The LedgerDocs team has been hard at work to implement a data extraction feature (a.k.a. OCR or Optical Character recognition) to add to our platform in order to simplify and cut off on the time needed for processing and posting of your receipts and invoices.
We’re excited to let you know that after a few months of beta testing we have released this feature across all LedgerDocs accounts. Want to see it in action?
This has been a long time coming. For the last couple of years, our product team has continually considered and looked at OCR as a solution that needed to be added to our platform. However, we wanted to take a different approach - and offer a thoughtful solution that would work hand-in-hand with the existing machine learning technology built-in LedgerDocs when it came to posting documents to QuickBooks Online.
As of today there isn’t any OCR technology that will facilitate the data extraction at a 100% accuracy, although, we hope that with LedgerDocs OCR engine combined with the existing workflow already in place, you’ll be even closer to getting all your documents extracted with the missing pre-populated data you need for processing in your accounting system.
A few highlights on how the LedgerDocs OCR feature works:
1. Automated data entry, with review & control. OCR will offer improved productivity and automate the data entry process while retaining the iconic workflow of LedgerDocs that offers you ultimate control and customizability.
2. Extraction of key fields. The new OCR data extraction technology is able to extract the date, total, subtotal, gratuity, and whenever possible, breakdown the taxes of receipts and fill in the corresponding fields automatically prior to sending to QuickBooks Online. This will work in tandem with the already existing workflow to remember inputs based on how you last entered them to further reduce effort on posting.
3. No lengthy wait times. Our receipt extraction is often ready within minutes which is much quicker than some other offered alternatives.
Want to see OCR in action? Check out the webinar below or take us for a trial!