Accounting & Finance OCR

Benefits of finance & accounting OCR

Optical character recognition (OCR), or text recognition, transforms images into digitized rich text. This allows software to quickly comb through PDFs, invoices, receipts and other fiscal documents to extract vital data. Condense time spent on extracting this figures while expanding your data pool and expediting reporting with OCR in finance and accounting.

OCR is just one feature of our finance and accounting automation solutions. Each designed to be used by all, no matter their coding experience.

Finance and accounting OCR with no coding required

Catalytic is the no-code workflow automation platform empowering business people to click-and-create digitized, automated and AI-enabled workflows that use OCR and more.

Using OCR accounting software within a holistic automated workflow, you can accelerate larger processes like accounts payable workflow automation, reporting, data entry, compliance checks, contract review, and many other common use cases to free up time for controllers and almost any finance and accounting professional. 

Catalytic is the only cloud platform created for business users, balanced with IT governance—and above all—with people in mind. Global powerhouses to nimble startups have embraced Catalytic to do more with less, while overcoming years-long obstacles and reinvesting in their workforce.

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"Highly customizable while also simple to use. I have no technical expertise but I'm able to build very complex processes and incorporate predictive modeling with no additional support."

- Senior Director of Business Operations & Transformation 

 

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What’s possible with OCR technology in accounting?

OCR in finance is transforming processes like accounts payable forever. Reading, approving and entering data from invoices manually is no longer necessary.

Connect your communications, documentation, data, payments and more with an automation software that uses OCR in its full form, augmented by integrations, data and Excel processing, document generation, tasks, forms and more.

 

OCR for accounts payable

Accounts payable is one of the best uses for OCR software in finance—it’s infamous for being manual and having long backlogs, piles of paperwork, mountains of data and several touchpoints through the intake, approval and reconciliation processes.

This is how an automated workflow could orchestrate the processes:

  • Process is triggered when a vendor sends an invoice to an automated inbox
  • Invoice is scanned with OCR to parse and organize data
  • Natural Language Processing (NLP) analyzes data
  • Rules-based logic and machine learning can either approve the invoice or intelligently route exceptions to a team member to review
  • System integration can update the vendor account with updated data, copy of the invoice PDF, even pay the invoice
  • Invoice tracker updated with results and monthly report created

Whether you’re dealing with several invoices a month or several hundred, this process can be customized to fit your company, its processes, systems and stakeholders. And, it can all be done without code.

One global safety and certification company has automated it’s invoicing process using OCR via no-code workflow automation with Catalytic. Previously, the team manually processed more than a thousand monthly invoices from over 30 systems in a variety of formats. The team’s initial goal was to find an accounts payable OCR software to perform more than 50% of the process. By tackling the entire process with Catalytic, they were able to automate more than 90% while reducing errors.

Global advisory firm Grant Thornton also used Catalytic to build a holistic procure-to-pay solution for its clients with Catalytic’s no-code automation platform. Using OCR for extensive invoice data capture, plus dynamic workflows and reporting capabilities, Grant Thornton’s clients can use this turnkey solution for benefits like:

  • Streamlined routing for payment process, avoiding late payments and improving cash flow management
  • Developing better vendor relationships
  • Elevating employee potential with less manual tasks

 

Other use cases in finance and accounting

AP and invoice processing are just the beginning of ways you can use OCR and automation in your workflows. Apply no-code automation technology to these other common finance processes too:

Don’t settle for just using OCR in accounts payable. Automate accounting and finance processes throughout your department to do more with less, while reducing manual tasks, errors and risks. Better yet, do it without code.

Want to try OCR for finance and accounting with Catalytic?