How’s OCR Technology changing the way Finance Departments work?

First of all, it is important to explain what OCR technology is and why is it becoming increasingly used by Finance Departments. OCR stands for Optical Character Recognition, a technology that automatically capture the data from invoices so that no more time is spent on manually keying in data. For this reason, OCR software are becoming part of the daily routines of any finance professional dealing with a large number of documents. By speeding-up invoice processing routines and reducing the need for manual data input OCR technology is transforming the way Accounts Departments work.

From Accountants and Bookkeepers to Construction companies and the Hospitality Industry, Optical Character Recognition is the key for companies to process large volumes of documents without the need to increase the headcount.

Want to know more about OCR for Sage 50 and Sage 200?

One thing is to automatically extract data from the invoices, but another thing is what to do with all that data?

Well that is where things get more complicated, if the OCR engine you are using only extract the data and does not integrate with the software you are using for your accounts, you end up having to copy and paste it into the fields where you want to have that data placed. That is why integration with your accounting software is key to ensure that you fully exploit all the potential your OCR engine has to offer.

PaperLess document management system uses two layers of sophisticated OCR (Optical Character Recognition) technology to recognise the information on the invoices. With Automatic Invoice Recognition, PaperLess document management system extracts the relevant data from the invoices quickly so that organisations can save time and reduce manual data entry.

The seamless integration between PaperLess and Sage 50c, Sage 200c, Sage 200 Standard Online and Sage 200 Extra Online means that once data is captured invoices can be posted directly into Sage in a completely automatic manner. On posting PaperLess also links the documents directly to the transactions in Sage so that retrieval of documents can be done via a live lookup directly from within Sage.

PaperLess OCR technology for Sage is allowing thousands of Sage users to save time and reduce manual errors. At the same time Paperless even checks for duplicate transactions when running invoice recognition for better document management.

What about if my invoices need to be approved before direct posting onto Sage?

After the invoice recognition extracts the relevant data from invoices to PaperLess, PaperLess users can edit accounting information and send accounting transactions to other team members for approval. PaperLess document management system has Document Approval functionality so that documents can be approved by simply logging into the system. Once final approval is given and the documents are posted onto Sage, PaperLess will link both the document and the complete audit trail of the approval process directly into the corresponding Sage accounting lines, meaning that retrieval of document and audit trail of the approval process can be done via a simple lookup directly from within Sage.

WHAT OUR CLIENTS SAY ABOUT PAPERLESS

“PaperLess has brought filing into the 21st century.”

Bénédicte Mermet at Frenger International

“PaperLess is a great system to use as it is a lot faster than approving the pile of paper”

Nicholas Reyes-Ramirez, Finance Assistant

“…the time spent prior to installing PaperLess on processing invoices was lengthy with manually inputting the supplier, description, nominal code and values for each invoice. Invoice recognition does all this for you at a click of a button.”

Kurt Roberts, ACCA MAAT Management Accountant for CPL Training Group Limited

“I personally think it’s great. It allows me to enter invoices without the requirement to manually input all of the data and then refer to archived documents with ease”

Joseph Ryland, UKFast.Net Ltd Finance Director

 “..save £10,000 every year with staff as well as to save employees time spent on processing invoices”

Colin Mayrs, Blair’s Caravans Managing Director

Contact Us

Email: info@paperlesseurope.com

Phone Number: +44 (0) 207 135 2007

www.paperlesseurope.com