Keep up with the latest terminology in finance automation, documents processing, artificial intelligence in the workplace and more with our easy dictionary guide.
We hope this helps you get a better understanding of the most important terms related to DocuParseGo, our cutting-edge AI-powered document processing solution. You will find simple definitions and explanations of technical terms listed below.
| Term | Definition |
| Approval workflow | Review and approval of documents and tasks in a process. |
| Artificial Intelligence (AI) | Technology that simulates human intelligence, allows machines to learn and make their own decisions. |
| Audit | The process where the financial data records and processes are being examined to ensure that compliance and transparency are respected. |
| Automation | The use of technology to complete tasks without the need of human intervention. |
| Automation rules | Triggers kick off the rules, which automatically cause certain actions to take place. |
| Compliance | Following policies of a company, regulations and laws. |
| CSV | “Comma-Separated Values”, which is a file format where data records are represented on different lines. |
| ERP software | “Enterprise Resource Planning Software”; the main business processes are being integrated into one software to increase efficiency and to streamline operations. |
| Invoice fraud | Criminal deception with the intention of financial gain. |
| Invoice line items | Several products or charges which are listed on a single invoice. |
| Invoice processing | All steps that belong to receiving, reviewing and paying bills within a company. |
| Ledger accounts | Financial transaction records are being stored in these accounts. |
| Machine learning | The learning process of AI systems which doesn’t need to be explicitly programmed. |
| OCR (Parsing) | When data or text is being broken down into smaller fragments which makes it easier to analyze. |
| OFX | “Open Financial Exchange”, which is a file format used to distribute financial data between institutions and software. |
| Robotic Process Automation (RPA) | Automation of repetitive tasks by a software. |
| Streamline | Simplification of a process and increasing efficiency by reducing unnecessary steps. |
| Tax codes | Transactions are classified by the specific tax rate that applies to them. |
Now that you speak the language of finance automation, implementing DocuParseGo is as simple as it can be. You don’t need to be a specialist and if you know the terms listed above, everything will perfectly work out for you. In case you still have any questions, don’t hesitate to reach out to our specialists here.
