Xtracta Blog

Top 5 eInvoicing Benefits – Going Paperless Electronic invoicing, or eInvoicing, represents one of many shifts in how businesses process invoices in 2024. Moving away from traditional paper-based or PDF methods, eInvoicing benefits all parties involved, making invoicing faster, more accurate, and easier to manage.   eInvoicing enables the quick digital exchange of invoice information between suppliers and buyers across different financial systems via a common network like Peppol. In its legacy form, it has been available for some time now as EDI (electronic data interchange), but historically, it would typically cost thousands of dollars to set up between trading…

Reconcile Payments Faster with Remittance Advice Extraction Remittance advice are important documents that many businesses rely on to help reconcile payments. Used to confirm customer payments and match them with invoices and credit notes, payment remittance advice documents assist the finance team with their day-to-day operations and keeps the business running efficiently. It is also instrumental in managing productive relationships with other businesses.   A remittance advice document typically includes a list of invoices that the client is including in a payment to their supplier. It will usually provide a table of the invoices being paid and the total amount…

Harnessing Contract Data Extraction for Business Success   Contracts are an important part of every business and often touch on all kinds of business functions, from sales and HR to procurement and facilities management. They play a pivotal role in the operation of different business units. Whether dealing with a high volume of lower value contracts or a small number of critical ones, managing contracts well is critical for business success.   If drafted and managed badly, a contract can lead to huge detriments to a business. For example, a multi-year, auto-renewing contract may require the purchase of goods or…

How Automated Data Capture is Empowering the Insurance Industry The insurance industry is notoriously entangled with extensive paperwork. From policy creation to claims processing, there's a seemingly endless trail of documents to navigate. However, AI-powered data extraction technology is simplifying how insurance companies manage these papers, enhancing both efficiency and accuracy across the board.   Xtracta is helping to lead this movement, enabling insurers to process information more quickly and with fewer errors than ever before. Join us as we explore how insurance companies achieve unprecedented operational excellence through data extraction.   Streamlining Onboarding with Automated Document Handling Data extraction…

How Receipt Capture Technology is Influencing Consumer Behaviour Analysis In today's world, where virtually everything we buy can be tracked, analysed, and turned into actionable insights, the simple shopping receipt is becoming increasingly valuable for market research. Many companies are using receipt capture technology to unlock the secrets of consumer habits and behaviour. Join us as we uncover the impact of this groundbreaking technology on consumer behaviour analysis and how it's reshaping the market research landscape.   What is Receipt Capture? Xtracta's receipt scanner API automatically captures and extracts information from physical receipts. This AI-powered technology supports practically all receipt formats and offers multiple…

Streamlining Expense Management with Xtracta Managing employee expenses can be challenging for businesses of all sizes. From lost receipts and manual data entry to complex tax laws and partial deductions, the traditional approach to expense reporting is rife with inefficiencies and the potential for costly errors. As companies face pressures to control costs while enabling productive travel and client engagement, efficient expense management processes have become vital. Sophisticated data extraction technologies like Xtracta have introduced an innovative solution to traditional expense management, helping businesses maintain financial integrity, boost efficiency, and ensure compliance. Discover how Xtracta is transforming expense management through…