When you think of expense reporting, storing receipts is a bothersome job. You will have piles of receipts as a part of your business trip. Storing all these receipts can be tiresome. Losing a single receipt will require you to pay from your pocket. Again you need to input the data manually, which will take loads of time and results in human errors. Here is where OCR (Optical Character Recognition) comes in handy as it can easily scan a pile of receipts automatically. OCR technology eliminates the need for manual input of data, allowing employees to shift their time from data entry to data review.
Optical Character Recognition
OCR technology is a tool that extracts text from an image and converts into the editable data. OCR can read the data automatically, eliminating the burden on accountants who spend time manually entering the details into expense reports. In this way, unnecessary stress can be taken off of the accountants.
Advantages of OCR technology
Get precise data
As the data is captured automatically, there is no scope for data loss and manipulation. Every single detail including the date, amount, and merchant details can be recorded accurately in the expense line item. Hence, you can get the accurate data recorded in every expense line item.
Save a lot of time
As every receipt can be added as an expense line item automatically, you need not provide details manually. Some receipts can be added to the expense report within a few minutes which takes a few hours when done manually.
Accuracy matters in every expense report. That is why SutiExpense uses OCR technology to read the data to the expense report. OCR technology will have a great impact on the daily responsibilities of the accounting team.