Deploy GenAI to automate tax invoices processing at enterprise scale

AI Summary

• Tax invoices processing is critical and labor intensive task for enterprises
• Using the power of GenAI for tax invoice processing could save you hundreds of hours per week
• Deploy Skcript’s S1 AI Suite’s pre-built model for tax invoice processing and automation in just 7 days

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72%. That’s the number here. A recent survey by Ernst & Young (EY) found that 72% of tax and finance teams spend their time on routine compliance work which they feel can be automated.

This is a staggering and eye-opening statistics from the survey, and there is now a better solution that can save enterprises hundreds of hours worth of time, which eventually saves a ton of money for them. The power of AI is being quickly realized today in enterprises with companies offering Enterprise AI solutions that can be deployed quickly and at scale.

Before we tell you how you can process invoices at scale, let me quickly explain what GenAI is and why it matters for Enterprise AI programs.

What is Generative AI (GenAI)?

In plain English, GenAI is the ability for a machine to generate content based on their algorithm and training data. This is a subset of AI that is being used in a lot of different places today, and when combined with other AI techniques like Computer Vision or Vision AI, it can be used to solve a lot of different problems.

How can GenAI be used for Tax Invoice Processing?

In simple terms, you don’t have to entirely go with a Generative AI solution for tax invoice processing. Instead, you can go with a simple strategy where you tell the AI to process the invoices at scale, and present you with the right data points and interpretations from the invoice documents.

Here’s how a simple GenAI Invoice Processing workflow could look like:

1. Upload a bunch of invoices to the AI system
2. The AI system will process the invoices and extract the right data points
3. The AI system will then present you with the data points and interpretations from the invoices
4. You can then verify the data points and interpretations, and approve them
5. The AI system will then learn from your approval and improve the accuracy of the data points and interpretations

This is a simple workflow, yet powerful enough to save you hundreds of hours per week in employees time.

Can I buy GenAI for Tax Invoice Software?

Yes. Skcript’s S1 AI Suite comes with pre-built and pre-trained models for specific use-cases, and GenAI for tax invoice processing is one such use-case. We recently posted a video demo of an invoice processing system that is read-to-go for your use-case and at enterprise scale. Take a look at GenAI for Invoice Processing demo here.

How long does it take to implement GenAI for Tax Invoice Processing?

It takes just 7 working days for an enterprise AI use-case to go live with Skcript’s S1 AI Suite’s Invoice Processing Module. This is because the model is already pre-built and pre-trained, and all you have to do is to upload your invoices to the system and start processing them.

Talk to an Enterprise AI expert at Skcript to learn more about how you can deploy GenAI for Tax Invoice Processing at your enterprise.