Parascript for e-Invoicing Providers & Invoice Portals
Reduce your manual data entry costs by 50 percent.
Your solutions provide streamlined accounts payable and receivables processes, but you still have to manage your own profitability. Key to your profitability within an AP/AR process is efficient access to the complex data trapped in invoices, remittances and checks that your customers submit. But this data is often so complex that only data entry staff can deal with it. The result is that the data you need is more costly and potentially has more errors.
What if you could get access to reliable, high quality data from these documents and lower your costs at the same time? This is where Parascript and our machine learning technology comes in.
With the Parascript Accelerator Program, you can increase your data quality and significantly reduce your costs without any upfront investment. Whether your organization owns or outsources the document processing function, we can work with you and any outsourcing partner to provide significant value without disruption or replacement of existing technology. Our software-enabled services automate document classification, document separation, data extraction and data quality processes for select invoice portal providers. Get stress-free efficiency with no upfront costs or fees by joining the Parascript Accelerator Program.
Benefits to You
Our team will work closely with you to analyze your existing data and workflows and uncover hidden savings. We are a team of PhDs who enjoy analyzing data and excel at it. This is all at no cost, no obligation for select Revenue Content Management and Medical Claims providers that qualify for the Parascript Accelerator Program.
- Use a single platform to process everything.
- Leverage your existing technologies and improve what you have in place.
- Maintain data quality with systems tuned to your needs and no maintenance fees.
- No need to purchase software.
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Advanced Automation Features
Parascript deals with the high variability and complexity of invoices so that you don’t have to, providing reliable data results with comprehensive validation that is powered by artificial intelligence and machine learning.
Address Blocks. Parascript leverages the industry standard in address block location technology used by the USPS and many of the largest commercial mailers, which is more precise than other solutions. Using Parascript, addresses are located and processed at the highest rates of accuracy available.
Vendor Logos. Based upon core image analysis and recognition technology, our solution automatically locates logos via feature extraction and immediately matches them to existing reference logos to group invoices by vendor.
Header and Footer. Data common to invoice processing needs are easily located and extracted with a high confidence. These can be automatically cross-validated with third-party systems to ensure accuracy.
Complex Table Data. One of the most important parts of an invoice and the most complex are the line items of purchased goods. Parascript dynamically locates the table, columns, and rows, extracting information column-by-column and row-by-row. This data can then be used to perform database validation to further verify accuracy.
Pre-built Engine for Rapid Implementation. Parascript Invoice Data Extraction comes pre-built to handle the most common invoice layouts for faster times to production at reduced development cost with less ongoing maintenance, unlike most solutions.
Advanced Check Processing
Parascript enables comprehensive check processing and signature verification in high-volume, complex document processing environments using a single recognition SDK. Parascript CheckPlus automates check courtesy amount and legal amount recognition (CAR/LAR), check number, date, payee name and MICR lines, verifies signature presence and locates payor blocks.
Parascript CheckPlus—powered by artificial intelligence—offers:
- Superior recognition rates and accuracy
- Improved recognition results of MICR line
- Accurate detection of signature presence