Well, the first thing you need to do if you want to speed-up invoice processing routines is to look for an OCR software that integrates with your accounting software. This is the only way for you to get all data automatically extracted from the invoices and cross referenced with the settings you have defined for each one of your suppliers in your accounting package.
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. Usually companies using this type of technology are the ones who focus on increasing productivity margins in order to gain competitive advantages.
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.
The trend among Sage users is to implement the Sage Developer’s Solution – PaperLess Document Management with OCR Software – which due to the seamless integration with Sage 50 Accounts, Sage 200 Business Suite and Sage 200 Extra Online enables Sage users to fully automate their invoice processing routines.
PaperLess document management software 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 the invoices quickly so that organisations can save time and reduce manual data entry.
The integration between PaperLess and Sage even makes it possible to automatically checks for duplicate transactions when running invoice recognition for better document management. After the invoice recognition extracts the relevant data from invoices to PaperLess, users can edit accounting information and send accounting transactions to other team members for approval.
Full Document Management Automation now also available for Sage users…
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