Fraud & Anomaly Detection
Finmatics algorithms take a look into the future and predict future transactions. This helps you to detect fraudulent transactions and anomalies in documents in real-time.
Artificial intelligence captures line items
Q3 2020 (planed)
When it comes to invoices with dozens of different items, which can then be assigned to the relevant cost centers or departments in-house, technologies without artificial intelligence start to sweat.
A new module from Abacus Intelligence records invoice items with high accuracy and time-consuming and error-prone manual work is eliminated.
Invoice Approval Workflow
So that companies can carry out the invoice processing completely digitally, the invoice approval must also be done digitally. In the digital invoice approval workflow, the company’s individual requirements are mapped in decision tables. These can be easily adapted or supplemented. All activities are archived in an audit-proof manner.
Abacus launches Finmatic mobile. With Finmatics mobile, you capture mobile expenses on the go, realize electronic vouchers for your customers and perform invoice approval processes. Finmatics mobile is available for all Finmatics customers for Android and iOS devices.
Artificial Intelligence checks invoices for compliance (EU VAT directive)
In the European Union, invoices must comply with the EU VAT Directive and specific national requirements. In case of non-compliance, tax deduction can be denied by tax authorities during tax audits. Finmatics checks every invoice for legal criteria and detects missing information that is necessary for the specific transaction. Furthermore, Finmatics automates the supplier communication and workflow to communicate inform the suppliers automatically in case of incorrect invoices.
Artificial intelligence sorts mail inbox
Documents are stamped and sorted by employees. That was yesterday! Today the mail is scanned unsorted and the artificial intelligence sorts orders, invoices, order confirmations, employment contracts etc. The artificial intelligence automatically detects company codes and document types.
Artificial intelligence generates Electronic Invoices
X-Rechnung, eb-interface and UBL bill are electronic invoices. A new module now enables the generation of e-bills from invoices that are available in paper or PDF format. Data is automatically extracted from documents via artificial intelligence and the invoice is generated in the desired format. The electronic invoice can be exported to accounting systems for further processing.
VAT Returns: Reclaim the VAT on business expenses incurred elsewhere in the EU
Companies that purchase services subject to VAT within the EU can apply for input tax directly via Finmatics. The tax paid for overnight stays, trips, events, trade fairs or any other such as services can be reclaimed. The module VAT Returns for Finmatics was developed in cooperation with the leading tax consulting and auditing company KPMG and can be purchased in Austria from the leading publisher Linde Verlag.
Application Programming Interface for Document Processing
The connection of our world is increasing more and more. Applications, software, and programs also have to be increasingly connected. The intermediary between software applications is an “Application Programming Interface”, or API for short. The Finmatics API allows accounting and ERP systems to be easily connected with Finmatics. All functions for document processing with artificial intelligence can be called through the API.
Artificial intelligence separates documents
All documents of the company are scanned one after the other and the software recognizes the first and last page of a document. There is no need to print and stick barcodes or insert separators. Artificial intelligence takes on this task and the scanning process in the company is simplified, accelerated and operating costs are reduced.
Funding round for Artificial Intelligence
Completion of a financing round in the amount of EUR 1 million in order to simplify and accelerate invoice processing as well as company-specific audits and control processes with artificial intelligence. The lead investor is the holding company eQventure around Herbert Gartner from Graz, Austria.
Artificial Intelligence captures data from invoices
Artificial intelligence (AI) reads invoice characteristics on incoming and outgoing invoices as well as cash receipts and assigns them based on the company’s specific, historical data. Artificial intelligence also takes over the booking text. Time-consuming and error-prone manual work is eliminated.