Are you struggling with the manual invoicing process within your organisation?
Have you been experiencing cost and workflows inefficiencies because you’re manually entering all your data into the system? Do you often encounter duplications, human errors, and inconsistencies in your invoice data?
Such is the plight of accounting and finance professionals who work in organisations that still rely on manual invoicing instead of embracing modern digital tools. As a result, they must deal with delayed payments that can stain client relationships permanently. And it all transpires to higher operating costs, greater invoice processing time, loss due to errors, and much more that keep you from growing at par with your true potential.
Invoice workflows, in the absence of a digital solution, often require companies to hire employees just to enter invoices into a system. That’s an avoidable cost! Plus, humans can only be that much accurate. Don’t you wish to eliminate all invoicing inconsistencies, reduce overhead costs, and also enhance productivity? Allow us to help you!
What is automated invoice processing?
At its core, automated invoice processing is a digital system designed to streamline and optimise the entire lifecycle of invoices within an organisation. It replaces manual, error-prone tasks with efficient, automated processes, courtesy of a range of features. These features span capturing data from invoices in multiple formats, validating and verifying such data, streamlining approval and disbursements of accounts payables, and easing archiving and reporting workflows.
But the true magic of automated invoice processing lies in its ability to reduce errors, speed up processing times, and free up valuable human resources. It also enhances visibility into financial processes, providing organisations with greater control and insights. Indeed, it is a transformative outcome of OCR technology that streamlines the handling of invoices, making businesses more efficient, accurate, and agile in their financial operations. So, you need to internalise that OCR is not just a tool; it’s a strategic advantage in the modern business world.
Introducing Sirius OCR 365: Document Digitisation App for Automated Invoicing
In today’s digital world, the sheer volume of data generated daily presents a pressing challenge: the need for efficient and accurate data entry methods. Traditional approaches often fall short in keeping up with this data overload, leading to potential inaccuracies and inefficiencies.
That’s where the Optical Character Recognition (OCR) has emerged as a vital solution to these pain points. OCR technology revolutionises data entry by seamlessly converting images of typed or handwritten text into editable and searchable digital text. This technology not only enhances efficiency but also ensures the accuracy and accessibility of information, making OCR an indispensable tool in the modern data-driven world.
Enter Sirius OCR 365, an out-of-the-box app that can liberate businesses from the shackles of manual invoice management by digitising documents and consolidating data in a central Dynamics 365 application.
Companies receive hundreds, if not thousands, of invoices on a daily or weekly basis. Traditional manual invoice processing involves one or two individuals manually inputting data, cross-checking details, and ensuring compliance. It’s an outdated setup that often leads to mistakes and bottlenecks due to human fatigue and boredom. The cost? You can easily throw off your accounts, or even worse, place wrong order fulfilment, causing customer dissatisfaction.
frustration. So, we developed a simple and cost-effective solution to extract texts and digitise documents using OCR technology so that businesses can effortlessly extract and integrate vital invoice data for automated entry into their core systems.
Tailored for a wide range of sectors such as manufacturing, retail, service, media and publishing, construction, healthcare, education, real estate, and technology, Sirius OCR 365 comes with several incredible features designed to enhance organisational productivity and efficiency while escaping the drudgery of manual invoice processing. And there’s more!
What Are the Key Features of Sirius OCR 365?
Imagine having a person or two solely dedicated to entering invoice data into the system? You will be paying them salary plus providing employee benefits, while handling their errors and time-consuming results. Now, think about how much time and money you can save just by eliminating all your manual invoicing processes with a digital solution that costs less than the salary of a single data entry clerk? And at an affordable licensing cost that’s scalable and works on top of your core systems! You’ll surely benefit by empowering your employees to focus on core tasks after they are liberated from manual tasks.
That’s exactly what we aimed for when we introduced Sirius OCR 365, and why we packed it with so many useful features:
- AI and ML Capabilities: One of the key features that enables the app to self-learn and keep improving its field mapping accuracy over time intelligently, based on a pre-trained data model and ongoing user data input—all powered by AI and ML.
- Text Recognition: Extracts texts from images, PDFs, or other scanned documents, making it easy to store, search, and find information.
- Document Digitisation: Converts your paper documents, handwritten notes, printed material, or email attachments into fully editable digital formats automatically.
- Automated Data Extraction: Capture data automatically and accurately from various types of invoices, including item descriptions, quantities, prices, VAT and vendor information in the system.
- Data Validation: Cross-validate the extracted data with the source document, making necessary adjustments or corrections in the OCR system to improve data accuracy.
- Data Consolidation: Integrates seamlessly with several core systems to unify data, creating a single source of truth.
- Data Security: Keeps sensitive information secure and confidential throughout the OCR process.
- Multiple File Formats: Supports several popular file-formats—from printed or scanned documents and PDFs to JPEG and PNG images, and everything in between.
- Mobile OCR: Provides on-the-go access to OCR with the accompanying mobile app for productivity, collaboration, and efficiency.
- Affordable Pricing: Costs only $0.04 or lower per document for customers on a fixed pricing model ($633 for 0-45K pages).
What are the Benefits of Sirius OCR 365?
Sirius OCR 365 can reduce manual invoice processing time from an average of 15 minutes per document to 60 to 90 seconds per document. That means saving over 1000 hours of manual work annually!
While that’s just to put things into perspective, here are more business benefits of using Sirius OCR 365:
1. Time and resource savings
- Optimise and streamline your invoicing process by automating data extraction and document digitisation.
- Allow employees to focus on their core tasks by eliminating their manual workflows.
2. Integration with core systems
- Experience enhanced data visibility, accessibility, and reliability through seamless integration with enterprise planning systems.
- Effortlessly transfer extracted data from invoices directly into your core accounting and finance software in real time, ensuring accuracy.
3. Unmatched Accuracy
- Achieve a 90% accuracy rate and beyond in data extraction from various invoice types through the power of advanced AI and ML capabilities.
- Minimises the risk of errors and gain a consistently high accuracy rate that increases with each interaction with continuous learning from user inputs.
4. Enhanced Information Retrieval
- Use the in-built folder structure that stores and meticulously organises documents within SharePoint for easy and secured access.
- Leverage easy searchability of archived documents, allowing your team to swiftly and precisely search for specific invoices or details without wasting time.
Try Sirius OCR 365 Today!
If you’re overburdened with manual invoicing and fighting to track your accounts payables, it’s high time you automated your workflows with Sirius OCR 365. Not only is it an innovative app that works with your core systems, but it also provides AI and ML-powered features at an affordable cost, to help you achieve your full productivity and efficiency.
For more information or a detailed demo of Sirius OCR 365, please contact one of our experts or book a free demo. We’re here to assist you in making an informed decision about optimising your invoice management process.