MASTERS INDIA IT SOLUTIONS PRIVATE LIMITED

Corporate

Accounts payable automation will simplify & automate bill payment. With Masters India Accounts Payable Automation solution, reduce costs & save time by eliminating stack of paper, automating approval workflow, and collaborating with vendors.

Account payable process or AP process has always been a tedious task, but there are solutions now to automate Account payable. These AP automation solutions or Accounts payable automation technology system used to break down AP process into a more simple form and provides convenient outcome.

Features:

• Vendor Portal: Reduce Communication with Vendors by transparently sharing PO, Invoice and Payment.
• Bill Inbox: Parse incoming bills with the help of AI and digitally store them for easy access.
• Approval Workflow: Route the incoming bills automatically for internal approval based on predefined approval workflow.
• Spend Analytics: Turn Data into cost reducing Ideas.
• Business Management: Manage payable process at business group, company and division level.
• User Management: Ensure data security with role and permission based access for users.

Invoice OCR or ocr invoice processing is the way of text extraction from images & PDFs of an invoice. In simple terms, it scan invoices PDF or Image and extracts the data by converting it into text. With the help of Invoice ocr api the solution connects with ERP and Sync the invoice data to ERP easily. ocr invoices automates ocr invoice processing and also simplifies accounts payable processes.

OCR invoice scanning software has improved the extract pdf to text OCR outcome, and help OCR reads decode the fields from the scanned invoices easily in Less time. With the help of ML and AI Manual data entry work of Extracting PDF has reduced.

Artificial Intelligence in OCR for invoice processing trains Machine learning algorithms to understand and extract data from unstructured invoices into correct formats and make entry of data into the respective fields. This reduces human intervention or manual data entry of invoices.

Text OCR with the help of AI & ML improves operational efficiency, reduces costs & data entry errors and helps in optimization of workflow.

How does it work?

• Image Pre-processing: In this step, non-scanned PDF invoices or Images of Invoices are scanned and the PDF file is turned into JPG files with better resolution or 300 DPI. In this step, multiple pre-processing
• Text Detection: Once we have the complete invoice data, the extracted data is fed to the detection model, which can recognize the tables, and forms within the input images.

E Way Bill Full Form Electronic Way Bill (E-Way Bill) is a yielding mechanism wherein, through a digital interface or software, the person moving goods uploads the relevant information and data before the beginning of goods and produces an e-way bill on the GST portal. Eway Bill meaning is that an e-way bill is a receipt or a report published by a carrier giving specifications and instructions describing the shipment of a consignment of goods. The highlights incorporate the Consignor's name, consignee, the point of origin of the consignment or shipment, its purpose, and direction. The Eway Bill System for Inter-State transferal of goods across the nation was inaugurated on 01 April 2018. E-Way Bills is required for Inter-State transportation of goods of consignment result surpassing Rs.50,000/- in the motorized carrier.

An e-way bill must be produced before the goods are transmitted or dispatched, and it should incorporate aspects of the goods, their Consignor, recipient and transporter. Know how e way bill works and how e-way bill is generated online for:

• Supply of goods
• When there is Return, or
• In a situation when there is an Inward Supply of goods from an unregistered person.
• Non-supply transactions similar to export/import, Return of goods, job work, line sales, sale on a permission basis, semi or knocked down supply, supply of goods for exhibition or fair, and goods used for own consumption.

E-Invoicing is a new invoicing system introduced in the GST regime. This system does not generate invoices from a central portal of the tax department, but it only specifies the invoice schema and standard so that the e-invoices generated can be read and operated by all accounting/billing software and businesses uniformly. Businesses will have to create B2B invoices on their internal systems – whether ERP or any other accounting/billing system and get the invoice authenticated electronically by the Government.

E-Invoicing Functions Available as API

POST APIs

• Authenticate
• Generate IRN
• Cancel IRN

GET APIs

• Get E-Invoice by IRN
• Get GSTIN Details
• System Health Check API

Stuff that counts

• SECURITY: ISO audited infrastructure and code along with an option of encrypted API communication
• COST: Get started with little investment and pay as the business requirement grows
• INTEGRATION: Reports and analytics for better visibility in the compliance operations
• EXPERIENCE: Get business reliability and stability with a GST Suvidha Provider (GSP)
• INFRASTRUCTURE: Designed to scale so you can provide an uninterrupted experience to your customers
• CUSTOMER SUPPORT: Get started with little investment and pay as the business requirement grows