Data Entry is Finished. Here’s What’s Replacing it
February 25, 2021
Estimated Reading Time: 3 minutes
When OCR (Optical Character Recognition) debuted as the new and improved tech for data entry in the 2000s, hopeful accountants handed over the grunt work to the new technology. But so far, despite high hopes, finance teams are still mired in tedious manual work.
In paradox, executives are asking CFOs for real-time financial insights so they can explore new, low-cost opportunities to increase profitability and improve cash flow management. Thanks to accounts payable (AP) automation, that’s easy to deliver.
Beanworks AP automation is helping accountants become more progressive by freeing them from the chore of keying invoices. Its AI-based technology captures invoice details including line items, header information, and the total amount – saving staff time on invoice data entry.
Now that vendors are pushing for electronic payments, it makes sense for AP teams to digitize this part of the process. Vendors can submit an invoice directly to Beanworks through a dedicated email. From there, data extraction takes place in the cloud.
Syncing up your other AP workflows with Beanworks also has its advantages, e.g. invoice data will automatically match with your purchase orders.
Accounting errors are a common problem. It’s too easy to add an extra zero or miss one altogether. When a London 2012 Summer Olympics employee entered “20,000” instead of “10,000” tickets in a spreadsheet by mistake, the committee sold 10,000 seats that didn’t exist. Incidents such as these can make it hard for CFOs to have confidence in their data. It’s why 70% of finance leaders admit they’ve made business decisions based on inaccurate information.
Using Beanworks, AP employees can create AP ledger entries in seconds with 99% accuracy, and without the risk of data being mishandled. A digital audit trail means information is secure from risks such as fraud.
Discrepancies such as duplicate invoices are immediately flagged within the system too. What would normally be caught during an audit, is now identifiable in real-time.
AP teams can easily access invoice data online
More time? Yes, please!
The most tangible benefit of data entry automation is the amount of time it saves. Most of the data you’d otherwise enter and then check or copy across different systems such as spreadsheets is automatically verified. This means you don’t have to manually cross-check the details.
There are no lost receipts, missed emails, or avoidable phone calls to ask for copies of lost invoices. Everything is accessible online. Even with the limitations of COVID-19, companies are saving as much as 73% of their time with automated processes.
Buckle up – changes are rolling in fast
Most accountants will remember the (not-so-long-ago) days of physical storage rooms full of paper and files. Where retrieving a document to verify data meant scouring through mountains of files.
But with Beanworks’ invoice data extraction feature, everything is managed in the cloud and therefore easily accessible. It means your AP staff can have confidence in their data.
See how Beanworks simplifies invoice data entry using AI
Why the Return to a “Hybrid” Office is a Good Sign for Finance Teams
Data from Google suggests that workplace activity in major cities including London, New York and San Francisco is 50% below its pre-pandemic level. With over 15 months spent working from home, the global workforce is calling for a solid work-life balance, as companies adjust to the new landscape.
Why Storing Paper Accounting Documents Doesn’t Work – and How to Fix it
When AP documents are not available at hand, accounting teams often face delays closing month-end, or rush to close the books without confidence. In a recent survey, 70% of finance leaders admitted that they’ve made decisions based on inaccurate information.
Accountants, Meet Your New Best Friend – AI Data Capture
Beanworks’ AI-powered technology extracts invoice information, so accountants can skip coding line item details including descriptions, unit costs and quantities. It provides more than 99% accuracy and reduces data entry time by over 80%.
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