OCR AP Automation
Autor: DAX Software Solutions, Inc
Automate your business data flow, cut costs, and reduce manual errors with OCR technology.
OCR AP Automation, enabled by Microsoft OCR Technology helps you automate the data flow of critical business documents to your ERP, CRM, or any other Business Applications. OCR (Optical Character Recognition) plays a crucial role in Accounts Payable (AP) automation by transforming paper-based or non-machine-readable invoices and documents into digital, searchable, and structured data.
This solution is developed by DAX Software Solutions and can be integrated with any application. In this solution, we can parse invoices, orders, or any documents into digital format. This digital format then can be consumed in any ERP, CRM, or Business Applications (e.g.. Microsoft Dynamics F&O)
Why OCR AP Invoice Automation?
- This solution automates any paper or document into digital data that your applications can consume.
- Reduce Manual efforts & errors exponentially.
- Reduce document processing time.
- You can focus on strategic and core business decisions rather than internal data management.
- Secure Data flow from one to another system automatically.
- Configure Approval workflows whenever required.
Transform Business with OCR AP Automation tool, How?
1. Data Extraction: OCR technology scans and recognizes text, numbers, and characters on invoices and documents, capturing vital information like vendor names, invoice numbers, dates, line items, and amounts. This is the first step in AP automation.
2. Precision: OCR significantly reduces the risk of manual data entry errors, ensuring high accuracy in your financial processes and avoiding costly discrepancies.
3. Efficiency: Powered by OCR, AP automation processes invoices rapidly, saving time and effort in managing financial documents, even handling large volumes with ease.
4. Cost Savings: By automating data extraction and document processing, OCR minimizes the need for manual labor, resulting in reduced staffing costs and fewer data entry errors.
5. Faster Approvals: OCR-enabled AP automation swiftly routes digitized invoices through predefined approval workflows, accelerating vendor payments and potential early discounts.
6. Document Retrieval: OCR simplifies document retrieval by making text machine-readable. Employees can quickly locate specific documents using keywords or data points, enhancing document management and audit trail capabilities.
7. Compliance and Auditing: OCR-generated digital records are audit-friendly and ensure adherence to regulatory requirements, providing a transparent digital trail for tracking and verification.
8. Seamless Integration: OCR technology seamlessly integrates with financial software systems like Enterprise Resource Planning (ERP) and accounting software, eliminating manual data entry.
9. Scalability: OCR-based AP automation is highly scalable, accommodating increased document volumes as your business grows without a proportional rise in manual effort.
10. Data Analytics: Leverage digitized and structured data generated by OCR for in-depth insights into spending patterns, vendor relationships, and financial metrics. This data empowers decision-making and optimizes the AP process.