According to a report by Markets and Markets, every year 522 hours are spent on repetitive administrative tasks. The same report also reveals that accountants can spend around 69 days each year working on their tasks manually. That’s a lot of time wasted, especially in today’s fast-paced environment, where businesses have to keep up with the speed to stay ahead of the game.
Accounting departments have always been dealing with piles of documents and paperwork. An accountant’s responsibilities can range from data entry and bookkeeping, to reconciliation, reporting, budgeting, forecasting, auditing, and many more. The problem with these tasks is that they often require a lot of manhours and are prone to human errors due to the large amount of data that needs processing.
However, the Optical Character Recognition (OCR) technology has revolutionized accounting practices today. The mundane, tedious tasks that used to be inevitable can now be automated and optimized. Let’s see the practical application of OCR in accounting.
The role of OCR in accounting
Accounting is an intricate process that demands meticulous attention to detail, manually entering data from paper documents into accounting software. The risk of typographical errors and discrepancies in financial records was high, potentially leading to financial mismanagement and compromised decision-making.
OCR in accounting can streamline and optimize traditional financial processes. Accountants can scan and transform paper-based documents into editable and searchable digital formats. Other benefits of using OCR in accounting include:
- Accelerated data entry
- High accuracy
- Minimized human errors
- Time and cost saving
- Secure data storage and backup
How OCR automates the accounting process in your business
Regardless of size and industry, businesses typically face significant challenges in their accounting processes due to the high volume of invoices and receipts. One solution to streamline your accounting procedures is to adopt OCR+ by Fintelite.
OCR+ by Fintelite is cutting-edge software that does more than just scan documents. Our tool is complemented by AI-powered Transaction Enrichment API that allows you to capture and parse, categorize, and process hundreds of data in a short amount of time.
Here’s how you can automate your accounting process with our OCR+ and API:
Capture your data
Snap a photo, scan, or upload your business e-statements, invoices, and receipts to our user-friendly dashboard. Our advanced machine-learning algorithm swiftly processes the information and extracts key transaction details.
This automated data entry speeds up your process up to ten times, with 99% success rates.
System integration
After parsing your data, OCR+ then seamlessly integrates the transaction details into your preferred systems such as Google Sheets, Excel, or API.
Using our Transaction Enrichment API, there’s no need to manually clean up your parsed transaction data — our machine-learning tool categorizes, tags, visualizes, and analyzes it for you. Your data will be processed, enhanced, and returned in less than 60 seconds.
Labeling and retraining
You can streamline and optimize your financial process even further. Generate accurate profit and loss (P&L) line items and retrain our model so it aligns with your business needs, as well as comply with your organization’s unique standards and requirements.
All this can be done in just one single platform, simplifying your accounting process from end to end.
Try OCR+ by Fintelite for free
Without hands-on trial, all these may sound too good to be true. That’s why we offer you a free trial so you can see how our OCR+ can benefit and be tailored to your business needs. Talk to our AI Expert now to claim your free trial. No hidden fees, no commitments.
