Each company deals with invoice processing. Invoice processing starts when an invoice is received and is finished when the payment has been made and recorded in the general ledger. When it comes to invoice processing we know in many cases that the workflow can take some time and a lot of manual data entry is involved. The invoice amounts must be coded for the correct account, cost units, centres or projects before recording the payment. Quite silly tasks that can be automated for a variety of reasons (we’ll get to that later). As a tech company we’re here to help you digitize, automize and simplify financial processes that are inefficient. In this blog we’ll talk you through Invoice OCR and the reasons why you should invest in it.
What is OCR?
Let’s do a short OCR introduction before we start talking about Invoice OCR. OCR (Optical Character Recognition) technology converts typed, written or printed documents into a machine-encoded text. This way the computer is able to read and understand it as we humans do.
When it comes to OCR and data extraction, you’d want the twin needs of speed and accuracy. Too often there are sufferings in both areas, meaning either the text recognition is too slow or the accuracy is quite poor. Luckily, advances in software allowed OCR technology to improve a lot, which has led to more speed and accuracy. These improvements make it available that a paperless office is about the become a reality.
Why you should invest in Invoice OCR
Reduce or exclude human errors
Regardless of how well the Finance departement is trained, manual data entry always has the potential of human error. General minor mistakes will not have consequences. However, in Finance mistakes can be problematic and mean real money. With today’s available technology, there is no reason to rely on manual work – using Invoice OCR excludes all human errors.
Cut down on unnecessary costs
In the Finance department lots of invoices are handed around and manual invoicing processes means quite some man-hours to be paid. Depending on the salaries you could lose a great amount of money coming from labour, storage, routing the invoices and misfiling. Using Invoice OCR and a fully automated process you optimize the process and allow your employees to focus on their job function.
Integrate Invoice OCR with your accounting system or ERP
Adding an Invoice OCR module to your accounting system or ERP will improve the efficiency and productivity significantly. Our invoice processing option seamlessly integrates with the software you’re using. Check our Invoice Processing page for more information about integrations.
In sum, the right Invoice OCR solution will make a great difference in your business and it could end all manual work from chasing invoices to data entry. If you’re wondering where to start with Invoice OCR, feel free to shoot us a message firstname.lastname@example.org.