In today’s modern commercial landscape, technology, innovation, ambition and achievement are intrinsically intertwined. Everything from online platforms to showcase your products and services to document storage, even payroll is facilitated through digital means.
It seems our relentless march to integrate technology into every aspect of our commercial endeavours isn’t slowing down – in fact, it’s accelerating. Indeed, complete digitisation of a business and its assets is the only way to stay competitive in the 21st century.
Despite the prevalence of technology, many companies still rely on paper documentation, some of which hold sensitive data – perhaps the most commonplace of all are receipts. Many companies waste precious time digitising data by manually inputting transaction data into software.
However, thankfully there’s a solution to this time-consuming and fallible process – optical character recognition, or receipt OCR.
A Commercial Digital Revolution
Now, if we’re frank receipt scanning is yet to prove to be the Holy Grail of commercial digitisation, but, as far as innovation goes, receipt scanning API comes close, giving businesses the potential to drastically streamline the most essential area of commercial enterprise.
A receipt scanning app, such as Tabscanner, will extract data from a simple photograph, allowing users to automate their financial management systems. This enables businesses to re-distribute resources to other areas of the business, aiding long-term growth and prosperity.
From a customer service perspective, this ability is tremendously useful. Users can manage their finances effectively – even automating payments and uploading documents to the iCloud with the click of a button. Gone will be the days of meticulous concentration, calculators, reams of paper receipts and the potential of financial mis-management.
Depending on which resource you choose to believe, manually processing a single invoice costs a business upwards of $7.00. Some online resources state that the cost of processing a single invoice can cost $25.00.
Now, taking the lowest figure of $7.00 as a benchmark, and let’s say that on any given week you process 20 invoices, that means your business is spending $140.00 a week processing invoices, that’s $7,280 a year.
Now, invoice processing does vary from company to company, and these figures are only meant to be a cost example, but they state one undeniable truth – manual processing of paper invoices impedes the efficiency of any businesses’ accounts payable department. Using receipt scanning API will, quite simply, not only streamline the financial management of any business, but save you money.
Well, the answer is simple. Tabscanner uses the world’s most advanced receipt scanning API. Employing state-of-the-art receipt scanning optical character recognition, Tabscanner is designed to facilitate optimal receipt recognition and data extraction.
The mobile receipt OCR technology features marriage of technology innovations which guarantees robust and reliable data extraction at lightening speeds. Not only that, Tabscanner can be easily integrated with software of all descriptions and has cross-platform API support.
Users can keep track of their receipts on the go. Whether you’re out on a business lunch or wish to pay suppliers when not in the office, Tabscanner’s receipt scanning technology makes financial management easy.
So, are we on the cusp of a commercial digital evolution? All signs seem to point to yes. The acceleration in the functionality and reliability of receipt scanning technology combined with our determination to integrate technology into all areas of our commercial activities mean that it shouldn’t be too long before receipt scanning API becomes an integral part of every business. Want to read more? Try our Receipt OCR News section.