An invoice is a document that every business has and should manage effectively in order to keep track of the financial condition of the business. Managing invoices can be extremely exhausting, especially when they are in physical form and contain a large quantity of paper. Thus it will take a significant amount of time and effort. To address this, digitizing invoices is the best way for managing documents by scanning physical invoices and inputting the data into a system that businesses often utilize. There are many methods for scanning invoices, one of which is using OCR technology. In this article we will discuss how to scan an invoice with a traditional method that businesses may still use and use OCR. This article also provides the best OCR software to maximize your efficiency.
Scan an Invoice Using a Scanner/Printer
A scanner or printer machine can scan any type of document, including invoices, and convert them from physical format into digital format. Simply place the invoice in the scanner, and the machine will scan and store it as a digital file, such as a PDF or JPEG.
Pro:
– Can scan a large number of papers and any type of document
– Generates high-quality scans, often better than those of smartphone scanners
Cons:
– Has a limited lifespan. It requires regular maintenance or may need to be replaced with a new one after some time.
– Cannot extract data; it only digitizes the invoice.
– The device itself is expensive, and the regular maintenance or eventual replacement can add to the expense.
Scan an Invoice Using a Smartphone
Scanning invoices can easily be done using a smartphone. You can use the phone’s built-in camera or install scanning apps that are available on the App Store or Play Store. Just take a picture of the invoice, and it will convert it into a digitized format.
Pro:
– It is portable due to its compact gadgets and portability. So the invoice can be scanned immediately after the transaction.
– Can be cost-effective because it does not spend money, and many scanning apps offer free access for basic features.
Cons:
– Requires good lighting and stable hands to get the high-quality results
– Cannot extract data; it only digitizes the invoice.
– Limited quota and access for free apps. If businesses scan a large volume of invoices, they may need to upgrade to paid plans, which can increase costs.
Scan an Invoice Using OCR
OCR, or optical character recognition, is an advanced technology that simplifies business, particularly when it comes to document management. With its powerful technology, OCR can scan invoices fast and precisely, allowing businesses to enhance workflow efficiency. Unlike a scanner or smartphone, OCR is often provided as a platform or dashboard that employees can access anytime and anywhere.
Pro:
– Can scan a large amount of papers and any type of documents
– The accuracy level is higher than traditional methods like scanners or smartphone apps.
– OCR can digitize the format and extract data from invoices, so businesses no longer have to input data manually.
– Some OCR software, like Fintelite, can integrate with the accounting platform or your existing system. This is very helpful for reducing time and effort.
– OCR is regularly updated to improve performance and accuracy.
Cons:
The initial cost needed for setup with a business system.
Conclusion
OCR technology is the most effective method for invoice management. It not only digitizes papers but also extracts data from invoices fast and accurately. To find the right OCR software, Fintelite OCR can be the right option. Its cutting-edge technology provides many types of invoices, not only general invoices. The platform is also accessible, so businesses do not need to train their employees because the dashboard is simple to use. OCR may incur an initial cost, but Fintelite can tailor it based on your needs, making the cost affordable without compromising the advanced features and security.
