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.

USE CASES

OCR data capture automation is so strong that logistics companies have noticed a reduction in overall operating expenses of up to 28% after implementing OCR software.

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.

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.