Manual invoice data entry is prone to human error, slow processing times, and high costs. Finance teams waste valuable hours manually entering data, resulting in delays and inaccuracies that can lead to costly mistakes.

At Codewave, we use Optical Character Recognition (OCR) combined with machine learning (ML) to automatically extract key information from invoices, whether they are scanned, emailed, or in other formats. Our AI solution intelligently recognizes and captures data like invoice numbers, amounts, dates, purchase order references, and vendor information from both structured and unstructured invoices. 

The system preprocesses images, removing noise and correcting orientation to improve OCR accuracy. 

This automated solution ensures data is captured with high accuracy, eliminating the need for manual entry and reducing error rates. It speeds up your invoicing process, enabling faster processing cycles and improving operational efficiency.

Example: A large retail chain will automate the extraction of invoice data across various suppliers, ensuring that each invoice is processed and recorded accurately, without requiring manual intervention.

Invoice discrepancies can lead to overpayments, late fees, and strained vendor relationships. Manual checks for missing fields, incorrect totals, and mismatched purchase orders can be time-consuming and error-prone.

Codewave’s solution uses AI-based rule engines to validate the extracted invoice data against business rules, purchase orders, and contracts. Our system checks for missing or incorrect information, ensures compliance with contractual terms, verifies tax calculations, and identifies discrepancies in amounts, dates, or vendor details. 

Machine learning models continuously improve the validation process by learning from past discrepancies. By automating validation, we significantly reduce the risk of errors and exceptions, speeding up the approval process and improving financial accuracy.

Example: A company will automatically validate every incoming invoice against its purchase orders and internal approval rules, ensuring full compliance and reducing the risk of errors before processing payments.

Manually coding invoices to the correct GL accounts and matching them to purchase orders is tedious and error-prone. As invoice volumes grow, this process becomes increasingly inefficient and error-prone.

Codewave automates account coding and PO matching using configurable machine learning algorithms. Our platform matches invoices to corresponding purchase orders and goods receipts, checking for consistency across accounts, departments, and vendors. The system applies predefined rules to categorize invoices by account type, eliminating the need for manual coding and minimizing errors.

By automating these processes, we improve accuracy, speed up workflows, and ensure proper fund allocation, freeing your finance team to focus on more strategic tasks.

Example: A logistics company will automate the matching of invoices to purchase orders and receipts, eliminating coding errors and ensuring each invoice is allocated to the correct department and account.

Manual invoice approval processes often lead to bottlenecks, delayed payments, and increased operational costs. Approvals are often held up by incorrect routing, unclear responsibilities, or insufficient follow-up.

Codewave streamlines approval workflows by routing invoices to the correct approvers based on business rules. Our platform sends automated notifications and reminders to ensure timely approvals, allowing approvers to act via email, mobile, or a web interface. Invoices are automatically routed by invoice value, department, or vendor, ensuring approvals happen quickly and efficiently.

This automation eliminates delays, ensures compliance with internal approval policies, and accelerates payment cycles, resulting in stronger vendor relationships and improved cash flow management.

Example: An enterprise will automatically route invoices to the appropriate senior managers based on thresholds and department-specific rules, ensuring rapid approvals without missing deadlines.