In every business industry, transactions are an essential part of daily operations. Whether for supporting business processes or maintaining ongoing activities. Each transaction generates proof of payment documents that must be carefully stored and managed to ensure accurate records and financial reporting. However, managing these documents can be tricky because businesses not only have one or two proof of payments, but they also have a large number of proof of payments documents. Many businesses, particularly in retail, deal with numerous transactions daily. For example, if your business does 50 transactions per day, that amounts to 350 proof of payment documents to manage each week. The manual entry of transaction details into accounting platforms can be exhausting and time-consuming.
In this article, you will find effective solutions to this challenge, as we will explain how to manage the proof of payment in the easiest way.
What is Proof of Payment?
Proof of payment is a document that verifies that a transaction has been completed. It serves as evidence that a customer purchased a product or that a company purchased products or services for its operations. Common forms of proof of payment include:
1. Receipts: A document, typically printed or electronic, issued by the seller after receiving payment.
2. Invoices: A document issued by the seller to request payment from the buyer. Similar to receipts, invoices can be printed or electronic.
3. Bank Statements: A statement from the bank showing the transaction details.
4. Other Forms: This can also include screenshots of bank transfers or e-wallet transactions as proof of payment.
Managing Proof of Payment with the Right Tools
Managing proof of payment can be difficult since you must handle a large number of these documents. Thus, you need tools to manage it properly and without spending more hours manually; that is why you need AI technologies to help out. However, choosing the right tool is as crucial as you must carefully consider what is best and most suitable for your needs.
One highly effective solution for managing these documents is Fintelite AI. Fintelite’s sophisticated OCR technology allows it to process an enormous amount of proof of payment documents in seconds with over 90% accuracy. Also, you can modify the results to enhance the accuracy.
Here’s how you can easily manage proof of payment on the Fintelite dashboard:
1. First, ensure that you have logged into the dashboard with your username and password. Once on the homepage, click the “Upload” button.
2. Select the “Pre-Built Template” option, then scroll down to the “Proof of Transfer” template.
3. Click “Choose,” then upload your proof of payment and wait for the system to process and read it.
4. After it is processed, click on your document to see the data that was extracted. You can modify the results if needed, or download the document by selecting it, clicking the “Download” button, choosing the preferred format, and confirming the download.
That’s the easiest step-by-step process to manage your proof of payment. Fintelite’s user-friendly dashboard makes it simple to use without any training required. This automation not only boosts productivity and efficiency but also saves money. This may cost you a fee for setting up the AI according to your requirements at first, but you will eventually benefit from this advanced AI technology. Compared to manual management, which requires multiple employees to handle documents. Fintelite can reduce costs by up to 30%.
If you are interested in experiencing how Fintelite can be a game-changer, you can try the dashboard for free by signing up on the website. Fintelite also provides free consultations with AI experts that can personalize the solution to your own specific needs.
