A great number of invoices are nowadays received in digital formats such as PDF, photo or e-mail. Digitizing often leads to improved and more efficient business processes. However, many employers still let their Finance employees manual process incoming invoices into their accounting system. This is where invoice OCR comes into play! OCR stands for optical character recognition and is used to recognize key data on a variety of documents. OCR software basically transforms data from paper documents into manageable digital information.
We’ll give you 3 reasons to invest in Invoice OCR.
- Saves you and your employees time
The obvious number one; saving time! In a typical Finance department lots of invoices are handed around and manually processed into an accounting system. This takes time. A lot of time. A fully automated process including text recognition helps to save this time, leading to more efficient workflows.
- Excludes human errors
If we do work as a human being, we will all make mistakes at some point. In many cases this is just a minor mistake with zero consequences. In Finance, however, mistakes can be problematic and mean real money. Using OCR technology for your invoices decreases the error rate significantly!
- Process high volumes
A great advantage of Invoice OCR is that high volumes can be processed at once. Just upload your files, either separately or as batch, and all the data will be extracted and usable in a short period of time! Invoice OCR is highly scalable and there’s no need to hire new employees.
Those are the 3 major advantages. If you are wondering where to start with Invoice OCR, feel free to ask us any questions at email@example.com. We’re happy to help!