What is Optical Character Recognition (OCR)?

Optical Character Recognition (OCR) is the process that converts an image of text into a machine-readable text format. However, OCR alone is not very reliable. This is why MakersHub combines a different approach to OCR we call ‘Deep OCR’ meaning ;three layers of intelligence to create our reliable and usefully accurate Smart Data Reader.

How does MakersHub capture bill line items with such accuracy?

MakersHub combines OCR with machine learning and large language models. We’ve developed our proprietary Smart Data Reader technology in-house. MakersHub can tell which data to ‘read’ and which data to ignore (for example, multipliers, list prices, subtotals, etc.) - this means we capture only the data that is relevant to sync over to QuickBooks, and in the right format.

Can MakersHub OCR read both bills and an invoices?

Yes! An invoice and a bill are the same object. However, when you’re asking to be paid, we generally say that you’re sending an invoice to your customer. When you’re the one being asked to pay, it’s a bill from your supplier. At MakersHub we associate the word ‘bill’ with Accounts Payable and the word ‘invoice’ with Acocunts Receivable.

Which accounting systems does MakersHub connect with?

MakersHub connects seamlessly with QuickBooks Online and all QuickBooks Desktop versions with a comprehensive 2-way integration. We can auto-create new vendors, items, and jobs for you in QuickBooks with a single click. QuickBooks is treated as the source of truth, so you never have to worry about updating things in two places.

Does MakersHub do payments? What methods are available?

Yes! MakersHub is an end-to-end Accounts Payable solution. That means we process payments too. For ACH transfers we pay your vendor the next day (no multi-day payment delays like some other well-known AP tools). MakersHub can pay your vendors by ACH transfer, Wire transfer, or mailed Check.

What is an invoice capture software?

An invoice or bill capture software is a powerful tool designed to help streamline invoice processing workflows. It accomplishes this by using technologies such as optical character recognition (OCR), zonal OCR, and enterprise content management (ECM) capabilities to convert PDF or paper invoices into electronic formats. Invoices may be submitted via paper, email, API, MFP/local scanning, mobile device, or web-based scanning methods.
Invoice capture tools allow organizations to quickly and accurately digitize incoming invoices, whether PDF or paper documents, capturing all the line items and associated data. This enables a business to automate the approval process and simplify the management of their accounts payable

An invoice automation software is the perfect tool for accounts payable departments

By automating invoice processing, businesses from various industries are able to save time and money while improving accuracy, thanks to:
Reduced manual input errors during the processing of invoices & bills. Improved visibility into accounts payable operations. Guaranteed compliance with accounting regulations. Detailed audit trails of each transaction.

What are the benefits of automated bill and invoice capture software?

These advantages make automated invoice capture software an invaluable tool for any business looking to streamline their accounts payable process and improve customer satisfaction. With its ability to quickly digitize documents into an electronic format and accurately extract data from them, businesses can save time and money while providing better service to their customers.

Eliminate manual bill and invoice processing and data entry with OCR

Automated invoice capture software reduces manual data entry by quickly converting incoming invoices in any format into digital files, saving time and effort. This can help ensure accuracy and allow for faster processing of all types of documents, including bills, receipts, contracts, etc, for a simplified invoice approval process

Increase your data accuracy and guarantee compliance with advanced validation of data

OCR (Optical Character Recognition) software can recognize details such as vendor information, item codes, purchase order numbers, dates, and amounts from various document types within seconds. Reliable invoice data extraction helps to reduce human error while ensuring accurate data extraction, field extraction and validation of data from incoming documents, whether paper or digital invoices.

Reduce your operating costs with bill and invoice processing solutions

Invoice capture software is a cost-effective solution for businesses as it eliminates the need for costly manual labor associated with data entry and document management. Additionally, it significantly reduces paper costs associated with storing multiple versions of the same document in various formats.
Another great benefit of electronic invoice capture is that it allows AP teams to focus on more strategic tasks. This frees up their time and resources so they can work on more important initiatives that have a greater impact on the company’s overall success.

Seamless integration with Quickbooks Desktop and QuickBooks Online accounting system

MakersHub bill and invoice capture OCR allows businesses to quickly integrate into QuickBooks for easy and quick access to data. Automated invoice capture software enables businesses to automate their accounts payable processes: with automated workflows integrated to Quickbooks, businesses are able to reduce their cycle times significantly resulting in improved return on investment (ROI) over time.

Facilitate invoicing for your suppliers

There are as many invoice formats as there are businesses, and it is unlikely to have identical vendor invoices. A good invoice capture software using reliable OCR technology and artificial intelligence allows you to accept a variety of invoicing formats without requiring any additional work or manual data entry for both digital format and paper invoices

What are important factors when choosing a bill or invoice scanning software?

