Basic Insight to Automate Invoices with OCR
A running business deals with a large number of invoices while conducting its operations on a day to day basis. Some of these invoices are raised against sale of its goods or services, and are treated as accounts receivables from its customers. Some other invoices are, on the other hand, received by it from its vendors and principals for purchases of goods or services, which act as its inventory. A third kind of invoice relates to various utility and other services that the business needs for its routine operations. Since processing all these invoices takes a dedicated team of accountants and a hierarchy of managers, any business can have large savings both in terms of time and manpower if it can automate invoices with OCR.
How to Automate Invoices with OCR
In order to automate invoices with OCR, the firm first needs to install a number of high speed networked scanners which can scan in batch mode and at high resolution. If the scanners are networked, then the accounts team can access them in serial mode and maintain a job queue for automatically processing documents one after the other. They also need to be able to scan in batch mode to save time. after scanning invoices, the scanners automatically send the images to an optical character recognition software, which converts the images into editable text documents and save them in convenient file formats.
Advantages to Automate Invoices with OCR
If you automate invoices with OCR, you can safely store all your invoices for later retrieval. You can also easily share these invoices with all members of your accounts teams across different offices easily and quickly through email. Thirdly, you can perform various data analyses such as accounts aging, credit period rating etc. with the saved invoices.