If you are an entrepreneur, you must be having an accounts payable team who knows the hassles of manual invoice processing. Apart from consuming time and resources, invoices registered manually possess higher error risks. Organizing paper invoices is not just complex but requires a lot of extra storage too.
The best way to tackle this situation is by automating invoice processing by implementing an Intelligent Data Processing (IDP) software backed by AI-powered OCR technology. This is a revolutionary technology that helps to redesign the banking and finance industries.
The receipt OCR technology can recognize text from images and convert the same to machine-encoded texts for the data extraction process. The process will make the text searchable and you will be able to edit the same on your device without any tedious data entry or paperwork.
There are several benefits of automatic receipts processing with OCR.
- They help in reducing the efforts of manual data entry. It would not only take a long time but there is a greater risk for errors. Through intelligent technology, data can be extracted with scanning and dynamic reproduction. It also comes with pattern recognition features that can easily identify any pattern whether it is numbers or words. It can also convert them to fully searchable and editable digital documents.
- The technology helps in both, digitizing the data and also retrieving the information, whenever needed. It is essential that the extracted data be filed properly and kept organized so that one can easily find it whenever required.
- When you start using this technology, you would not have to think about errors and mistakes in invoice processing. Data mismatch is quite common for manual invoice entries, but when your company shifts to this technology, you can expect maximum accuracy within a minimum time.
- One of the best things about OCR technology is that there is a scope for building numerous smart features in association with Artificial Intelligence. For example, the line extraction feature helps you to create a table that lists all the items present in the invoice. You can create different fields here and each of them will project the given extracted data in tabular format. These cells are editable until the final approval comes. You can also download and access the invoices in several formats, like Excel, PDF, etc., according to your convenience.
- Another significant benefit of automatic receipts processing with OCR is that it is highly time and cost-effective. It would do the tedious job of invoice processing in no time with accuracy and that too, at a reduced expense. You would have to hire fewer people and you can also save on other expenses like printing, shipping, etc. You can allocate your manpower resources on some productive tasks, which will help your business to grow.
OCR technology has been in the market for a while now. But as it now combines with AI, businesses can expect more powerful and intelligent solutions leveraging this technology.