How to Leverage OCR Technology and Real-Time Fund Accounting?
It is a well-known fact that digitization of records has proved to be a boon both for the business and the government. Gone are days when people had to do lots of paperwork to pay bills or access banking services. In the modern era of digitization, few clicks of button help to accomplish the task. Even appointment scheduling is performed online without any hassles. If the information is digitized, you can search through archives within a very short time frame.
Similarly financial and account information is also being digitized. People can store voluminous financial information on the hard disks for easy access. The move saves lots of paper and makes the company more productive. OCR technology plays a very important role in scanning the documents and images from the paper so that they can be transformed into files of different formats. Accountants can focus on financial analysis while the conversion of the documents into virtual version is handled by the new technology. There are scores of advantages for the professionals to use the OCR tool:
Experts opine that companies have spent lots of money in fraudulent reimbursement costs. For instance, cab expenditure or nongenuine receipts from restaurants increase the expenses. OCR is essential to prevent the generation such reports and introduce transparency in the business transaction. Employees would stop making false claims for the expenses from the management. OCR can easily search through expenditure documents and budget reporting. Auditors are able to analyze the transaction data in detail and draw inferences. In past, they spent a lot of time in collating information with the new tool; it is possible to increase the turnover.
Accounts payable information:
Entering ledger data manually is a herculean task even if numerous people are employed. In addition, manual error creeps in and the company may have to spend a huge amount of money to find the problem. Performing repetitive task round the clock can take its toll even on the brilliant employees. OCR eliminates the problem by making data entry process more accurate. Management does not have to increase the operational expenditure and spend on labor expenses. The tool optimizes the invoice creation process and compiles the list of account payable information. Employees can shift their focus from mundane routines and complete the specialist tasks.
The software frames the invoices based on the information from different sources. Moreover, specialized algorithms are used to categorize the account payable data. The interface is crucial in not only extracting the information but also validating the same against the database. It helps to ensure an accuracy of the highest order. Processed data is stored in different formats for easy access in the future.
OCR is responsible for introducing transparency into the business. Right from data extraction to image capturing is fairly accurate and fast. The information enters into the system and can be used in varieties of ways to monitor the performance of the products and employees.
Hassle-free payment processing:
Accounting and Bookkeeping is a breeze with OCR as people can transfer money to the ledger account without visiting the bank. Depositing cheque in a bank doesn’t require people to stand in line. The desired mobile app can be downloaded and the image of the cheque is sent to the bank server for processing. The real-time fund is transferred in no time to the account of the supplier.
Dealing with a range of information:
OCR can easily read cheque and transactions but is also capable to scan the text and presentation. Some advanced versions are able to detect the type of handwriting to decipher the required information.
If long texts are printed in the form of hard copies, the OCR converts them into searchable strings for accessing the required information. It also assists in eliminating inaccuracies and ensures the correctness of the visual report. Once the complete book is digitized, it is easier for the users to store the information as an archive.
Improving the productivity of the business:
OCR allows the users to download information from the central servers to their laptops, computers and gadgets. Accountants can work remotely with the data while they are on business trips. Even information is easily accessible from home on varieties of gadgets. It is instrumental in delivering cost-effective solutions to the business. One of the most important factors that have to be kept in mind is that the OCR partner should be reliable. Since the vendor is dealing with sensitive financial information, the data should be secured and not leaked to the third party. Trust and integrity are the two pillars that can make the OCR tool a boon for the company.
OCR mobile application:
The arrival of OCR mobile application is revolutionizing the accounting industry from the ground up. It has completely automated the invoice processing task to deliver sterling results to the users. One of the biggest advantages of such as an application is the elimination of duplicate entry. OCR removes the possibilities of accounting frauds that are occurring in business nowadays.
Optimization of search functions:
Optimization of search functions is an important benefit provided by the usage of OCR. Accountants can access the report with a single click of a button on the system. Due to anytime access to information, a small and midsized business can improve their productivity to a great extent.
Meeting real-time demands:
If you are providing real-time accounting services to the customers, OCR can streamline the whole process. On receiving the call, the required financial document immediately appears on the screen. In short, the telephone number is enough to convert the data into a searchable element.
Boosting the morale of the financial department:
OCR is an important step to make the office paperless. Since information is stored on the system, people do not need to maintain files in the form of hard copies. Less clutter in the office helps to enhance the productivity of the employees. Availability of precise information at the right time helps in taking correct decision and also improves the customer service performance of the organization.