How's OCR Technology changing the way Accounts Departments work?
OCR stands for Optical Character Recognition technology which is becoming part of the daily routines of any finance professional dealing with a large number of documents. By speeding-up invoice processing routines and reducing the need for manual data input OCR technology is transforming the way Accounts Departments work.
From Accountants and Bookkeepers to Construction companies and the Hospitality Industry, Optical Character Recognition is the key for companies to process large volumes of documents without the need to increase the headcount.
What to do with all the data extracted from the documents?
Well that is where things get more complicated, if the OCR engine you are using only extract the data and does not integrate with the software you are using for your accounts, you end up having to copy and paste it into the fields where you want to have that data placed. That is why integration with your accounting software is key to ensure that you fully exploit all the potential your OCR engine has to offer.
PaperLess document imaging system uses two layers of sophisticated OCR (Optical Character Recognition) technology to recognise the information on your invoices. With Automatic Invoice Recognition, PaperLess document imaging system extracts the relevant data from your invoices quickly so that your organisation can save time and reduce manual data entry.
PaperLess document imaging system handles multiple suppliers and multiple document formats, such as PDF and XML invoices. PaperLess integrates seamlessly with Sage 50 Accounts, Sage 200c, Sage 200 Standard, Sage 200 Standard Online and Sage 200 Extra Online and many other accounting applications so there is no need to give up your current accounting application. Synchronisation happens instantly in the background. Businesses can run invoice recognition for Sage on multiple invoices at the same time. Configuration to handle many different invoice formats is easily managed.
PaperLess document imaging system saves time and reduces manual errors. Paperless even checks for duplicate transactions when running invoice recognition for better document management. PaperLess also helps your business convert PDF to OCR by using the automatic invoice recognition so manual data entry can be minimised.
After the invoice recognition extracts the relevant data from invoices to PaperLess, your colleagues can edit accounting information and send accounting transactions to other team members for approval. PaperLess document imaging system has Document Approval functionality so that your team can approve documents with comments in PaperLess. PaperLess integrates with your existing accounting application so you can post transactions with the relevant documents directly into your accounting application from PaperLess. Your colleagues will also be to view the transactions at a later stage both in the accounting application and in PaperLess.
Additionally, businesses can also manage their non-accounting documents in the Other Document Archive securely and efficiently. PaperLess document imaging system enables businesses to manage both accounting and other documents in separate archives, so there is no need for companies to compromise their security. Comprehensive user rights protect your data and documentation so each user can have access to one or more archives in PaperLess with different levels of user rights authorised. Keeping general business documents in the PaperLess Other Documents Archive separate from the PaperLess Accounting Archive provides further security for your accounting records. In one single window in PaperLess you can easily configure all your user rights.
What our clients say about PaperLess
Andrew Barlow, Management Accountant & Acting Financial Controller.
“…the time spent prior to installing PaperLess on processing invoices was lengthy with manually inputting the supplier, description, nominal code and values for each invoice. Invoice recognition does all this for you at a click of a button.”
Kurt Roberts, ACCA MAAT Management Accountant for CPL Training Group Limited
Joseph Ryland, UKFast.Net Ltd Finance Director
Colin Mayrs, Blair’s Caravans Managing Director
Email: [email protected]
Phone Number: +44 (0) 207 135 2007