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.