Ephesoft Brings New Platform In-House to Boost Productivity


Ephesoft, an innovative technology leader in enterprise content capture and data discovery, helps organizations unlock valuable data into useful formats that accelerate business processes so accurate and comprehensive digital transformation and automation initiatives can begin. Once the data is accessible and usable, customers can drive efficiency, productivity and insights that lead to better customer experience, decision-making and accelerated results by having the full scope of data available.

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Enterprise Content Capture

accounts payable

Accounts Payable

Results

  • 80% reduction in invoice processing time 
  • 0% error rate 
  • Only minutes to set up
  • No custom code required for integration
  • Easy-to-use interface
  • Streamlined workflow and accelerated batch processing
  • Ready for high-volume document processing
  • Sets the company up for scalability and growth


The Challenge

Alison Clay is a rockstar Staff Accountant at Ephesoft. Her role includes accounts payable tasks like processing and paying vendor invoices as well as accounts receivable duties of collecting customer invoices. However, she spent the majority of her time manually keying in data into NetSuite, which is a common and major pain point for many finance departments worldwide, due to a lack of effective automation tools in the market. 

Her days were spent tirelessly keying in multiple fields of information into NetSuite from the invoices she processed. She would first scan each invoice if it wasn’t already in electronic format, open up the PDF in one screen and go back and forth into NetSuite. Then she’d make a copy of the invoice, properly code it and send it for approval. Then she would make a copy and file it. Overall, she spent 20% of her day manually typing in data. She knew there was a more efficient and productive way to accomplish these tasks.

The Solution

With comprehensive research and constant feedback from Ephesoft’s finance team on invoice processing and its pain points, the company launched Semantik Invoice in May 2020 – the first point solution on the cloud-based Semantik Platform that intelligently automates invoice processing. Semantik Invoice is an out-of-the-box artificial intelligence product shown to reduce costs by 50%, slashing time to process an invoice, while achieving 97% accuracy. Ephesoft’s CFO Naren Goel and the finance team played an integral role in implementing Ephesoft’s own product and began using it internally. 

Alison spearheaded the implementation and combined forces with the Lead Solution Engineer, Chris MacWilliams. Together, it took them less than one hour to connect it to NetSuite and complete the setup. The low-code/no-code Semantik solution took less than 5 minutes to spin up a new tenant and the remaining time was spent on routing data flow into NetSuite.

“I’m very happy and proud that we’re using our own product. The integration was so easy and I’m seeing great results,” said Alison. “This technology is the future of AI in accounting.”

She explained that the new Semantik platform has changed the way she works and how her day is structured. “Most of our vendors send us PDF invoice files through email. These can be automatically forwarded into Semantik Invoice and it alerts me that the invoice is ready to be reviewed. For paper invoices, I quickly scan it and send it into the platform. Now, I can process all the invoices at one time instead of working on each invoice as it comes in throughout the day.”

What used to take Alison about 10 minutes to process one invoice per bill per vendor, now takes her less than 2 minutes. With the automated vendor matching feature, Semantik Invoice enables straight-through processing into NetSuite, shaving even more time off processing and reducing the number of invoices requiring human review.

“We are using Semantik for every incoming invoice in US dollars and it’s working better than I imagined. I look forward to my once-per-day ‘Review and Next’ session in Semantik, where the invoices are created in NetSuite and I don’t have to touch it again. It flows right in with all the fields I need, it’s saving me more time than I even expressed in our interview.”

Another feature that has greatly alleviated Alison’s workload is Semantik Invoice’s ability to catch human errors before it’s too late – the kind that causes multiple phone calls, emails and follow-ups to straighten out the error! She gave a real-life example that before implementing Ephesoft’s solution, an invoice that was supposed to be for $10,000 mistakenly got paid for $110,000 – with a sticky keyboard entry. It was a big headache to have the vendor refund the overpayment, as well as a painful conversation with Ephesoft’s CFO, but this would never happen using Semantik Invoice. It’s estimated that most manual accounting and invoice processing creates a 2% to 3% error rate, but now with Semantik Invoice’s AI technology, this is not a problem for Ephesoft any longer. So far, the error rate is now 0% with Semantik Invoice.

“The best part about using Semantik Invoice is that it frees me up to work on higher-level projects and smarter work. Now that I’m not bogged down with tedious tasks, I can focus on projects that both challenge me and impact the entire company,” explained Alison. “I’m now working on big projects, such as integrating NetSuite with Salesforce, which can help scale the business. I’m also able to work on a revenue recognition project to bring us ASC606 compliant, streamline how we handle our sales tax, and collaborate with sales management on our new pricing structure. Using Semantik Invoice enables me to work on company-wide initiatives, which excites me.”

About Semantik Invoice

Semantik Invoice offers any size enterprise a way to automate their AP process, extracting critical data from any invoice format and importing the data into an ERP, ECM, Content Services, RPA, workflow tools and other line of business systems for downstream processing. Ephesoft’s proprietary AI-powered reader technology accurately recognizes key fields such as invoice date, terms, ship date, tax rate, tax IDs, overall amount due, purchase order number, etc. While most capture solutions require significant professional services work or customizations to set up, Semantik Invoice is a low-code, no-code solution in the cloud that can be deployed and used in a production setting in minutes. For more information, learn more here.

Ephesoft Semantik Invoice logo

Enterprise Content Capture

accounts payable

Accounts Payable


Results

  • 80% reduction in invoice processing time 
  • 0% error rate 
  • Only minutes to set up
  • No custom code required for integration
  • Easy-to-use interface
  • Streamlined workflow and accelerated batch processing
  • Ready for high-volume document processing
  • Sets the company up for scalability and growth

Schedule a Demo

Explore how Ephesoft can transform your business operations, slashing operational costs and reducing document processing time from days to mere hours.