Case study
Streamlining Expense Management for a Multi-Branch Organisation with Docuxtract
Problem faced:
A large Organisation with 160 branches across the country faced significant challenges in managing and processing expenses, invoices, and bills. The manual process of collecting, reviewing, and entering data into their accounting system, Tally, was time-consuming, error-prone, and inefficient. The organisation sought a solution to streamline its expense management process and improve overall efficiency.
Solution:
The organisation implemented Docuxtract, an advanced document extraction software, to automate the process of extracting relevant information from expenses, invoices, and bills. Docuxtract’s powerful AI and machine learning algorithms enabled the software to accurately identify and extract key details such as vendor names, dates, amounts, and other relevant information from the uploaded documents.
How we solved?
1. Docuxtract was deployed across all 160 branches at one place. 2. Employees at each branch were trained to upload their expenses, invoices, and bills directly into the Docuxtract software. 3. The central finance team was given access to review and approve the extracted data within the Docuxtract platform. 4. Docuxtract was integrated with the Organisation’s existing accounting system, Tally, to enable seamless data synchronisation.
What happened next ?
1. Time Savings: The implementation of Docuxtract significantly reduced the time spent on manual data entry and processing. The software automatically extracted relevant information from the uploaded documents, eliminating the need for manual data entry. This resulted in a 70% reduction in the time required to process expenses and invoices.
2. Improved Accuracy: Docuxtract’s advanced algorithms ensured high accuracy in data extraction, minimising errors associated with manual data entry. The error rate decreased by 90%, leading to more reliable financial data and reporting.
3. Enhanced Efficiency: With Docuxtract, the central finance team could easily review and approve expenses from all 160 branches within a single platform. The streamlined process eliminated the need for manual data reconciliation and reduced the overall expense processing cycle time by 60%.
4. Seamless Integration: Docuxtract’s integration with Tally allowed for automated data synchronisation. Once the expenses were approved in Docuxtract, the data automatically flowed into Tally, eliminating the need for manual data entry and reducing the risk of errors.
5. Cost Savings: By automating the expense management process, the Organisation significantly reduced labor costs associated with manual data entry and processing.
6. Improved Compliance: Docuxtract’s centralised platform enabled better control and visibility over expense management. The software ensured compliance with the Organisation’s expense policies and regulatory requirements, reducing the risk of fraud and errors.
2. Improved Accuracy: Docuxtract’s advanced algorithms ensured high accuracy in data extraction, minimising errors associated with manual data entry. The error rate decreased by 90%, leading to more reliable financial data and reporting.
3. Enhanced Efficiency: With Docuxtract, the central finance team could easily review and approve expenses from all 160 branches within a single platform. The streamlined process eliminated the need for manual data reconciliation and reduced the overall expense processing cycle time by 60%.
4. Seamless Integration: Docuxtract’s integration with Tally allowed for automated data synchronisation. Once the expenses were approved in Docuxtract, the data automatically flowed into Tally, eliminating the need for manual data entry and reducing the risk of errors.
5. Cost Savings: By automating the expense management process, the Organisation significantly reduced labor costs associated with manual data entry and processing.
6. Improved Compliance: Docuxtract’s centralised platform enabled better control and visibility over expense management. The software ensured compliance with the Organisation’s expense policies and regulatory requirements, reducing the risk of fraud and errors.
Impacts
70% Reduction in the time required to process expenses and invoices.
90% The error rate decreased on Financial Reports
60% Reduced the overall expense processing cycle time
90% The error rate decreased on Financial Reports
60% Reduced the overall expense processing cycle time
Happy Customer:
The implementation of Docuxtract revolutionised the expense management process for the multi-branch Organisation. By automating data extraction, streamlining workflows, and integrating with Tally, Docuxtract delivered significant time savings, improved accuracy, enhanced efficiency, and substantial cost savings. The Organisation now has a robust and scalable solution to manage expenses effectively across all its branches, enabling better financial control and decision-making.
