Streamline data processing with new OCR technologyLearn about OCR and its impact on MYOB Advanced
Extracting, verifying, and keying in data from document-based invoices and sales orders involves a significant amount of effort and resources, especially when dealing with a high number of transactions. While ERP systems like MYOB Advanced are very capable of analysing and displaying your data once it is in the system, errors and inefficiencies arise when this information needs to be manually entered.
What is Optical Character Recognition?
Optical Character Recognition (OCR) is the process by which a computer can read, digitise and process handwritten or printed text. It is a mix of pattern recognition and machine learning, whereby the system reads the information in a document and transcribes it into a useable digital form. This technology turns your documents and data into actionable information within your system that covers your entire organisation. This exciting new functionality has recently been deployed by Acumatica and is coming to MYOB Advanced in the near future.
The Australian and New Zealand Governments have recently announced a push for e-invoicing functionality to further automate the processing of transactional data. E-invoicing means that you would no longer have to generate paper-based or PDF-based invoices that need to be printed, emailed, or manually entered into your system. Instead, all this information would be sent digitally to your suppliers and buyers. However, adoption of this new e-invoicing technology is likely to be slow, and still requires integration with your ERP system. OCR functionality will maintain the efficiency of MYOB Advanced by streamlining the automatic capture of your transactional data from paper and PDF-based invoices.
Benefits of OCR Technology
- Greater efficiency and productivity in business workflows
- Reduced process cycles times
- Reduced labour costs and errors
- Improved process visibility for managers, executives, vendors, and partners
- Streamlined and automated auditability
- Improved data accessibility for better customer service
- Enhanced quality of work for employees
OCR Technology is Available Now
While OCR is not yet available as a core function of MYOB Advanced, there are currently sophisticated add-on solutions that can automate some of your processes and save you time. Both Dataline and ProSpend (formerly expensemanager) offer cloud-based extraction of your transactional data and can be integrated with MYOB Advanced. Dataline operates a bureau that deals with exceptions and improves accuracy to close to 100%. These products also can match invoices to purchase orders and receipts, further speeding up your processes.
The introduction of OCR technology into your system will drastically cut down on manual data entry. Modern opportunities to unleash the power of your data will create a lasting impact for your team. Being able to automate the upload of transactional data directly into your system will significantly reduce errors and free up your resources to be better used throughout the business.