A hurdle for any business is keeping track of spending and cost. There are so many avenues for money to disappear that accounting generally has to factor in some sort of leeway regarding this very matter.
A large potential for the loss of documentation is in receipts. Gathering, keeping, and transposing receipt information is a giant money sink requiring a huge sum of employee hours and a high degree of potential clerical error.
The monotonous number crunching is simply an ineffective way of tabulating information regarding your accounts. But what are the other options? Fortunately, in the advent of new technology, there are solutions that have been coming up since the early 2000’s that play on optical integration and semi-automated machines.
These were great for their time, but in today’s world, they may as well be museum pieces. What is an option that brings new light to an old problem in today’s business world?
Efficiency
Tabscanner is a new financial system integration tool that places the ability to scan receipts in your pocket. On top of that, it has the power to recognize and read all fields of pertinent data and send it back to your existing software inaccurate, clear, customizable formats. If you can read a receipt with your own two eyes, Tabscanner receipt OCR can, too.
What it excels in is cutting down employee hours to a fraction, thus saving one ton of money in the not-so-long run. In fact, the entire Tabscanner system is meant to keep your finance sector running as efficiently as possible by allowing them to focus on larger, more pressing issues as opposed to droning on and on with receipts.
Problem solving
Freeing up time is the clearest upside. The side one may not immediately see is that it can read any POS receipt format. It can read past shadows, folded lines, fading letters–anything. Having a system that can do that right off the bat eliminates the need to build your own machine learning solution software, or have one built based off of the top five or ten formats seen.
Even establishing your top ten POS formats assumes that you’ll be doing things manually over multiple quarters to obtain accurate research data. And this is assuming your data extraction comes out accurate. There really is not much assurance. Tabscanner, with their advanced OCR API and years of research, saves you from this tedious and usually unexpected and time consuming process.
Adopting new tech
As business practice evolves, so should companies. Clearly there’s a new shift in ocular character recognition and the world of finance is starting to embrace it.
It is a wise move to be aware of the rising tide of new technologies and even wiser move to be an early adopter. Keeping oneself ahead of the game is a mentality that drives commerce and competition. And in any business, a little more of it never hurts.
So is Tabscanner worth the try? Absolutely. It captures establishment addresses, totals, tax, dates, and so much more. That alone is an office in itself. It makes sense to maximize and accurately organize with a tool like Tabscanner.
