Instant Invoice Recognition: Whitepaper

Instant Invoice Recognition: Whitepaper

 

Invoice Recognition Without Additional Knowledge


Most invoice recognition systems require machine learning (time and many invoices with the same structure) or human intervention. This system instantly provides results without additional knowledge.

It also provides meta data for recognized invoices, which helps accounting software to save better quality data.

Who We Are

Filip — CEO adviser

Site.pro, CEO
B1.lt, CEO
ClientsDay.com, Founder
20 years in IT industry
https://borcov.com/

Alex — CTO adviser

Site.pro, CTO
B1.lt, CTO
Startups Adviser
20 years in IT industry

Prototype

(The system is protected by a Lithuanian patent)


 

Problems

  • 99% of invoices are processed manually
  • Accounting Companies (AC) need them for reducing costs
  • Existing solutions: require human resources, require machine learning, can't provide instant results
  • Inability to work with unknown invoice structure

Whole Market Size:

400M+ SMB's x 50 invoices (per month) = 2T+ invoices (per month)

Potential Market:

2T x 0.1% = 1B invoices to recognize

Potential Revenue:

1B x €0.01ct = €10M/month

 

Channels:

  • Direct sales
  • Free version (Freemium)
  • Google SEO
  • Word of mouth

Audience:

  • Accounting software (1:many)
  • Enterprises

Coverage:

  • Potential Market Penetration

Know-How

  • Provides meta-data with invoice (not only data)
  • Started as patented technology (URL i patenta)
  • Knowledge helps, but not required
  • Instant recognition

Technologies:

  • PHP, PostgreSQL, OpenCV, Teseract OCR
  • Patented technology
  • Inhouse development

Risks:

  • Google and Amazon totally change their algorithms

Investment Timeline:

  • 6 mon: €90K — launch MVP and start sales (lt, ru, en)
  • 6 mon: €120K — position recognition
  • 6 mon: €180K — better quality, 5 markets, more languages
  • 6 mon: €180K — break even

Revenue Projections:

  • 6 mon: €0
  • 6 mon: €20K
  • 6 mon: €60K
  • 6 mon: €120K