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artificial intelligence

May 09 2023

“You’re wasting time!”

time
9. May 2023 from Leni

“You’re wasting time!”


Has anyone ever told you that you are wasting time? Or haven’t you ever asked yourself the question: How can I use my time more wisely and effectively? 

In today’s business world, time and cost play a huge role in staying competitive. One of the most time-consuming tasks in many companies is document processing. In this area, many companies still have employees spending hours typing up documents and manually transferring and reviewing data from point A to point B. This is a problem because it takes a lot of time to process documents. This poses a problem, as it simply takes up too much time and therefore incurs costs. Fortunately, there is a solution: automated document processing, or IDP. In this blog post, you’ll learn what “IDP” is, how it can help companies save time and money, and why DOC² is the right solution for your business.

What is IDP?

IDP stands for Intelligent Document Processing. It is an advanced technology that allows companies to automatically process, classify and extract data from documents. This technology can be used in almost all areas of document processing, including invoicing, contract management, human resources, and more.

How can IDP save companies time and money?

IDP can help businesses save time and money by enabling them to process documents faster and more efficiently. Here are some of the key benefits of IDP:

  1. Reduced manual workload: IDP automates many of the time-consuming manual tasks normally required in document processing, such as sorting, classifying and extracting data. This reduces the workload for employees and allows them to focus on more important tasks.
  2. Improved accuracy: IDP uses machine learning and artificial intelligence to process documents automatically. This means less human intervention is required, reducing the likelihood of errors and improving the accuracy of results.
  3. Shorter processing times: IDP can process documents much faster than humans. 
  4. Better compliance: IDP can also help companies become more compliant. This is because the technology ensures that all documents are classified and extracted correctly, which in turn helps ensure that all relevant regulatory requirements are met.

Why DOC²? How does it help to avoid wasting time?

DOC² is a state-of-the-art document capture solution. It harnesses the power of artificial intelligence (AI), machine learning (ML) and optical character recognition (OCR) to automate and streamline document capture. As a result, it is able to capture, classify and extract data from any type of document (invoices, delivery bills, AB, contracts). 

By automating data extraction and reducing manual intervention, companies can save time, minimize errors and improve overall efficiency.

Conclusion

Say goodbye to time-consuming manual processes. Automate your document capture with DOC². By using Doc², your organization can achieve significant efficiency gains, reduce errors, and save time and resources. 

With its advanced features, seamless integration, and user-friendly interface, DOC² is the ultimate solution for organizations that want to streamline their document capture processes and stop wasting valuable time.

time

Image credits: Header & Feautured image from svstudioart on Freepik

Written by Stephanie Propstmeier · Categorized: artificial intelligence, Blog, DOC², English · Tagged: AI, ML, OCR, wasting time

Mar 07 2023

Credit note – A special invoice – what does it mean?

credit note
7. March 2023 from Leni

Credit note – A special invoice – what does it mean?


A special invoice is a credit note / billing credit note. Unlike a traditional invoice, a credit note is not written by the service provider, but by the service recipient (“customer”). This is why the settlement credit note is also called a “reverse invoice”.

From a tax law perspective, the settlement credit note is the same as an invoice and therefore a credit note must also contain all of the following mandatory information in accordance with Section 14 (4) of the German Turnover Tax Act (UStG):

  • Name and address of the recipient and supplier of the service
  • Tax number or VAT ID number of the service provider
  • Date of issue
  • Consecutive credit note number / invoice number
  • Quantity/type of delivery or service
  • Date of delivery or service
  • Remuneration (broken down by tax rates) 
  • Reference to obligation to keep records (in case of taxable supply)
  • the description as “credit note

However, in common usage, the term “credit note” is not understood to mean the settlement credit note described above, but rather a correction or reversal invoice. These are what are called “commercial credit notes”. A small example: A customer requires, because of defects at the product, a purchase price reduction. The service provider accepts, cancels the invoice and issues a new one.

And then there is also the bank credit note and the credit note in accounting

In accounting, the term stands for the entry on the credit side of an account and a bank credit note is simply payments received in a bank account.

All these credit notes that reach our company and perhaps make our eyes light up at first, are nevertheless also documents that have to be processed.

With DOC² you can do that in just a short time. DOC² is the newest, fully cloud-based software solution that uses artificial intelligence and machine learning to accurately identify, classify, analyze and read your documents. Let’s get smarter and more digital together.

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Image credit: Header & Featured image from jannoon028 on Freepik

Written by Stephanie Propstmeier · Categorized: artificial intelligence, Blog, DOC², English, Machine Learning · Tagged: credit note, DOC², invoice, machine learning

Feb 28 2023

With a delivery of goods we usually also get a…

delivery bill
28. February 2023 from Leni

With a delivery of goods we usually also get a…


… delivery bill or also called goods accompanying bill.

This is an important document that gives us information about the delivered goods and documents the delivery of our goods. 

Unlike invoicing, it is not required by law to issue a delivery bill

But most companies use it because it is beneficial for you and for the customer. 

