The new feature automatically and accurately reads all types of invoices, including qualified invoices that match the invoice system without pre-configuration, improving the efficiency of invoice processing.
Cogent Labs, a provider of AI solutions that includes SmartRead, its Intelligent Document Processing (IDP) solution, announced March 22 that it has released a new automatic invoice reading feature for SmartRead. This means that automatic extraction of invoices with different layouts, including detailed line items and without prior configuration, is now possible.
On October 1, 2023, Japan will introduce a new invoicing system for Japanese consumption tax, which will require business customers to keep qualified invoices that meet certain conditions in order to claim input tax credits, while sellers will be required to issue such qualified invoices. With the launch of the new invoice system, the accounting workload is expected to increase in the future.
Especially when processing qualified invoices, it is more important than ever to verify the required details, including the verification of qualified invoice-issuing companies. With the latest release, SmartRead now offers a function that automatically reads detailed line items of all invoices, including qualified invoices that are compliant with the new invoicing system.
Last October, Cogent Labs announced that it had launched a connector from SmartRead to WinActor, NTT Advanced Technology Corporation’s RPA.
Tokyo-based Cogent Labs develops and provides AI solutions, including SmartRead, its Intelligent Document Processing (IDP) solution that reads and extracts information from various types of documents, including invoices, order forms, contracts, questionnaires, and passbooks. SmartRead uses pre-trained AI to significantly reduce the time and cost of customer pre-configuration.
The full press release can be found here (JP only).
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