Optical Character Recognition (OCR) technology, in today’s hyperconnected and digital-first world, has found applications in industries worldwide. Digitizing and automating financial data and workflows is particularly challenging, and OCR has been proven to help streamline various documentation and financial processes across an enterprise. These include purchase orders, vendor invoices, and spreadsheets. Many companies have emerged over the past two decades, delivering such promising capabilities for businesses everywhere and Paperflow, with its cutting-edge character recognition solutions, is a name that stands out from the rest. Paperflow presents the market with an Artificial Intelligence (AI) driven platform that can identify, label, and differentiate information from invoices, receipts, and credit notes generated from sources worldwide to accelerate and automate document handling processes. Paperflow’s solution integrates seamlessly with a client’s existing bookkeeping, invoice workflow systems, and banking solutions, providing an uninterrupted flow in all documentation handling processes. In addition to the fully-integrated solution, the firm’s MyPaperflow platform acts as a front-end for the AI engine, enabling users to train the algorithms to suit their requirements. MyPaperflow grants clients complete control of the data used to feed financial information into the AI engine, advancing its ability to process invoices based on local specifications. Clients can access the document with the platform, which creates a fluid experience in the documentation workflow.

“Our training pool receives in excess of 100,000 documents every month, all of which are used to train the AI algorithms,” says Carsten Nørrevang Mogensen, the CEO of Paperflow. The AI engine is constantly updated with global learning templates based on the positional data of documents, to accurately record relevant data sets without human intervention.

The company’s mapping technology and international learning procedures help identify and differentiate variables such as dates, billing addresses, and the total amounts on every invoice.

Once the text string is accurately identified as either date or amount, the AI—complemented by rigorous training— categorizes the date as an invoice or a delivery date. The analyzed data is thoroughly screened for errors, structured, and automatically imported to a client’s ERP or accounting system. As invoicing processes demand the highest level of precision, Paperflow employs a team of well-trained individuals to validate data quality across the enterprise. The automated solution is delivered with human validation as an add-on for clients who prefer to impose another layer of error detection.

Paperflow focuses on a close collaboration with their partners, which has a reach of over 11.000 companies through 40 different partners in various industries and sizes. Paperflows' main goal is to unleash max automation through their partners ecosystems, and drive new revenue streams with unbeaten quality and potential

To drive forward the consumer-centric approach in the market, Mogensen, who initially joined Paperflow as a CFO, brings with him more than 15 years of experience in finance and accounting. His expertise, coupled with the efforts of a team of professionals dedicated to improving the technical aspects of the platform, has helped the company secure a desirable position in the European fintech market. Additionally, bookkeeping classes were made mandatory for all Paperflow employees to help them understand the nuances of the world’s financial procedures. Mogensen’s financial proficiency further enabled Paperflow’s team to tweak the algorithm by incorporating the financial rules of accounting. With the change in approach and technical knowledge, Paperflow has incorporated into the AI engine the pain points affecting potential clients and translates the data to reveal highly actionable and insightful results.