Invoice‌ ‌Automation‌ ‌Using‌ ‌OCR‌ ‌ Software:‌ ‌Here’s‌ ‌Everything‌ ‌You‌ ‌ Need‌ ‌to‌ ‌Know‌
26 Jul 2020 Yogesh J
invoice automation with ocr

When you think about automation for your accounts payable functions, you might intuitively think of a cognitive technology in AP software systems that can eliminate manual work altogether. 

And paving the way for Intelligent Document Processing (IDP) to become a reality, is a supporting technology called OCR.

OCR or Optical Character Recognition, is a software that scans text within images or other files like PDF and Word and converts it into text that machines can comprehend. By doing so, it makes the digitized text searchable and editable. 

OCR tech involves the basic scanning and digitizing of information by recognizing the said information to deliver meaningful results that can be analyzed later. 

But OCR alone cannot fulfill all the requirements. Artificial intelligence and machine learning techniques need to be combined with OCR tech to make a complete software that acts as an end-to-end solution. 

Businesses in the manufacturing, telecom, retail, construction, healthcare, FMCG, banking and finance industries often deal with loads of invoices, purchase orders, and many other accounts payable related documents. No doubt these documents need to be processed with 100% precision and in record time.

However, the data is so large, that human error is unavoidable whatsoever. Large piles of invoices that need to be matched to their relative POs and other transcripts, make it extremely difficult to keep perfect records. 

This is where the need for an automated AP system arises. And OCR is a vital part of that system. 

Why Your Business Needs to Implement Intelligent OCR Tech Today

Wondering how automating can help your AP department not only cut costs but also deliver accurate results on time? 

It’s not just about saving paper or freeing people of added work; OCR technology-backed software models can change your company’s workflow. Along with helping your AP team reduce their workload, you are helping your business scale new heights with the help of modern technology. 

IDP is a precise combination of OCR and AI-driven technologies like computer vision and natural language processing, that is meant to do more than simply scan and digitize documents. It is meant to take over routine tasks like recognizing the documents to create logical reports, through training and intelligent comprehension. This is made possible by adding a layer of Computer vision and Natural Language Processing to traditional OCR output. This allows the machine to contextually understand and structure the output from OCR systems and return data in structured format.
We at KlearStack call it Intelligent Data Extraction.

This makes your process more flexible and gives you complete control of your documentation and data processing. 

With AI-driven OCR, you can train the machine to recognize tables, charts, and paragraphs along with different writing styles and typefaces. You can also rely on the software to recover information from discolored documents more accurately. And most importantly, you can interpret the text within these images/ documents.

For businesses that specially deal with tonnes of paperwork related to supplier invoicing and customer PO processing, AI-powered OCR technology is a must. Leading invoice and data processing companies are adopting artificial intelligence to enhance their processes through deep learning, data extraction, computer vision, and Natural Language Processing (NLP). 

Once the information is extracted, it can be stored in retrievable formats like a database, or even office tools like Excel and Word. You can also set up APIs to sync the extracted data directly with your ERP system. This uncomplicates maintaining records and helps you implement a coherence process. 

By implementing software models that are assisted by OCR Technology, you: 

  1. Cut costs
  2. Accurately record documents
  3. Reduce costs spent on maintaining warehouse storage as computer storage is sufficient
  4. Improve productivity and efficiency, and
  5. Ease up the high-volume documentation process

Magnify Your Success by Choosing KlearStack as your OCR Partner

KlearStack’s AI aims at going template-less and Regex-free when it comes to extracting data from invoices, purchase orders, receipts and more. This means eliminating the entire process of designing templates/ rules and maintaining those.

KlearStack takes your free-form invoices and digitizes the information in structured form. The software also gives you a 360-degree view through a comprehensive dashboard.
Once you sign in to your password-protected account, you will be able to view all your invoices and their details in the home section. Invoices that you receive via e-mail or scanned images can be uploaded into KlearStack. You can choose to upload a single file or batch upload multiple files to begin extracting information from them. 


Using Intelligent OCR technology, KlearStack scans and extracts information and sorts them into designated fields, for example, once the scanning is complete, you will automatically view the invoice number, PO reference number, supplier name, address, etc in different boxes. 

KlearStack also eases up the confusion arising from long lists of items on invoices. In the Line Item section, you can effortlessly find the particular item you were looking for, and through the magnifier, you can cross-check the line item number and other details on the image. 

As you move the scanner on the image to select the different categories you want to add, the software dynamically created those sections on the dashboard under the Line Item field.

Here are some more unique features KlearStack offers to make your data extraction and management easy and fast:

  1. Monitor and keep a check on different activities like the number of invoices uploaded and approved per day
  2. Glance at the accuracy graph for better understanding
  3. Take full control and manage the admin account from wherever you are
  4. Adjust settings as per your requirements
  5. Export or download your extracted data in other formats like Excel sheet
  6. Integrate your accounts master into KlearStack so your accounting entries can be passed directly into the software

With KlearStack you are improving productivity by 200% and cutting any setup costs by 80%. With our revolutionary custom model, you are free to choose it as a SaaS or on-premise service giving you complete control of your automated PO and invoice documentation process.

We believe that there is a dire need to replace some mundane manual work with speedy and smart alternatives like the KlearStack Intelligent Data Extraction.
It’s time to give your accounts payable department a tech-infused face-lift, with artificial intelligence and a bit of out-of-the-box thinking!

Want to know more about OCR Technology and how your business can benefit from it? Click here to get a free E-Book today!

 

Conclusion :

It’s high time that organizations across all domains and irrespective of the organization size should adopt such AI based tools to reduce the wastage of resources and leakages in the cash-flow. 

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Invoice‌ ‌Automation‌ ‌Using‌ ‌OCR‌ ‌ Software:‌ ‌Here’s‌ ‌Everything‌ ‌You‌ ‌ Need‌ ‌to‌ ‌Know‌

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