Data entry typically involves three core steps: reading the document, retyping the data into the designated fields, and repeating until all data is entered. In fact, employees spend 1-3 hours each day solely on data entry, with errors being the main problem. OCR is here to automate document extraction, providing you with a faster way to do data entry without much hands-on effort. OCR based data entry takes draining tasks out of your routine and reduces human errors that previously often occurred. Let’s explore OCR based data entry and how it helps turn your efficiency goals into reality!
New to OCR based Data Entry? Here’s The Quick Guide
OCR stands for Optical Character Recognition, a technology that reads text inside digital images or documents. With this capability, how can OCR be applied to advance data entry? OCR based data entry is more than just automating data capture; it enhances the accuracy, efficiency, and scalability of information processing. By leveraging the right OCR platform, you seamlessly integrate the data into your accounting software—whether you use QuickBooks, Xero, or a spreadsheet system.
The Benefits for Your Accounting Team (and the Entire Operation)
- Get more done 10x faster
If you usually spend 10-15 minutes entering one document, OCR based data entry can process a document in just 10 seconds. Get rid of the stress caused by mountains of paperwork. With this speed level, you can process more documents in less time.
- Freeing up time and cost for higher-level work
Leveraging OCR process enables you to gain more time to focus on strategic tasks. As you automate the process, reduce the costs associated with manual data entry, allowing you to invest time and resources in more important activities.
- Improve daily productivity
The faster you complete the data entry, the quicker you can move on to other complex tasks that require your attention. Think of OCR as a booster to your daily job–it speeds things up, but you are still the one in control.
- Lower the chances of human errors
Missed inputs are sometimes unavoidable when you manually enter data for hour after hour, and it is understandable. With OCR, eliminate human errors and retrieves data with high accuracy.
How Does the OCR Based Data Entry Process Work?
There are several steps involved in OCR based data entry. By incorporating Fintelite OCR, you can enhance accounting efficiency while maintaining data integrity. From extracting data to seamlessly transferring it to your database, Fintelite OCR simplifies the entire process.
How can Fintelite OCR support your data entry process? What is the process like? Let’s break it down step by step.
1. Document Preparation
Whether it is invoices, receipts, purchase orders, or any other documents, prepare them in PDF or image format. Ensuring all the documents are ready in compatible format beforehand will make the upload process to the OCR dashboard easier.
2. Document Upload
Sign in to Fintelite OCR and start the data extraction process by uploading your documents. Our AI-powered OCR is adaptable to any document layout, allowing you to efficiently process a wide range of document types without additional effort.
3. Data Extraction
The data extraction will run automatically right after you send the document. Within a few seconds, all the important data in your document will be parsed and ready for you to review.
4. Data Integration
Once all the data you need is extracted and approved, you can export it as an XLS file. If you use QuickBooks or Xero, connect your account to transfer data from Fintelite directly to your dashboard.
Data entry is a foundation to every accounting activity. Fintelite OCR is an ideal solution to enhance your data entry, leading you to make decisions with speed and accuracy. Book a demo to see how Fintelite OCR efficiently processes any document you need.