Technology has evidently made every day unique and incomparable to the next. The constant evolution and progress made in the field of technology have extended the boundaries of our reality and the scope of our businesses. However while companies continue to learn, adopt and adapt to the norms of the now, there are few aspects of businesses that are irreplaceable and have persisted through the test of time. One of such is that of accounting and bookkeeping. We as a society may have moved from a generation of workers to entrepreneurs, from automatic start engines to automatic cars; but the practice of accounting has been indelible. It has been a necessary paradigm of a business, which has continued to grow in abundance and complications.
“We apply rigid quality standards as accounting needs precision and love for the detail. To still leverage machine learning for the automation of all the repetitive grunt work is a challenge we thrive to face every day.”Anthony Proschka, Head of ML bei CANDIS
The forthright issues of accounting are of course the direct cost that entails with them, in terms of hiring accountants and bookkeepers; and the training cost involved in educating them. Still the most draining of them all is that of the opportunity cost. Each year Small and Medium-sized businesses (SMBs) receive more than 160 billion invoices to be processed. Time, energy and resources that could have been well spent tackling more strategic and value-generating portions of the business.
Accounting offers huge potential for automation
This predicament could be viewed as a hurdle or an opportunity for a bankable business proposition. We, at Candis, do just that. Our team works on building the most effective and interactive accounting interface; which collects captures and collaborates with all entities involved; reducing the time you spend on accounting. With financial services procured to be one of the front runners in the adoption of AI technology in the next three years; we are at an opportune moment to provide our clients with the best automatic accounting tool that is available in the market today.
Automating accounting is the goal, however, the essence behind it, is to reduce as much as manual intervention required for rule-based processes and allowing machine learning to provide the compensation. The process of perfecting machine learning at Candis fall in the hand of our Machine learning and Engineering team.
Amidst a curation of features and fixes that would improve the application’s usability and viability; the primary task thus rests in prioritizing those features that are coherent with customer feedback and provide instant value to the product. Once the feature to be tackled is decided; the functioning of the team is much similar to the contestants of a relay match. The feature is broken down into parts, and a combination of individual ownership and team comradery ensues, which guarantees the successful implementation of the said task.
The Machine Learning team leverage the novelty of academic research in the field of information extraction to scout for models that would best correspond to the problem defined; all the while appraising and testing the feasibility for its large scale industry implementation. The engineering team as their counterpart bring the feature to life and integrates it to the existing interface. Confidence scores are set and repetitively evaluated to check the precision of our extractions that help in providing a preview of the portions of our extraction still warranting manual intervention and helps us extend the scope of Machine Learning in those fields. This steady iterative processes of reforming and overhauling proceeds to give an infrastructure which tirelessly strives to provide a more efficient and precise extracting service for our customers.
Progress in CANDIS
All this said and done, in the end, what matters most are results. And we deliver results. In the past two years, Candis has successfully improved the percentage of documents processed by about 1050 % and stands at document processing efficiency rate of 370.75 % as of the third quarter of 2019.
It is indeed exceptional for anyone to make accounting sound this effortless and it is achieved at Candis by a unique concoction of likeminded individuals, working tirelessly towards automating the world of accounting in small steps, so you may be able to take giant leaps in your businesses.