1/17/2024 0 Comments Creating invoices property boss![]() ![]() Since we are only interested in fields that are critical to the invoice, we use datasets that zero in on this information. This is the typed or written text on a document converted into machine-encoded text. The Optical Character Recognition (OCR) information of the documents. The input data used to train our Document AI models includes two types of information: Document AI is a set of Machine Learning tools that are specifically designed for extracting information from a PDF, independent of the layout. The technology driving Smart Bill Entry’s ability to extract information from PDFs is Document AI. If our calibrated model is returning a confidence score of 0.95 for the “Bill Amount” field, we can expect that the model will be correct 95 times out of 100 predictions. We do this as an added layer of precision. However, ML models tend to be over- or under-confident in their predictions, meaning that a given score doesn’t correspond to the probability that the prediction is correct - as demonstrated by the diagram below.Ĭalibration is the process of transforming the confidence score predicted by the model into a reliable probability that can be used to make decisions, like showing or not showing the prediction to the user. The model outputs a number between 0 and 1, where a score closer to 1 indicates that the model is confident that the class is correct. ![]() Our model is designed to mirror this accuracy, and we compute calibrated confidence scores for each field to get our models to a state where they are as close to human accuracy as possible. Based on our estimations, we have found that when manually entering invoices humans are roughly 95-99% accurate, depending on the field. We know Property Managers place a heavy emphasis on accuracy to ensure that bills get paid correctly. Once the invoice is uploaded, our ML models automatically extract key information, such as the amount, vendor name, the property’s address, and the invoice number associated with the bill. Smart Bill Entry enables Property Managers to upload invoices in PDF format to APM directly via drag and drop, or by forwarding an email to a specific inbox. Here we will explore the tools enabling this technology and explain how it works behind the scenes. Smart Bill Entry automatically extracts the most important information from the multitude of invoices a Property Manager receives in a given month - and in 2022 alone, we processed over 10 Million invoices. To help, we created Smart Bill Entry, a tool powered by state-of-the-art Machine Learning (ML) based models and our Document AI technology. However, these bills must be manually entered – a time-consuming and error-prone process. This is a critical task due to strict federal and state regulations, and to ensure it is carried out accurately our customers use AppFolio’s Property Management (APM) software to enter invoices. Accounting-related tasks often check all of these boxes – and one of them is to maintain an accurate system of record for accounts payable and accounts receivable. At AppFolio, we specialize in helping Property Management Companies to automate their most repetitive, time-consuming, and tedious processes.
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