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Logistics blog


OCR: What is automatic invoice recognition?

OCR: What is automatic invoice recognition?


OCR: What is automatic invoice recognition?

Reading time:
5 minutes
OCR: What is automatic invoice recognition?

OCR: What is automatic invoice recognition?

Reading time:
5 minutes
OCR: What is automatic invoice recognition?

Invoices are essential documents in the business world. They help record business transactions and maintain financial traceability. However, converting paper invoices into digital documents can be a tedious and costly process

So how can you avoid wasting precious time when converting your invoices to digital format? That's where new optical character recognition (OCR) technologies come in. OCR offers an effective solution to facilitate the conversion of invoices into digital documents, simplifying invoice workflow management and optimizing accounting processes. Let's take a look at OCR and its benefits.

What is OCR for invoices?

OCR is an automated process that converts paper documents, such as invoices, into digital files. 

Using OCR software, you can digitize your company's invoices. It's a tool that saves you time and money. No more manual data entry, no more errors due to fatigue or lack of concentration. Optical character recognition technology makes it easy to manage your documents electronically.

Intelligent OCR software can analyze an invoice and extract important information such as amounts, dates, supplier names, and so on. It can recognize and understand printed text thanks to sophisticated algorithms and machine learning.

By using OCR for invoices, companies can automate invoice processing tasks. This process saves time by avoiding manual data entry and speeding up accounting workflows.

Similarly, automating invoicing processes with OCR can help reduce operational costs. By avoiding manual input errors and speeding up processes, companies can save money on human resources and improve the overall efficiency of their accounting department.

Do you want to be more productive?

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How can OCR help companies?

OCR can help businesses in several ways. Firstly, it saves man-hours by converting invoices into digital files. For example, using an OCR system can cut the time needed to process invoices by a factor of 3! Your employees will be able to concentrate on higher value-added tasks, and the system will improve your company's overall efficiency.

OCR systems also save you a lot of money, while streamlining your processes. By automating the conversion of paper documents into digital text, your company can reduce the costs associated with:

  • Printing
  • The copy
  • Consumables
  • Office equipment maintenance

Using OCR can reduce document processing costs by over 50%. The reason is simple: the cost of processing a digital invoice is half that of a paper or PDF invoice. By switching to automatic character recognition for your invoices, you can allocate your company's resources more efficiently and improve profitability.

Finally, OCR systems improve the accuracy and reliability of data and information. By converting text images into text data, OCR provides more accurate analysis and easy integration with other business software. 

By combining OCR software with AI, we can now make the risk of error virtually non-existent, resulting in much more reliable data. With better-quality information, you can improve decision-making and reduce the risk of costly errors.

What are the advantages of using OCR for invoices?

Using OCR for your invoices allows you to optimize your processes and save time and money. As a reminder, entering supplier invoices can account for up to ⅓ of a company's working time. By automating data entry, you save precious time by avoiding the repetitive and tedious tasks involved in manually entering the information present on invoices.

As well as optimizing processes, OCR also improves data accuracy and reliability. Manual input errors are reduced thanks to automatic character recognition. OCR makes it possible to achieve near-perfect invoice reading accuracy. It guarantees accurate and reliable data, which is essential for a company's accounting and financial management.

Finally, OCR makes a major contribution to improving productivity and speeding up invoicing cycles. By automating data capture and recognition, you can process more invoices in less time. In doing so, you benefit from..:

  • Faster invoicing processes
  • Reduced payment times
  • Improved relations with your suppliers

Your working time is precious. Save your employees unnecessary hours of manual invoice entry with OCR technology. Docloop offers you a solution for intelligent document processing. We provide you with tools that use artificial intelligence to extract data from all your important documents, including your invoices!

- Popular OCR systems include Adobe Acrobat, IBM Watson, and Google Cloud Vision.

What are the best OCR systems for invoices?

When it comes to choosing an OCR system for invoices, several popular options stand out. Adobe Acrobat, IBM Watson, and Google Cloud Vision are among the most widely used OCR systems. These systems offer advanced OCR functionality and can be configured to recognize specific keywords.

In terms of customization, OCR systems can be tailored to the specific needs of a company. This means you can be sure that important invoice information, such as amounts, dates, and invoice numbers, is extracted accurately. 

To sum up

OCR systems automate data capture from receipts, documents, and even license plates, reducing time-consuming manual tasks. By using them, you save time and money.

They also reduce the human errors associated with manual data entry. You have access to more accurate and reliable information, which is important in any industry.

Finally, invoice automation will reduce lead times and accelerate invoicing cycles.

You've wasted enough time manually processing your documents. Docloop has designed intelligent solutions that automatically capture your documents without manual action. Docloop integrates seamlessly with all the services and software in your ecosystem and has just one aim: to make your job easier. Try it now by scheduling a demo!