A receipt order is a commonly encountered document in business operations. It is categorized as a financial document because it contains financial transactions for purchasing goods and services. Managing these documents accurately and efficiently is crucial, as errors in data entry can affect entire transactions, leading us to input all of the data.
There are two main methods for managing receipt orders: manual management and automation. In this article, we will discuss how to master receipt order management and find the best method for managing it effectively.
Challenges of Managing Receipt Order
Managing receipt orders shows various challenges, particularly when using manual processes. Here are some common challenges that businesses meet.
1. Human Error
One of the most difficult issues in managing receipt orders is the risk of human error, especially when doing data entry. A small mistake, such as inputting the incorrect transaction amount, can have a significant impact, resulting in mistakes in the transaction record. Manual data entry often requires time-consuming rechecking and corrections, causing inefficiencies and time wasted for the business.
2. Lost Receipt
Lost receipts are another common challenge, especially when dealing with printed receipts. Physical receipts can easily be misplaced, damaged, or lose ink over time, making them difficult to read and manage. Digital receipts are much easier to handle. If a digital receipt is lost, the buyer can simply request the seller to resend it via email, complete with the time and date of purchase. This is also easier for the seller because the transaction details can be instantly retrieved from their system, unlike with printed receipts that require manual searching.
3. Time Consuming
Manual processing can be time-consuming since there is the need to input each transaction one by one, which can take hours. Also, we must recheck the data correction. This can add time spent, especially when dealing with high volumes of receipt order papers. Making the entire process highly ineffective and making employees unproductive because they must stand for hours to handle receipt orders.
Utilize OCR Technology for Managing Receipt Orders
The other method to manage receipt orders is using AI tools like OCR (Optical Character Recognition) technology. With automation, businesses can significantly increase productivity as the process of managing receipt orders becomes streamlined. This benefits both the business and employees by reducing the time spent on tedious tasks, allowing staff to focus on more important activities without the stress and overwhelm of handling large volumes of documents manually.
One of the best tools for managing receipt orders effectively is Fintelite’s OCR. OCR Fintelite is a sophisticated tool that can process 10 times faster with an undoubtedly accuracy of above 90%. The dashboard is always up to date on the latest technology developments and includes a wide range of document templates, particularly for receipt orders. Fintelite’s dashboard also supports custom template creation, allowing businesses to extract and categorize data based on their specific needs. It’s an ideal solution for businesses of all types, providing flexibility and efficiency.
Additionally, Fintelite provides a “try for free” option, which allows businesses to try out the benefits of its OCR technology. This is an excellent chance for businesses looking for efficiency solutions to assess how AI products can best meet their goals.
