How automation turns financial documents into intelligence
You would be shocked if you knew just how many companies have carelessly and selfishly sell your personal information and shipped it off-shore. If you'd like to read more (if you dare), see how even leading expense software mess with your data.
At Photon Commerce we are different, and here’s why
Our teams have been hard at work for years incubating machine learning algorithms and massive datasets that unlock trillions of dollars of in global commerce and B2B purchases.
It has been such an interesting experience, with many advancements made along the way - the most recent of which, is the ability to extract line items from documents (receipts, invoices, bills, packing lists, shipping documents, bank statements, card statements) in just seconds.
Trillions of dollars of transactions are processed through accounting systems every year. It is the life force of the business, and this is why each and every business needs a system they can rely on.
Photon Commerce adheres to all industry encryption standards. In addition, access is reserved for only those who need to know, and we employ multi-factor authentication practices.
It’s a widely known secret that many “AI” startups are actually using humans. We work with zero human augmentation or injection anywhere within the workflow. Humans are great, but it unfortunately leaves the door open to human error, unreliability, data breaches and more.
Our algorithms, machine vision and training are refined enough to excel at running a business with 100% automation - whilst also being in compliance with industry standards.
The structural layout and semantics of our software means the data is processed in a way which evolves into rich, structured, contextual data. Our unrivalled precision and speed impresses clients and allows us to stand out from the pack.
Photon Commerce built on RESTful APIs, which are distributed across the world with guaranteed performance and reliability. Businesses can get started in seconds with a simple key and no additional training.
Automating invoice processing delivers these benefits in a nutshell:
● Margin for error is greatly reduced, as there is less manual entry
● Up to 80% reduction in a company's procurement to payment cycle
● Reduces the chance of paying the same invoice twice
● The approval and overall processing time of an invoice is sped up exponentially
● Frees up staff to spend time on more critical tasks
● Saves money on labour for the mundane data entry tasks
● Cuts costs on manual processing such as paper, postage and more
● Relationship improvements all round - staff are more fulfilled in completing more cerebral tasks and suppliers are getting paid faster
● Securing more discounts for early payment
OCR isn’t new technology. Optical Character Recognition has been solved previously, however data extraction has never been perfected. At Photon Commerce, while OCR is a small fraction of our intellectual property portfolio, most of our intellectual property revolves around data, self-learning and improving models, and contextual intelligence around it.
Let’s say you grab your phone and snap a photo of an invoice. The OCR technology in the background would usually struggle with the quality of the photo, and the resulting data extraction will be average at best. Then the messing around with cropping the photo begins - but not anymore.
We guarantee real-time data extraction from your receipts and invoices, right down to each line item. In fact, Photon Commerce is intelligent enough to parse line items on invoices with no need for custom codes, separators or templates.
Photon Commerce’s team come from AI and fintech backgrounds, including Paypal and Google AI. We have been exposed to environments where it became evident that an automated machine-based solution would be a huge step forward for bookkeeping, for the following reasons.
Elimination of repetitive tasks:
Artificial Intelligence truly excels in this field, and this is such a huge win. AI can be trained to execute these tasks at scale - imagine never having to complete those seemingly endless, mundane data entry tasks again!
No single point of failure:
We, as humans, are switching jobs more than ever. We all know how much knowledge bookkeepers carry around with them, so losing one from your business can leave a massive gap. The smartest option is to rely on a machine to retain that knowledge for you.
If you can imagine you would ordinarily be paying an employee for 15 minutes to execute the exact same task as a machine could do in 4 seconds, you can no doubt see what an absolute game-changer this is.
Competitors who outsource document processing to humans overseas experience delays of 4 hours. The time delay incurs an even higher cost. Photon Commerce brings that speed down from 4 hours to 4 seconds.
Data privacy:
Accounting and bookkeeping by nature, contains a wealth of personally identifiable information and is of such a sensitive nature. As such, data should be treated with care, and we believe the way to increase security is to lessen the human processing element. Data security is at the core of everything we do.
Real-time feedback loop:
We know you want to make the smartest decision for your business, and for that, you need real-time data. We can deliver on that.
This is without a doubt, a huge step forward for the bookkeeping industry. Taking just three tiny seconds to extract, name and categorise transactions, it is a force to be reckoned with.
Photon Commerce uses automatic algorithms without humans from end to end. Working in synergy with our proprietary machine vision, education and fluent language algorithms to guarantee smooth processing today, tomorrow and always.
The gigantic cost savings that come along with the elimination of the tedious data entry and associated labour costs is a big win for any forward-thinking company looking to get a competitive edge in its competition.
There are many other perks too, such as; no templates are required, no waiting around or queuing and possibly the biggest benefit to your wallet - no human labour. We’re pretty sure you'll love it as much as our 1200 early adopter customers.
The motivation for Photon Commerce came from frustration caused by inefficient and poorly executed accounting, payments, invoicing, and expense management software that dished out nothing but pain.
We were spending hours on manual data entry tasks, and chasing employees for documents and approvals. Some conversations started floating around, and we began to realise we were definitely not alone.
We set about finding a solution for this issue and our primary focus was to automate the data extraction process, putting machines to work in transforming regular documents into structured data and saving businesses huge amounts of time and money.
Self-driving cars are built to process millions of instructions every millisecond, and we needed to channel some of that energy when crafting our software to deliver unparalleled advancements to the world of accounting, bookkeeping, and finance.
Functionality and Main Features
Photon Commerce’s primary function is to automate the data extraction and bookkeeping functions that are demanding a substantial amount of time and resources from your business currently.
With machine learning and artificial intelligence technology, Photon Commerce has no need for rules and templates. Data is extracted and imported as journal entries in record time. Balancing the books is no worries - all statutory tax obligations will be adhered to and productivity will be boosted beyond belief.
One vertical that is thriving from the addition of Photon Commerce is the world of fintech.
The perks of this, is the simplification of data entry and coding, whilst providing transparency and a productivity boost from start to finish.
Today, we are providing you with VIP early access, to step into the hot seat and test drive the industry’s leading machine-powered line item extraction tool.
I'm sure you're keen to see what all the fuss is about so the next thing you need to do right now is to sign up for a free trial. Send us a quick email to sales@photoncommerce.com, just so we can activate the trial for you and you are good to go!
