to be correct, minimizing errors.
By combining automated extraction, advanced AI, and a robust feedback mechanism, we aim to match your invoices with the correct suppliers efficiently and accurately. This process not only saves you time but also enhances the accuracy of your accounting records.
When does this not work and what you can do about it
While our system is designed to be highly accurate, there are a few scenarios where it might not be able to match a supplier to your invoice:
New supplier is not in Moss yet:
If your supplier doesn’t exist in the Moss supplier list yet, there’s no existing data to match against. You will need to add the supplier to your records.
Similar invoices linked to different suppliers:
When you have multiple invoices that are very similar but linked to different suppliers, our system may struggle to make a correct match. In these cases, additional data might be required to distinguish between the suppliers accurately.
Incorrect information in supplier account:
If the supplier account contains incorrect information, such as a wrong (previously unseen) IBAN, we may not be able to match the invoice correctly. Ensuring that your supplier accounts include complete and correct supplier information improves the system's accuracy over time.
Lack of confidence in predictions:
If the system isn't confident enough in its prediction, it will leave the supplier field empty rather than risk an incorrect match. This lack of confidence typically arises from insufficient data, ensuring that your supplier accounts include complete and correct supplier information improves the system's accuracy over time.
Understanding these limitations can help you troubleshoot and address any issues that arise during the supplier matching process. By keeping your supplier information accurate and comprehensive, you can enhance the system's performance and ensure smoother operations.