How OCR Accounting Software Can Optimize Your Business
Problems of Traditional Accounting
Accounting departments deal every day with an avalanche of financial documents such as invoices, receipts, and purchase orders. As a company expands, so does the volume of these documents. Typically, companies have teams dedicated to verifying these documents, entering the data into their accounting or ERP software, matching the data with supporting documents, and finally carrying out transactions if necessary.
This manual process comes with several challenges, some of which may seem obvious, while others may be new to you. These include long delivery time, financial losses, increased likelihood of errors, risk of lost invoices, and many more. Fortunately, optical character recognition (OCR) software can be a solution to these problems.
The Impact of OCR Software for Accounting
According to a study by Price Waterhouse Coopers (PwC), manual entry of invoice data takes up 30% of the time of accounting departments and account managers, and 90% of SMEs are still manually entering data into a management or accounting system. This means that almost a third of your time is spent on a task that can be easily automated, time that could be better spent on higher-value tasks.
This is where OCR software for accounting comes into play. This software can automate the processing of invoices, receipts and other financial documents, increasing the efficiency and productivity of your company.
Benefits of OCR Software for Accounting
OCR accounting software can simplify and automate the invoice processing process, freeing your employees from the task of processing large amounts of invoices and making the entire process much more efficient.
Plus, by eliminating inefficient manual data entry and verification processes, you can reduce operating costs by up to 75%. This can save your company a significant amount of money in staffing, storage, and document processing costs.
How OCR Accounting Software Works
OCR software for accounting is an incredibly useful tool that is changing the way businesses handle their invoices and other financial documents. But how exactly does it work?
First, you need to upload an image or PDF file of an invoice to the OCR software. Once the invoice is in the system, the OCR software converts it to a text file. All invoice data is extracted, but it is not yet organized in a way that can be interpreted or processed by other applications.
This is where the third step comes into play: intelligent document processing. The software recognizes the different parts of the invoice, such as the invoice number, total amount, taxes and purchase date, and converts them into a structured format, as if it were an Excel file.
Now that the data is in a structured format, it can be easily processed by your accounting program.
The Dijit.app Solution
Dijit.app's accounting OCR software is an intelligent document processing solution, using artificial intelligence and powerful algorithms to improve data capture accuracy regardless of language, design or invoice structure. In addition, the system takes just a few seconds to process the data and integrate through the API to any accounting system or by exporting and importing in Excel format.
Dijit.app's accounting OCR software is an intelligent document processing solution, using artificial intelligence and powerful algorithms to improve data capture accuracy regardless of language, design or invoice structure. In addition, the system takes just a few seconds to process the data and integrate through the API to any accounting system or by exporting and importing in Excel format.
With user management, your clients will be able to upload their documents directly and you will have access to the data and the image of the invoice to make any type of correction or review.
If you are looking for a solution that will free your accounting department from repetitive and daunting work, look no further. Get in touch with us by filling out the demo form below or contact us today.
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