OCR in Finance & Accounting

The use of AI-powered vDigiDocr, OCR Solution to process banking and financial documents can minimize human effort and operating costs while increasing efficiency and accuracy. In the Account Payable Department, vDigiDocr can process large volumes of invoices in different formats from multiple vendors for processing and approval. Accounts Receivable departments can scan invoices automatically to expedite the processing of customer payments. Moreover, vDigiDocr can also benefit the Internal Audit function making it easier to spot any red flags. Moreover, vDigiDocr can cut operational costs by up to 90%. The primary benefit of automating manual document processing workflow is the transition from a fixed-cost approach to pay based on consumption model. Digital systems can quickly scale to meet changing needs while removing the need for document storage.

OCR for Accounts Payable

One of the advantages of using OCR in Accounts Payable is the opportunity to increase efficiency through automation. Manually inputting each document can be exhausting, especially when staff must enter large amounts of payment data. For improved accuracy, OCR technology scans and enters data straight from source papers into the system. OCR systems can process large volumes of invoices in different formats from multiple vendors for processing and approval.

OCR for Auditing

In the event of an audit, the IRS recommends keeping all expense receipts for up to three years. Using OCR technology ensures that your expense reports are current and accurate, whether you're conducting an internal audit or receiving a phone call from the IRS. Auditors can process expense reports and budget reports more efficiently by using transaction data rather than going over large files to locate what they're searching for.

Reduced cost

With vDigiDocr, you can cut operational costs by up to 90%. The primary benefit of automating manual document processing workflow is the transition from a fixed-cost approach to pay based on consumption model. Digital systems can quickly scale to meet changing needs while removing the need for document storage.

Improved data accuracy

Processing errors when humans perform are a significant obstacle for manual data processing. It is impossible for any human to process and review every piece of information with utmost precision and accuracy. However, vDigiDocr uses AI algorithms and machine learning to extract data from documents with high accuracy. Improved accuracy leads to fewer errors and rework, which saves time and money!

Sustainability

Consumption of physical paper in any form is not sustainable. The papermaking process, from forest to office, has a significant environmental impact. It contributes to deforestation, pollution of the air and water, and waste of other natural resources such as oil, energy, and water. "About half of the documents printed in a typical office are thrown away within 24 hours," according to Xerox researchers. A proactive approach to preventing document printing is both sustainable and cost-effective.

Intelligently Processed Documents

vDigiDocr, an AI-based OCR software, can classify particular document categories from a mixed batch, independent of format. Even when faced with a large number of "unknown" documents, automated OCR software may intelligently classify them by type (invoice, receipt, bill, etc.) or source (supplier, vendor, internal, etc.) for further processing and data extraction.

Increased Processing Speed

Accounting automation software with OCR can extract and verify data in minutes, a task that would otherwise take many man-hours. OCR can help firms save up to 75% or more on manual paperwork.

Maintain Employees ’ Motivation

Manual processes and paperwork, especially for accountants and financial analysts, can be highly tedious and boring. Organizations that use OCR can reduce their employees' burden and redirect them to more engaging tasks.

Better expense auditing and reporting

Businesses are constantly attempting to protect themselves from fraudulent cost reimbursement requests made by employees. Accounting OCR makes it far more difficult for fraud to go undetected because receipts are processed intelligently and hence more easily analyzable.