Singapore-based Accounting Services Startup
How the Singapore-based Accounting Services Startup reduced 90% of time spent on document processing and enhanced 70% of accuracy rate on handwriting recognition
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Reduction in time spent on accounting documents processing
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Improvement in handwriting recognition accuracy rate
Company Description
- Based in Malaysia with a team of hundred people and a customer base of over a million
- One of the fastest-growing travel companies in Asia
- Offers its customers the ability to find and purchase affordable travel options
- Acts as a broker and travel-agency-as-service company
Challenges Faced
- Needs to process a wide spectrum of invoices throughout the entire operational flow, especially its airplane tickets brokerage services
- Recruit a few contractors to process all documents manually
- Manually processed all documents in PDF formats, which is time-consuming and highly error prone
Solution
- All invoices are processed through XXX, which serve as the core operational platform in the finance department’s Accounts Payable team
- Use pre-trained model to capture key information on the invoice
- Pair vendor and cost center records
- The company’s backend team is responsible to integrate the pipeline with original Oracle system, while XXX provides all-rounded and quick technical assistance to the team
Impact
- Largely reduce manual work which originally require full-time effort of nearly 10 contractors every month
- Now, the team is spending only about 1 hour per person daily
- Lower error rates by 90% and reduce the number of exceptions by 70% for manual review
- Without cutting headcount, the company can now assign more advanced tasks to the contractors, such as past due reports, financial analysis and credit notes to reduce costs
Company Description
- Singapore-based technology startup that aims to automate accounting processes for businesses and organizations
- Help business to digitalize paper & email messages
Challenges Faced
- The company created a workflow streamlining solution with high degree of automation
- To handle the high volume of handwriting documents in the SME market, the company chooses to partner with MachIDP that is capable to provide an AI platform with high accuracy of handwriting recognition and data capture from documents
Solution
- The company has already developed a tool for accounting processes automation, and MachIDP is an integral part of the system
- The workflow – (1) client first uploads documents to the system, and validates the data captured by MachIDP, (2) once approved, the documents are sent over to internal system for integration
- MachIDP stays at the center of the entire process, which turns the accounting process fully digital and remove all needs of manual data entry
- MachIDP only contacts with the company, and the company maintains relationship with the customers. MachIDP also provides follow-up assistance and advice to the company’s workflow
Impact
- Reduced 90% of time spent and improved 70% of accuracy rate on handwriting recognition
- The company gets much closer to the ultimate target – fully automate accounting process, after integration with MachIDP’s data capture solution
- The company improved their product largely by partnering with MachIDP which help automate the handwriting recognition and data capture from a wide range of accounting documents