AI for increasing efficiency in Accounting and Bookkeeping vs Traditional Invoice OCR software: What's the Difference Anyway?
3 min read
From everyday data entry to creation of invoices and updating related financial statements, accounting is a detailed oriented process by its nature. While there have been some decent software solutions from the old days to using Optical Character Recognition (OCR) based invoice capturing solutions, advancements of Artificial Intelligence and Machine learning technologies have given birth to the ‘Genieaz’.
‘Genieaz’ represents the new breed of accurate & convenient Invoice and Financial document capturing software which easily connects to your existing accounting software and helps you even expand to automating your financial data capturing and processing workflows.
If you are new to understanding what OCR or optical character recognition is, let’s explore how it works.
OCR, which stands for optical character recognition. It is a technique for turning scanned images or documents, mobile uploaded invoices etc., into digital information. This means that it is used to scan your receipts, invoices, purchase orders, and other pertinent documents in the context of accounting.
Why 'Genieaz' is effective than the competitors out there?
Using Optical Character Recognition ‘Genieaz’ captures data from and then processes through AI and machine learning engine which provides accurate inputs compared to standard OCR-based data capturing software such as DEXT, which currently being used by accounting & bookkeeping professionals. This eliminates the cumbersome manual data entry in the accounting & bookkeeping process and helps you to work faster with a high level of accuracy.
It is understood that one of the biggest challenges for accountants is to keep up with the rapidly evolving technology. Even accounting software such as Quickbooks, XERO, Netsuite and many others has also evolved over the years, but it still requires manual entry of data up to a certain extent. This is mitigated by accountants by hiring many data entry workers or outsourcing to firms in offshore destinations.
While there are some data capturing programs, that can capture data from financial documents, these programs have various limitations and issues when it comes to;
Training templates every time a new invoice or a document is submitted
Poor customer service when it comes to training the data-capturing models.
Discrepancies in pricing where users are overcharged and sometimes expensive pricing that limit affordability.
Connecting with external business systems and co-existing with current accounting and bookkeeping ecosystems.
With an intelligent document processing solution dedicated for the accounting and bookkeeping industry ‘Genieaz’ users at accounting firms can now leverage the power of Artificial Intelligence and automation for low value-added tasks.
A real competitive advantage in using Invoice & financial document capturing solutions such as ‘Genieaz’ helps its OCR, AI and ML modules to free up accountants' and bookkeepers' time and allows their clients to get answers faster and ensure that everything is properly documented for accounting purposes in their own workflows.
How to request a Demo of 'Genieaz'?
Please connect with us by scheduling a demonstration