Top Features of Invoice Recognition Software

When was the last time you enjoyed manually entering hundreds of records in your bookkeeping software? Probably never.  

Properly filing receipts and vouchers can feel tedious, but it’s a critical part of any business. The problem starts to become apparent as it grows and has to process thousands of invoices and bills each month. The process consumes vital time that could be utilized elsewhere and there’s always the risk of human error.  

With 60% of small business owners admitting they don’t have adequate knowledge of accounting or finance, one misstep can balloon into a major problem. 

The best way to make bookkeeping fast, simple, and accurate is by using invoice recognition software. 

How does invoice recognition software automate bookkeeping? 

An invoice recognition software uses the philosophy of optical character recognition (OCR) technology, tweaked precisely to file financial documents for businesses. OCR takes a binary approach to understand dark and light patterns in an image to extract words. We already use OCR every day as Google has baked this feature into Google Lens and Google Photos apps. 

However, invoice recognition software takes this to another level.  

They’re sophisticated, AI-powered tools that are specifically designed to detect thousands of data fields in bills, receipts, invoices, and tax documents. 

The process is simple. You upload or send digitized or hard copies of invoices to the tool. The tool then analyses the layouts, data types, and other elements that are unique to invoices and extracts all the key information into an easily accessible file. You can then sort, share or integrate the content with other software according to your needs. 

Major reasons why businesses and accountants use Invoice Recognition Software  

The best part about this tool is that it can be used by anyone who feels data entry and bookkeeping should be faster and less demanding — which is everyone!  

Here are a few reasons why accountants love using invoice recognition software: 

1. Saves time and resources

Managers and team leads often juggle too many things and sending necessary documents over to the bookkeepers or third-party accountants may not always cross their minds. But this is not something that can be pushed to the back seat. Accountants can save themselves from the hassle by just asking for the extracted data processed by the invoice recognition software.  

2. Easily searchable centralized file repository

Since accountants work with thousands of invoices and bills, they need an all-in-one dashboard to access the files. Leading invoice management tools can sort the data into types of documents that declutter an accountant’s workflow. 

3. Business scalability

According to a Sage Advice study, 67% of accountants recognized that cloud technology in accounting has helped them. With invoice recognition software automating the bulk of the work, accountants can focus on other aspects of growing their business. They can analyze and verify the data on time, follow tax deadlines, prepare financial reports and amplify lead generation efforts while improving on accuracy and quality of their services. 

AI-powered invoice management tools seem like the right fit for accountants but they’re equally useful for business owners. 

Here are a few reasons why businesses love using AI-based invoice recognition software: 

1. Convenience

One thing business owners always lack is time. There are always too many things to do in so little time. Consequently, keeping financial records up-to-date can become a challenge unless you have a tool that makes the job easier. You can use invoice recognition software to effectively collaborate with accountants on time and save yourself from manual labor. 

2. Visibility into financial documents

Leading invoice recognition software can help you create a repository of scanned documents that can be easily accessed at the time of need. This should bring visibility to your numbers, and help non-tech-savvy members of the team manage the data.  

What makes ASSIST the all-in-one Invoice Recognition Software? 

While picking an invoice recognition software, always remember your personal use cases. It’s rare to find a comprehensive tool that helps both bookkeepers and business owners scale their businesses.  

ASSIST is a powerful AI-backed invoice management system that automates data extraction, document categorization, and software integration under one umbrella. Accountants get the automation and accuracy they crave, while business owners enjoy the convenience they badly need.  

Using ASSIST to scan file documents is as easy as sending an email. After the scan When ASSIST receives the files, it organizes the files into accounts payable and receivable and allows users to search and find data with ease.  

For ASSIST, scalability is a product differentiator against other options in the market. After data is verified by accountants, ASSIST can export CSV files which opens up more functions. In fact, the tool connects with Xero to simplify tax filing. ASSIST automatically sends accounts payable to the “Bills to Pay” section, and accounts receivable to the “Invoices” section within Xero.  

Using ASSIST is not only convenient but also affordable, even for small businesses. You can start using the software for free and scale as you keep using new features.