Typically using manual data entry, invoicing is an essential piece of business that’s time-consuming and prone to errors. With OCR, companies can quickly extract data from invoices and automatically populate it into their accounting software. This not only saves time but also reduces the likelihood of miscalculations. OCR can also make invoicing more accurate by extracting information such as prices, quantities, and dates from invoices, which can help further reduce the risk of human errors. This can be especially helpful for businesses that deal with a large volume of invoices.
OCR also helps businesses identify discrepancies in invoices. Companies can quickly identify differences or errors by scanning and comparing them to previous invoices. This can help detect overcharging or undercharging, a significant cost-saving measure for a business. FocustApps took an out-of-the-box Microsoft product that scans information for usable text as a solution for one of our clients. We combined it with a web application to provide a solution that takes invoicing from an email account into the web application, where it is examined to ensure that crucial information is provided, approved, and sent to the management database. If the invoice is missing pertinent information, it is emailed back to the client with a request for the information and then cycled back through the application.
Another benefit of OCR is that it can make documents more searchable by converting printed or handwritten documents into digital text. Team members no longer need to manually search through stacks of papers or spend hours sorting through electronic files to find what they need. Instead, they can search for the document and locate it in seconds using specific keywords or phrases. This is especially helpful for businesses with extensive document archives, such as law firms or medical offices. And with OCR, team members can quickly locate the documents they need, which saves valuable time.
OCR is also perfect for improving collaboration among team members. Team members can easily use OCR to scan and digitize documents, making them easy to store and share electronically. Other members can then find the information they need quickly and easily from anywhere, at any time. This can be especially helpful for remote teams working on a project because it allows them to quickly access the information they need to work together in real time.
Using OCR eliminates manual data entry, reduces errors, automates workflows, makes documents more searchable, and enhances collaboration so businesses can save time, prevent mistakes, and streamline their operations. To learn more about how OCR can help your business, contact Becky Faith at 502.465.5104 for details.