Process Invoices with Automated OCR
All businesses have to process invoices as part of their business cycle. Vendors and suppliers have to be paid off before profits can be realized. How the invoices are handled can also easily add on to cost. Traditional methods such as using paper invoices and performing manual data entry is both costly and time consuming. To avoid the pitfalls of inefficient work you can process invoices with automated OCR for quick and accurate results.
The Advantages of Automated OCR
Technology has progressed to the point where it can accurately take in and process invoices. Manual invoice processing is slow and inefficient. The main issue lies in the paper format of invoices. As part of the daily routine of a business, they tend to accumulate quickly. Employees have to spend time looking through each page to extract the necessary data. Afterwards they have to be organized and stored away. No matter what filing system or organizing method you use they still take up physical space and require time to properly locate. When you process invoices with automated OCR you convert a physical process into an electronic one. OCR stands for optical character recognition, and it is a software tool that can identify characters on scanned documents and turn them into text. The software can automatically extract invoice data and then process it electronically so that you save time and space.
Automated Invoice Processing Software
The amount of time it takes to process invoices through manual means can result in delayed or late payments to suppliers. This may cause the business to incur late fees as well as tarnish their reputation with other businesses. The error-prone nature of manual invoice processing can also result in mistakes and lead to financial setbacks. Automation software can process invoices using automated OCR. It takes less time and is more accurate than traditional means. The transition from manual to electronic work is efficient and ultimately beneficial in the long run. CVISION Technologies, a long time provider of OCR and document capture software offers automation software powered by the most accurate OCR engine. They provide a user-friendly experience with their free trial version products, which are immediately ready to download and use.