The short answer is yes to the question – is there invoice scanning software for QuickBooks? With the advent of business software solutions, businesses and organizations worldwide are trying to utilize them to gain an edge over their competition. And it’s no surprise that an accounting software solution like QuickBooks by Intuit has taken over by streamlining accounting systems and providing users with accurate and fast results.
Important accounting operations like bookkeeping have never been easier as financial automation has completely revolutionized businesses’ operations.
Automation solutions like QuickBooks have been beneficial, especially for small businesses where too much time and resources are wasted on financial management.
QuickBook’s increased functionality has resulted in software like Excel being replaced, as Excel involved a lot of manual data entry. It has many features to offer, which cover almost every aspect of financial management.
With the popularity of QuickBooks, many software solutions entered the market to complement further QuickBooks, such as OCR (optical character recognition) enabled accounts payable software.
We will discuss OCR’s functionality in the accounts payable process and how it saves businesses from time-consuming processes involved in invoice processing.
Why Is OCR the Best Solution for Invoice Processing and Scanning?
OCR, short for optical character recognition, was a revolutionary invention that allowed people to scan documents in physical form or photographs and convert them into digital documents.
These can then be edited or saved in databases for future use to decrease the paper footprint and unnecessary paper usage. OCR was later on integrated with software solutions to maximize its utility.
Accounts payable OCR software automates and streamlines the accounts payable process as it can extract data by scanning invoices or financial documents. Doing this manually takes time because businesses must go through thousands of invoices. They can bypass the lengthy manual data entry process by converting photographed invoices into editable text.
What Accounts Payable Software Are OCR enabled?
We’ve compiled a list of the best OCR-enabled software, which are our top picks due to their performance and functionality.
The choice of software ultimately depends on your business requirements and conditions. However, OCR-enabled AP software is becoming a go-to choice for many business owners who want fast, accurate, error-free, and inexpensive results.
MakersHub – Reads 39 data fields from invoices/bills
MakersHub is the best solution for accounts payable. It utilizes special proprietary Deep OCR technology powered by AI (large language models and machine learning) to maximize functionality and capture all the data from invoices (or bills) in seconds.
It can extract up to 39 data fields, the highest compared to other OCR AP software. These fields include all types of invoice data like line item details (SKU, description, quantity, price), vendor details, invoice #, PO #, terms, total, discounts available, and much more.
In addition to comprehensive data capture capabilities, MakersHub also handles payment processing, approval workflows, coding items and expenses, and vendor payment communications.
The MakersHub auto-mapping features mean items and expenses get coded to the right place in the Chart of Accounts (COA) each time. MakersHub features will improve the accuracy of the data entering your accounting system. Easily calculate profitability by having COGS in the right place; understanding your business drivers will provide you with the competitive edge you seek.
With its two-way compatibility with QuickBooks, you won’t have to update two systems, meaning a seamless and cohesive experience. Scale accounts payable without extra hiring.
There are many third-party apps for QuickBooks Online, including the OCR receipt scanner add-on. With OCR on QuickBooks Online, you can instantly scan receipts and bills to save information.
Since QuickBooks Online is an account payable software, you can use this information to fill out invoices or save them. It also has a mobile app so QuickBooks users can access their accounts anytime.
However, this OCR receipt scanner is limited and can only scan certain data fields, not all of them. This means you may have to retrieve and enter certain parts of the invoice manually. Interested users can set up a QuickBooks Online account by paying for a plan and utilizing this feature.
Tipalti is a global payable automation solution that utilizes OCR to scan paper invoices to scan key data fields like payment amounts, invoice dates, invoice numbers, and more.
It eliminates manual data entry and improves accuracy while saving time. Tipalti is the choice of many business owners looking for accounts payable automation for their payable department.
Bill.com, now known as BILL, is a very popular choice of accounts payable software. It provides various features, such as approval workflows, electronic payments through debit and credit cards, vendor management, bill tracking, and much more. It also has an OCR scanner for efficient invoice processing, scanning 4 data fields.
Its seamless integration with QuickBooks provides a streamlined user experience, which is why so many businesses are using it. Lastly, BILL provides its users with a mobile app for an accessible and user-friendly experience.
Basware is another comprehensive OCR-enabled AP software that automates data extraction, invoice matching, and approval workflows, providing end-to-end accounts payable automation.
It also offers compatibility with QuickBooks, enabling the transfer of any extracted invoice data to QuickBooks for efficient invoice management.
Is OCR Completely Error Free and Accurate?
While OCR has its uses, it is important to note that ordinary OCR only provides 98 to 99 percent accuracy. This is acceptable in most cases, but due diligence is required on the user’s part to ensure all the data captured is error-free.
Is AI Integrated Ocr Better Than Regular OCR?
With the integration of AI with OCR, these results have become more accurate, as we have seen in the case of MakersHub. With the help of AI-powered machine learning, data capturing is virtually error-free, as software like MakersHub can learn with each scan to give better results.
OCR AP solutions have taken over the financial world, and there are a lot of choices in the market to choose from. The best choice ultimately is the one that works for your business, so you should know your business requirements before choosing an AP software product.