Choosing the right invoice scanning software is essential to staying organized and efficient. Here are four key considerations when choosing invoice scanning software:

Cost of the invoice scanning tool

The cost of invoice scanning software is a significant factor in selecting the best program for your business. Investigate pricing plans, monthly fees, and usage limits to find a solution that fits within your budget. Do not hesitate to contact MakersHub experts to learn more about our invoice capture OCR’s pricing.

Features offered by the AP software

Determine which features are most important for your organization’s needs. Look for a system such as MakersHub that offers streamlined data capture, easy integration with Quickbooks, cloud-based storage, customizable workflows, and automated notifications.

Intuitive dashboards and easy-to-use functions

Easy-to-use software should be a top priority; when employees waste time trying to learn how to use it, productivity decreases. Find a system that offers intuitive menus and a user-friendly interface design so everyone can quickly access all necessary information.

Advanced data security

Strong security measures are essential when handling sensitive financial data; look for programs with encryption capabilities, multi-factor authentication processes, and secure backup options to protect your files from unauthorized access or manipulation.

Can you reduce costs using MakersHub bill and invoice capture software?

When it comes to invoice scanning software, cutting costs and freeing up AP teams for more strategic tasks is always a priority. MakersHub software helps to automate the process of capturing invoices and processing them quickly, so teams can focus on other important tasks that may have been put off due to a lack of resources. With the right software in place, your AP teams can save time and money while optimizing invoicing workflow.

What costs can you reduce using OCR scanning technologies like MakersHub?

Automating invoice processes can help to free up employees from manual data entry, enabling them to concentrate on more important tasks. Additionally, it reduces late or duplicate payments by AP departments and allows organizations to take advantage of early payment discounts thus leading to further cost savings.
The cost savings offered by this type of software are impressive. By automating the invoice capture process, businesses can reduce manual labor costs associated with manually entering data into systems or manually organizing paper-based invoices. Additionally, businesses won't need to pay for additional staff members to help manage the increased workload associated with invoice capture.

Does automated data extraction from invoices and bills improve your AP management?

Automating invoice processing is an effective way to streamline the accounts payable department, allowing accounting teams to manage a large volume of invoices quickly and accurately. The automation of the process eliminates manual efforts and reduces errors that can occur during the manual review.

An invoice capture software does more than automate data entry for your AP

Through using invoice capture software, such as optical character recognition (OCR) technology, documents are digitized for efficient storage and retrieval. This helps to speed up billing cycles and facilitates more accurate communication between suppliers, customers, and internal departments. Additionally, it allows for more transparent visibility into the accounts payable process, providing insights into where delays may be occurring in order to create efficiencies.
Utilizing automated invoice processing for accounts payable can help organizations save time and money by reducing errors and creating improved visibility into the process. It also ensures that payment terms are met in a timely manner while improving customer satisfaction with accurate billing cycles. In turn, this leads to better relationships with vendors which can result in long-term benefits.

Should my business invest in an automated invoice scanning software?

(AP) processes. It can help your business save time and money by providing real-time visibility of invoices and reducing manual document handling. With this type of software, you can capture, scan, and process documents quickly and securely.
But the benefits of MakersHub automated invoice scanning software go beyond the AP department:
1/By automating tedious tasks associated with accounts payable processes, you can free up valuable resources to focus on more strategic initiatives. Automated invoice scanning also helps ensure accuracy and compliance with laws and regulations. An invoice scanning OCR enables faster payments to vendors while eliminating paper-based errors that can lead to costly fines or penalties.
In short, investing in automated invoice scanning software is a smart move for any business looking to improve their AP processes. Not only does it provide real-time visibility into invoices and payments, but it also reduces manual labor time spent on document handling activities.

What is the accuracy of a bill and invoice scanner solution?

Many potential clients wonder what level of accuracy can be expected from an invoice scanner. The answer depends on several factors, including the quality of the scanned image, the type of scanner used, and the type of recognition technology employed by the scanning software.
The answer is it depends! Many different factors influence the accuracy of the invoice scanner, such as: The quality of the scanned image. The type of scanner used. The recognition technology employed by the scanning software.
Advanced recognition technologies such as OCR (optical character recognition) are also essential for reliable results; they enable the software to recognize text even when it's been distorted or partially obscured.

An invoice capture OCR such as MakersHub can provide businesses with highly reliable data capture for a variety of invoice formats

When combined with an appropriate imaging system and accurate recognition technology, an automated invoice scanning solution can make capturing data quick and accurate. It's a great way to streamline processes, improve efficiency, and reduce costs associated with manual data entry.