This type of software has the advantage of being free and can be adapted to all operating systems: Linux, Windows and OS X.Ĥ Reasons to Use an OCR Software for Your Accounting 1/OCR scans can be used across multiple departments in a company There is also open source OCR software, such as Tesseract OCR, GOCR or CuneiForm Cognitive OpenOCR. There is free OCR software for the Mac (ABBYY FineReader, PDFify and Apple's MacOS Catalina OCR) and for Windows 10. It all depends on how you use it and the operating system you are using. Some OCR programs are designed for specific types of documents, such as invoices or bank statements, while others are more general purpose and can handle a wide range of documents from different industries. The location of the software does not matter as much as how well it performs its task. OCR software is available in many different forms, including desktop applications and plug-ins for popular accounting software packages. The second method involves taking a picture with your smartphone or tablet and converting it into text. The first method involves having the image file sent to the computer and then converting it into text. It is similar to the way a scanner works, except that it is more accurate and faster at converting documents into digital formats. OCR software works by recognizing your scanned documents and converting them into digital data that you can use in your accounting program. How does OCR software eliminate the errors associated with manual invoice entry?Īn OCR software is a computer application that uses optical character recognition (OCR) to convert images of text into machine-readable text. This is why more and more organisations and accounting firms are using OCR software for data capture. On average, it is estimated that a chartered accountant spends 30% of his time collecting invoices from his clients. Not to mention the time wasted collecting all the invoices. Invoices, in particular, are popular for typos and input errors. A typo, a forgotten comma, an extra 0 on the keyboard can be disastrous. Added to this is the traditional method of data entry, which is riddled with errors. The cost of data entry is a significant expense for most companies. Ten thousand bills later, you finally put your head down on your desk and sigh: "This is it!". Your colleagues won't be here until Monday, so you decide to stay and work overtime.Īs you sit down with your cup of tea, you glance at the last ten lines of data that need to be entered into Excel - they appear to be invoice numbers. The office is quiet, but you still have an important spreadsheet to finish. ![]() Imagine it's late at night on a Friday after a long week. The hard realities of manual invoice entry
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