The Advantages of Data Capture and Document Processing Software to Streamline Accounting Processes

Brian  Mackintosh    ABBYY  Canada  Country  Manager  

ABBYY  h6p://www.abbyy.com    

 

Tasked with manually archiving, processing and entering high-volumes of contracts, forms and invoices?

What are solutions that can increase productivity and create a paperless office?

How Can OCR Help? How can OCR software help manage the various types of financial documents?

•  Optical Character Recognition (OCR) enables conversion of images, received from a scanner or digital camera, and PDFs to editable and searchable text documents

•  Eliminates the need for retyping or reformatting •  Information locked in PDF file can be easily changed,

updated and used

 

How does OCR work? Three stages:  Scan  paper  document                              Recognize                            Save  in  convenient  format      

How Can Data Capture Help?

Accounting Challenges

Manual  sor?ng  of  forms,  invoices,  and  documents    

Error-­‐prone  manual  data  entry  

High-­‐volumes  of  paper  documents  that  need  to  be  filed  

Benefits

Accelerate  invoice  entry  

Reduce  cost  by  elimina?ng  ?me  consuming  manual  data  entry  

Ability  to  provide  be6er  customer  service  with  faster  response  ?me  

Enhance  financial  repor?ng  capabili?es    

Increased  ?me  for  higher  level  tasks    

How  does  Data  Capture  work?  

Single  Point  Entry  

•  Data Capture solutions can, convert, verify, index and export searchable PDFs and office formats to backend business systems

•  Automates any kind of documents including fixed forms ,semi-structured documents, and unstructured documents

The Document Processing Workflow •  Process from 1,000 to 3,000 forms per day depending

on the complexity of the layout

Use-­‐Case:  

•  Bank  for  Foreign  Trade  of  Vietnam  (VCB)    is  known  as  the  most  pres?gious  bank  in  trade,  finance,  interna?onal  payments  and  other  banking  and  financial  services,  including  loans  for  businesses  

•  Prior  to  the  company  implemen?ng  Data  Capture  soRware,  bank  employees  entered  data  manually  spending  a  half  an  hour  per  applica?on  

 •  Data  Capture  soRware  recognized  financial  reports  of  the  customers  in  Vietnamese  

and  extracted  the  necessary  data  and  feed  them  into  the  credit  scoring  tool  to  process  and  make  decision  about  the  loan    

 •  Within  one  year  the  Bank  made  loan  decision-­‐making  process  much  easier  and  faster  

both  for  the  customers  and  themselves  

•  Now  loan  processing  takes  only  4-­‐5  minutes  to  feed  the  data  from  the  customer’s  financial  report  into  the  credit  scoring  tool  

Is  your  business  going  mobile?    •  With  Mobile  Data  Capture,  financial  organiza?ons  can    provide  easy  access  to    services  ,  shorten  their  reac?on  ?me,  reduce  costs  and  streamlining  data  communica?on  with  customers,  partners  and  employees  

Benefits of Mobile Data Capture User Scenarios: For Financial Professionals:

•  Capture and process information on the go 24x7

•  Mobile applications/services to save, access, route and share documents/files, all remotely

•  No paper backlog to manage at the end of the day

•  International travelers can use their mobile phone as a translator

•  Use standard mobile handhelds and extend your product offerings into new and emerging markets in lieu of expensive dedicated data capture devices being used today

Benefits of Mobile Data Capture

User Scenarios: For Financial Organizations:

•  Instant “sign & send” (NDAs, P.O.s, contracts, faxes, etc.)

•  Accelerate circulation of information (whiteboards, news , etc.)

•  Corporate policies on email can be fully enforced (security & confidentiality)

How  Mobile  Data  Capture  Works?  

Four Steps of Mobile Automation: Using Mobile Phones and Cloud for Data Capture

1.  Capturing documents on a mobile phone helps reduce paper and saves valuable space. Take a mobile picture of a receipt while on a business trip.

2.  Full-text back file conversion upload filed images of documents into searchable formats on the backend system. Send receipt image to the cloud and upload into company backend system.

Cont. Four Steps of Mobile Automation: Using Mobile Phones and Cloud for Data Capture

3. With a Document Management System, mobile images of documents are organized and easily accessible. Receipt image is easily organized by finance department, all while you are still on your trip. 4. Implementing Data and Document Capture creates data that is searchable and fully accessible via the cloud on a mobile device. Finance department can access receipt to file and

Implemen?ng  Mobile  Capture    Shipping  documents  

     

e-­‐banking  

     

Receipts  

     

Use  Case:  Docuware  

•  Docuware Mobile gives remote employees a way to seamlessly synchronize their documents in order to maintain data consistency throughout the organization

•  The application allows users to

access an invoice on their Smartphone and then place an electronic stamp on the document. Workers can do it from home or on the road and forward it back to the office/accountant where employees can eliminate processing delays

Brian  Mackintosh    ABBYY  Canada  Country  

Manager  ABBYY  

h6p://www.abbyy.com    

Thank  You!