How’s OCR Technology changing the way Finance Departments work?

Click here to find out more about this Sage Platinum Developer PartnerFirst of all, it is important to explain what OCR technology is and why is it becoming increasingly used by Finance Departments. OCR stands for Optical Character Recognition, a technology that automatically capture the data from invoices so that no more time is spent on manually keying in data. For this reason, OCR software are becoming part of the daily routines of any finance professional dealing with a large number of documents. By speeding-up invoice processing routines and reducing the need for manual data input OCR technology is transforming the way Accounts Departments work.

From Accountants and Bookkeepers to Construction companies and the Hospitality Industry, Optical Character Recognition is the key for companies to process large volumes of documents without the need to increase the headcount.

 

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One thing is to automatically extract data from the invoices, but another thing is what to do with all that data?

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.

PaperLess document management system uses two layers of sophisticated OCR (Optical Character Recognition) technology to recognise the information on the invoices. With Automatic Invoice Recognition, PaperLess document management system extracts the relevant data from the invoices quickly so that organisations can save time and reduce manual data entry.

The seamless integration between PaperLess and Sage 50c, Sage 200c, Sage 200 Standard Online and Sage 200 Extra Online means that once data is captured invoices can be posted directly into Sage in a completely automatic manner. On posting PaperLess also links the documents directly to the transactions in Sage so that retrieval of documents can be done via a live lookup directly from within Sage.

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PaperLess OCR technology for Sage is allowing thousands of Sage users to save time and reduce manual errors. At the same time Paperless even checks for duplicate transactions when running invoice recognition for better document management.

 

What about if my invoices need to be approved before direct posting onto Sage?

After the invoice recognition extracts the relevant data from invoices to PaperLess, PaperLess users can edit accounting information and send accounting transactions to other team members for approval. PaperLess document management system has Document Approval functionality so that documents can be approved by simply logging into the system. Once final approval is given and the documents are posted onto Sage, PaperLess will link both the document and the complete audit trail of the approval process directly into the corresponding Sage accounting lines, meaning that retrieval of document and audit trail of the approval process can be done via a simple lookup directly from within Sage.

Click here to find out more about PaperLess Online Invoice Approval

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Ask now for your free online demo and in 20 minutes you will find out how PaperLess software allows companies to effectively archive and link all documentation directly to their accounting transactions. See also how Automatic Invoice Recognition associated with powerful workflow features automates the entire process from the moment documents are receive until they are posted into your accounting package.

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