Small Businesses – Save Alot Of Time & Money Using OCR Technology

I am always amazed how many small business owners do not take advantage of all the technology out there, it can not only save you a lot of time but also a great deal of money.

One such technology is Optical Character Recognition (OCR), and in this blog post, we will explore why small businesses should embrace OCR technology.

In our practice we use a system called DEXT for our clients but there are plenty of good alternatives such as autoentry, or Hubdoc (free for Xero subscribers) and many others

So, what does it do?

Basically, whereas in the past you would have to employ someone to enter into your accounting or bookkeeping system invoices and receipts nowadays all you have to do is take a photo of it, email it or upload it and the software does the rest! It is in your system with a copy of the invoice attached. No manual data entry of anything, all automatic, the software reads the information.

The benefits are huge:

NO DATA ENTRY: Manual data entry is not only time-consuming but also prone to human error. Small businesses often handle a significant amount of paperwork, such as invoices, receipts, and financial documents. OCR technology like DEXT can automatically extract data from these documents and convert it into machine-readable text. By eliminating the need for manual data entry, businesses can save valuable time and reduce the risk of errors, allowing employees to focus on more strategic tasks.

SAVES A GREAT DEAL OF TIME: With OCR technology, small businesses can automate repetitive tasks and streamline their workflows. Instead of spending hours sorting through paperwork and manually inputting information, employees can rely on OCR software to extract data quickly and accurately. This automation not only boosts efficiency but also frees up employees’ time, enabling them to focus on core business activities, improving productivity, and delivering better customer service.

MORE ACCURACY: OCR technology, employs sophisticated algorithms to recognize and extract data from various document types. This advanced technology can interpret text, numbers, and even complex structures, ensuring a high degree of accuracy in data extraction. By minimizing human involvement, businesses can reduce the likelihood of transcription errors and maintain data integrity, which is crucial for financial reporting, compliance, and decision-making.

STREAMLINE DOCUMENT MANAGEMENT AND RETRIEVAL: OCR technology not only digitizes documents but also enables efficient document management and retrieval. By converting physical documents into searchable digital files, businesses can organize and store their records in a centralized system. This facilitates quick and easy access to information whenever it’s needed, eliminates the hassle of sifting through paper files, and enables efficient collaboration among team members, even when working remotely.

FACILITATE INTEGRATION AND SCALABILITY: OCR solutions are designed to integrate with existing business systems and software, enabling seamless data transfer and workflow integration. Small businesses can leverage OCR technology to bridge the gap between their paper-based and digital systems, enhancing connectivity and data exchange. Additionally, OCR technology offers scalability, allowing businesses to handle increasing document volumes as they grow without compromising efficiency or accuracy.

IMPROVE COST EFFICIENCY: Implementing OCR technology can result in significant cost savings for small businesses. By reducing manual data entry, minimizing errors, and enhancing efficiency, businesses can lower labor costs, allocate resources more effectively, and optimize their overall operations. Additionally, the savings associated with reduced paper usage, printing, and storage expenses can have a positive impact on the bottom line.

If you are a small business you really should be using some form of OCR technology

Disclaimer: Paul Stankiewicz is the owner and principal at Paul Marks & Co Chartered Accountants which is the trading name of Paul Marks Ltd a Limited Company registered in England and Wales (registered number 4487645).This article is designed for the information of readers only and is the opinion of the author only. Readers should not act on any of the information contained in this article without seeking professional advice. Nothing in this article constitutes advice, nor does the transmission, downloading or sending of any information or the Material create any contractual relationship. Links to third party websites are provided as a convenience to the reader, Paul Marks Ltd does not control and is not responsible for any of those websites or their content. Paul Stankiewicz and Paul Marks Ltd accepts no liability or responsibility whatsoever for any loss or damage suffered by any user of the information contained on or accessed through this article or the Material downloaded.