Accelerating processing of tax invoices using AI integration for fast and accurate accounting.
SLK helped a global multinational corporation (MNC) with multi-location operations automate its withholding tax invoice processing with AI, streamlining the process and eliminating manual errors that caused weeks-long delays.
The customer dealt with a lot of withholding tax invoices which were processed manually and went through multiple checks, making the process cumbersome and time-consuming. This was primarily due to exceptions that had to be accounted for each invoice. The process was also prone to human errors, making it highly inefficient.
The client wanted to implement a standardized and centralized system that can be utilized throughout the organizations.
SLK analyzed the customer’s withholding tax invoice processing processes and methodologies to identify areas for improvement. We proposed multiple solutions based on a feasibility study, and ultimately decided to train an AI/BOT using OCR integration, NLP, and RPA to extract the data in a standardized spreadsheet.
The AI/BOT scanned the invoices sent by vendors, extracted data at multiple levels, and classified the invoices based on line items. It also provided the tax rate and an opinion on the withholding tax invoices, which could be used to process the invoices with minimal manual intervention.
SLK’s holistic approach to devise the solution helped the MNC to speed up their withholding tax invoice processing, delivering ROI within 9 months of implementation.
Overall reduction in errors
Reduction in efforts
Improved growth, profitability & enhanced customer experience for a bank by digitally transforming & modernizing systems.
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