If we decide to attach a delivery bill to our goods, we should make sure that our delivery bill contains certain mandatory data (similar to an invoice). These include:

  • Name and address of the supplier and recipient
  • Date of issue and date of delivery
  • Delivery note number and/or invoice number
  • Description, of the goods contained in the order
  • Quantity information (depending on the type of article, number of pieces, volume, weight)
  • Retention of title
  • Optional: signature of the customer confirming the delivery

Match the delivery bill

We can/should match the delivery bill with our order, our order confirmation and later with our invoice. If we do all this manually, it can take quite a bit of time. What would you say if someone or something took this work off your hands, leaving you time for other/more important things?

DOC² offers you this possibility. With DOC² you have an intelligent document processor. It is based on an AI, is constantly learning and thus offers a high level of automation in the processing of documents (and that includes delivery bills).

Stop wasting time on routine tasks and learn more about how DOC² can make your everyday work easier. 

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delivery bill

Image credits: Header & featured image from jannoon028 on Freepik

Written by Stephanie Propstmeier · Categorized: artificial intelligence, Blog, DOC², English, Machine Learning · Tagged: delivery bill, digitalization, IDP, KI swarm intelligence, machinelearning

Feb 14 2023

Online retail lives on it …

Order
14. February 2023 from Leni

Online retail lives on it …


Without any order, online retail cannot survive. But orders are also the order of the day in manufacturing companies or for service providers. Orders are documents that companies either place or receive. But what is meant by “purchase order”? What must be included in a purchase order?  What types are there?

A purchase order refers to an order to a supplier to deliver a specific good

It is likewise a binding declaration of intent by the buyer to purchase goods on the specified terms. Purchase orders are legally binding, meaning that the supplier is obligated to deliver the goods on the agreed terms and the buyer/customer has an obligation to accept and pay in return.

Although a purchase order is not bound to any particular form, it should be clearly written to eliminate errors/misunderstandings.

The following items should be included in a purchase order regardless of the transmission method (letter, fax, mail, electronic): 

  • General data (address of the purchaser and the supplier,..)
  • Reference to the offer
  • order explanation / order number
  • exact information about the ordered goods (price quantity)
  • terms of delivery and payment.
  • if necessary reference to the AGBs

Legally seen (BGB §§ 145 ff) an order is either an application or an acceptance. For example, if you receive an offer from a supplier and then place an order, this is called an acceptance. In this case, the purchase contract is concluded under the conditions stated in the offer.

On the other hand, if an order is placed without a prior offer, it is called a request. In this case, the supplier usually confirms the order by means of an order confirmation, and a purchase contract is then concluded as a result.

In a company, compiling or placing a purchase order is often a routine purchasing task. But purchase orders, just like invoices, are documents that need to be processed. With DOC², we want to support you in exactly this. DOC² is our software solution for intelligent and simple document processing. It is based on KI swarm intelligence, is constantly learning and gives you real added value in the area of document processing. You gain time that you can invest elsewhere. And time, as we all know, is money. 🤑

Want to learn more about how this is possible?

Then don’t hesitate to ask us.

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order

Image credit: Header & Featured image from jannoon028 onFreepik

Written by Stephanie Propstmeier · Categorized: artificial intelligence, Blog, data, DOC², English, Machine Learning · Tagged: AI, DOC², document processing, documents, order, supplier, swarm intelligence

Feb 07 2023

Not again an invoice

invoice
7. February 2023 von Leni

Not again an invoice


No one likes getting invoices, after all, that means paying money. Much rather be on the other side and write invoices to others and then receive money. Isn’t that right? And yet they are part of the documents we encounter again and again in business – these invoices.

An invoice is a document with which a company settles deliveries and other services with the recipient of the service. It does not matter how this is called exactly (Invoice received, Invoice issued, Invoice deducted, Invoice final, etc.). Invoices can be roughly divided into two groups from an accounting point of view: Cost and Goods Invoices.

The difference between cost and goods invoices is that a #goods invoice always refers to an order of goods, while a cost invoice mostly refers to services rendered.

Example:

You order a truckload of construction material. Here you will receive a goods invoice that refers to your order and also explicitly shows what is charged for goods.

In the case of a service (telephone bill,…), you are usually charged according to the time and effort involved. That is why this is called a cost invoice.

So now we know what an invoice is, sell our goods/service to a customer and invoice him for it. What do we have to pay attention to, what must be on an invoice in any case? According to §14 UStG, the following points must be included on an invoice:

  • Full name and address of the company providing the service and the recipient of the service
  • Tax number (tax ID) or VAT ID (USt -IdNr.) of the performing company
  • Date of issue / Invoice date
  • Consecutive unique invoice number
  • Date of delivery or service
  • Quantity and type of delivery or service
  • Invoice amount, broken down into net amount, tax rate, tax amount and gross amount

Regardless of the way you receive invoices, electronically or by mail, they all need to be processed. With DOC² you can do this in just a few minutes. Thanks to AI swarm intelligence, DOC² is able to scan and process invoices in the shortest possible time.

Would you like to learn more about how this is possible?

Then don’t hesitate to ask us.

ContaCt
invoice

Image credit: Header & Featured image from jannoon028 on Freepik

Written by Stephanie Propstmeier · Categorized: artificial intelligence, Blog, data, DOC², English, invoiceprocessing, Machine Learning · Tagged: AI, AI swarm intelligence, invoice

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