3 Benefits of Invoice OCR Software

Invoice OCR software has the potential to transform your AP workflow and free up your staff even as it increases your efficiency and profit margins. How? Here are three ways.
May 21, 2022
5 minutes
3 Benefits of Invoice OCR Software
3 Benefits of Invoice OCR Software

Table of Contents

Are you ready to streamline your processes, improve your accuracy when processing supplier invoices, and help your staff reclaim hours of their time? Then you need to try invoice OCR software! AP automation can change the way you do business for the better.

What Is Invoice OCR Software

If you’ve been thinking that it’s time to upgrade your ERP system, integrating invoice capture OCR technology is an excellent way to do it! Invoice OCR software takes your invoices and completes data extraction to find and categorise the most relevant information.

All you need to do is upload an invoice, and the information will be returned to you, sorted into relevant fields. These include PO number, payment information, invoice date, due date, supplier details, address, invoice number, and more!

Integrating an OCR invoice scanning tool with your accounting software means that you can then pull all of that information through for easy access and record management.

3 Benefits of Invoice OCR Software

Accounts payable automation is becoming increasingly popular for many reasons, including the following:

Time Management

Does your team seem to run out of time each month to process all of the emailed and paper invoices that come in? OCR Invoice Processing can save you hours of time spent on manual data entry every month.

Instead of completing the accounts payable process by taking invoices and entering the information into your accounting software, you can use invoice data capture to streamline your workflow. When your staff aren’t required to enter invoice data, they will have plenty of time to stay on top of their other responsibilities.

High Accuracy Rates

Do you ever find errors in your system after your team is finished processing invoices? When entering data manually, the rate of error is relatively high. A mistyped number can have colossal effects on your balance sheets.

Avoid this by using automated invoice processing and data extraction. With an intelligent OCR invoice tool, data capture is simpler and more accurate than ever. Use the power of artificial intelligence to your advantage.

Save Money

The main reason that people choose not to use invoice OCR software is because they simply can’t fit it into their budget. But what if a system could actually save you money? Think about it – if your staff are gaining back hours of their time each month, imagine how much more work they will get done and how much more value they can add to the company.

Not all invoice parsers have to be expensive – Affinda prides ourselves on offering an incredibly accurate tool at a competitive price point. Plus, our simple pricing model means that you have all year to use up the number of parses you paid for.

Why Choose Affinda’s Invoice Processing Tool?

Affinda offers one of the most versatile invoice OCR software options on the market. It can parse invoices in a range of formats, including PNG, JPG, PDF, and Word documents, thanks to the combination of OCR invoice scanning technology, AI, and machine learning. The pro version can even process Excel files!

We also provide world-class levels of support to our customers and have adapted the software to read specific invoices for many clients, as well as changing it to meet each region’s requirements.

Where Affinda really stood out head and shoulders above the others is in their level of support and attention to the customer.

– Scott S, Verified Review, G2.COM

Our knowledgeable team is just a phone call away; contact us to ask any questions you may have about the product. Whether you want to know how to integrate it with your accounting platform or need the details on its level of accuracy, our team will be able to help you out. Get in touch today.

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The world’s most accurate AI data extraction for accounts payable.

Easily extract data from even the most complex invoices. Quickly and successfully process batch of invoices in PDFs, DOC, PNG, and JPG. Affinda Invoice Extractor recognises 50+ fields on the first go – and it only gets better from there.

Extract data from your receipts swiftly and with precision. Make reimbursement and expense tracking easy. Utilise an AI receipt scanning that understands formatting and layouts it has never been exposed to before.

Our team of skilled AI experts thrives on challenges. Feel free to send your unique document processing requirements our way and we can design a custom‑made solution for you.

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