When you live in a hybrid environment of physical and digital information but do not have a unified data management system for your content.
You and your staff waste valuable time searching for the information you require.
That is why it is very important to have all of your information collected in one place that is easy to access. and search.
But what about invoices? What if this data is stored in a paper format? You will not be able to rapidly access it or share it with others, particularly those who work remotely. in finance, accounting departments or even with vendors and partners.
In this case using invoice OCR software would be highly effective.
With the evolution of technology over the years, Fotognize would make collecting your data and converting papers into a digital format easily done.
What is invoice data management software?
The process of entering invoice details such as the invoice number, supplier name and address, project details, PO number, and other essential facts is known as invoice data capture.
This process is used to keep track of the goods and services that are delivered by vendors and suppliers.
In most cases, companies must rely on manual processes, such as spreadsheets or paper ledgers, to obtain this information.
This process may be managed by a procurement team, manager, or executive at the C-level of the company, depending on the size of the organization.
They create a more cohesive framework by pulling data from several sources, including structured, semi-structured, and unstructured data.
Invoice OCR software uses either readymade or custom programmed to automatically scrape invoices for the required information is what’s involved in the process of automated invoice data capture.
What is OCR in invoice processing?
These solutions either employ optical character recognition OCR invoice scanning to convert paper invoices into digital copies or allow vendors to enter their invoice information into a self-service portal on their own.
As a direct consequence of this, the data is processed by their procurement systems in a streamlined manner.
Which saves them both time and money, by removing individuals from the section of the process.
Where manual data capture occurs, automated invoice data capture makes data more transparent and minimizes the number of errors that occur.
Error prevention in your process for processing invoices has benefits that extend beyond financial savings.
Everyone that interacts with your company, including your vendors, customers, and clients, as well as your team.
will have a better positive experience if there are fewer errors and delays, this will result in them sticking around for longer.
Benefits of invoice OCR software
- Reduced reliance on manual data entry.
- Better information retrieval.
- Unrivaled precision.
- Up to the line-item level extraction.
- Time, cost, and labor efficiency.
Why choose Fotopia Tech?
FotoGnize was developed by Fotopia. Make sure that you never put yourself in a vulnerable position and that all of your documents are signed using a multi-factor authentication method.
With the invoice OCR software there will be no more lost time trying to figure out how to digitally sign a document online.
With automated invoice handling, indexing with machine learning and OCR
invoice data capture software.
We are able to assist you in locating what you are looking for in a timely manner by utilizing the document scanning skills, infrastructure, and a contemporary, secure storage repository that are all provided by Fotopia Tech.
