The integration of computer vision into accounting is a part of the ever-evolving age of digitalization. Moreover, accounting is all about making sure the numbers are right and computers can come close to making everything precise.
In accounting, using advanced technology can minimize errors and maximize efficiency over repetitive methods and tasks such as collecting documents. Especially in China, the tax authorities give high importance to the so-called “fapiaos” in every financial audit of a company. All accountants are aware that these fapiaos are the life of their work in China. So, it matters that companies can automate the payment as well as expense transactions or processes.
Have a look at our previous article Fapiao and Tax Deduction for Freelancers
In this article, we will find out what computer vision and OCR can do to optimize your accounting practices and save your business from making small mistakes that could result in bigger consequences.
Computer vision through OCR
Computer vision is part of the much broader field of Artificial Intelligence. Optical Character Recognition is basic to the application of computer vision. Simply put, OCR works through a character recognition which can be done with an OCR engine like Tesseract and a programming language such as Python. For example, Py-tesseract is one of the tools used for the application of OCR. Such tools enable data extraction from an image and detection option to further process a document after scanning.
Nowadays, these high-technologies make living easier than ever before. These have also become the must-have tools in optimizing any kind of work. People do not have to go through tons of hard documents to export or import and analyze data. By employing OCR technology, workers can easily transfer or translate a large amount of information from paper to electronic records.
Benefits of OCR technology
Time-saving and environment-friendly
For obvious reasons, using OCR can save your time from all the manual work. Moreover, we are all about going paperless to save our environment. Thus, we will serve the planet right if we produce our documents digitally!
Fast data entry
Digitalized information makes it easier for someone to input necessary data and begin with much more valuable tasks.
Automated search
Automatically transforming printed documents into searchable and editable contents helps you find information and archive documents electronically rather than going through a mountain of paper files.
Avoiding manual errors
Through OCR, you can get the exact details from a certain document which means that you can avoid the manual editing errors that occur with the normal keyboard entry. You can then organize all the information as they can come in handy with digital filing.
Better access
Since you have all the information in one place, it will now be easier to access and work on whatever tasks at your comfort. Remote control and monitoring always give you an edge in managing your business.
What can OCR do for accounting?
If you are an accountant and you are reading this, you should know by now how OCR works with accounting. You can imagine how much of the work will be reduced if you have an OCR tool that manages your invoices (fapiaos) or processes your payable accounts.
OCR management can help accountants and auditors handle expense and budget reports since they can find all the documents in one place. More so, everything they need is provided automatically and is fully searchable anywhere and anytime. Thus, they can focus on more valuable tasks such as analyzing the reports and ensuring that they are clean and safe against tax errors or liabilities.
On the other hand, all financial information must be kept to only relevant partners. That’s the reason why it is also necessary to put all information in one storage that only the responsible person has access to.
Accountants, auditors, and financial analysts also manage strategic financial planning for the company. Therefore, it is crucial for them to spend more time on this task than collating papers, typing information, or correcting typographical errors.
What do we offer?
If your company does not have an OCR tool yet that fits your business needs, S.J. Grand will provide you with one. Our newly launched accounting solution service, Kwikdroid, uses OCR technology that will make sure your company experiences its benefits. It will also cost you less than you think.
Request a demo now!If you want to know more about doing business in China, contact our team for inquiries and follow us on social media to get the latest news!
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