Automatic Tagging and Allocation of Transactions
Instead of spending hours sifting through every entry, our automation tools can be used to make classifications faster, with a little bit of guidance.
This will save you time by correctly tagging transactions and assigning them to the right ledger account.
The ability of technology to discover these rules and predictively plan can remove a significant component of your daily workload.
OCR solutions to automate entries
The OCR software is able to recognise document types such as receipts, invoices, or other printed financial documents, and where the numbers for each category of number would normally go.
This means the salient data can be extracted without the need for human input—even if the software hasn’t seen a receipt like that before, or if the scanned document isn’t particularly high quality.
For example, some accounting software lets you take a photo of a bill on your mobile phone, and AI will automatically recognise the data points, and log them in the correct place.
This reduces the human effort and time needed to allocate and assign information. It also reduces the need to store large amounts of paper for long periods of time.
This data, including images, can then be stored in the cloud and be made accessible anywhere with an internet connection.