How OCR & Machine Learning is Changing Your Accounting Business…
Entryless is part of a new breed of accounts payable processing technologies that uses OCR (Optical Character Recognition) and Machine Learning to extract data from scanned documents and bring that data into a format that can be reviewed and then automatically imported Xero for automatic data entry processing.
That sounds good. But in the end, how does this technology make you money? Here are two business owners that are profiting from Entryless in two different ways.
More pro ts through productivity
Matt Fulton is a co-partner at Parkway Business Solutions, an accounting and bookkeeping firm based in Ventura, California that services mostly small and medium sized businesses. Matt uses Entryless because of its OCR technology.
OCR allows for data to be extracted from any scanned document. Matt uses Entryless not only for his own business, but for his clients. Invoices are sent to assigned email addresses and then automatically brought into his accounting system after being approved and pre-coded. Matt’s firm has setup Entryless integration. This way Matt can handle a much larger volume of transactions then he would be able to otherwise – and serve a larger group of clients.
“Because of Entryless our firm has experienced a significant amount of growth recently,” he said. “The ability to have vendors be able to just automatically email over all the information to that unique address is super-powerful. It’s one of the best features of Entryless.”
Increased productivity is helping Matt make more money. More importantly, Matt has gone so far as to build a business around accounting technologies like Entryless and is capitalizing on the efficiencies gained.
Entryless is the future. Technologies like this save business owners money and increase productivity through integration and the ability to handle more work with less people.
More pro ts from integration
Annie Aladjova is the Director of Finance for Swipesense, a Chicago based startup that provides sensor on point-of-care hand hygiene dispensers so that healthcare institutions can better monitor and control compliance with their hygiene processes. The company is small – only 35 people – and Annie has only been there for less than half a year.
But one of the first things she did was implement Entryless.
“I am the only person doing accounting, so I needed something that would help me do more things at once, particularly bill-automation.”
Annie was attracted to Entryless because of its ability to integrate with her accounting software. She enters or scans accounts payable invoices directly into Entryless and the system automatically brings that data into her accounting system for payment. All of this was setup in less than ten minutes, she told me.
“It was taking a really long time for the process that we currently had – entering invoices, bills, receipts – so I was looking for a solution for that,” she said. “Entryless has been had a big impact on our productivity.”
Because Entryless integrates with Xero, duplicate data and data entry errors are almost eliminated, enabling even a small company to increase its efficiency and use its existing employees better.