Processing Invoices Using OCR
An organization deals with a number of invoices from its suppliers. Such invoices will not be of the same format, as they come from a variety of people who might make mistakes with the format. It is also a difficult task to manually record each of these invoices. Under such circumstances it is better to process invoices using OCR. The OCR software identifies all the essential information from such invoices such as invoice number, name of the dealer, amount of invoice, etc. Using OCR to process invoices helps in minimizing errors which that might occur when data is fed manually. Organizations choose to process invoices using OCR when they have lots of data to cover and cannot waste time in manually recording it.
How to Process Invoices Using OCR?
We can process invoices using OCR by first setting a common format for recording all kinds of invoices. Enhanced OCR technology works by comparing data that is recorded with the standardized format and comes up with a digitally processed invoice. The results are derived by relating the data that is being recorded with the one it has already saved in bitmap form from the standardized format. When we process invoices using OCR, we can make use of electronic calculators and mechanize them to perform all required calculations with respect to processing invoices. When we process invoices using OCR, we can make comparative graphs, estimate costs, compute expenses, prepare spreadsheets, etc. with much ease.
Benefits of Processing Invoices Using OCR
The benefits of processing invoices using OCR are many. It is definitely better than entering data manually, which is a tedious process. When we process invoices using OCR the degree of error tends to be low. This is because there is less human intervention in the entire process. Secondly, when we process invoices using OCR, it preserves the quality of work. It helps in cutting down the expenses in case the data is manually recorded which is a pretty cumbersome process. Last but not the least- it helps in saving time as the entire process is automated to a large extent.