Robust financial processes are the lifeblood of every business. While big ideas and technological innovation might be what drives a company's success in public, the hard work taking place in back offices is a key contributor too. From accounts payable and receivable to employee expense reporting and more, solid procedures here provide the foundation for each day's work. Kofax Capture can help make that foundation even stronger.
In today's business world, financial processes can be staggeringly complex. Documents can originate from many sources and arrive from just as many channels, whether it's accounts payable conducting invoice scanning or a department issuing a purchase order. Feeding the data from these forms into computer systems is a critical but challenging undertaking.
Unfortunately, it is also a process that can be prone to many errors. Even in big businesses, some financial processes remain surprisingly manual. Despite our digital world, many transactions still take place on paper—and turning that into valuable digital data can consume a significant number of work hours. Without the right tools, however, the digitization process can create many of the same headaches as manual entry workflows.
Document capture solutions that integrate the highest level of character recognition technology are essential for success in the financial space today. With software from Kofax, any scanner can become a reliable tool for instant digitization with incredible accuracy. Let's explore why this process is so important and see why Kofax Capture is a fundamentally strong choice for improving the way you work.
Why is Character Recognition So Important in Finance?
In tasks that range from order scanning to reconciling invoices with purchase orders, numbers matter. They might represent item quantities or an amount due or paid. As individual employees try to manage their workload, it's not uncommon to mistype the odd character across hundreds of pages. Even a poor optical character recognition tool can introduce errors during digitization.
What seems like a small mistake can have a considerable impact. Here's why good character recognition is essential:
- Errors can have real financial costs for the business. An incorrect character or a misplaced decimal point could lead to unplanned expenditures that require additional work. An error introduced into a workflow early on can become a compounding problem that takes many hours to track down and fix.
- Errors can lead to late payments or restrict available cash flow. When invoice approvals and payments take too long because of matching problems and error resolution processes, important bills might go unpaid. That can damage relationships with key suppliers and result in late fees.
- Better character recognition translates to a faster, smoother workflow. Employees can work with documents confidently, knowing that they're feeding data into a smart system that can handle multiple formats and channels.
What is Kofax Capture?
In the field of finance, it is crucial to achieve an accuracy level that is as close to 100% as possible. The right platform to meet that need is critical.
Kofax Capture is built to expand the functionality of your existing business systems by providing the ability to quickly convert documents into reliable digital formats. Featuring support for custom business rules, it is possible to deploy a streamlined and standardized workflow for capturing documents from any channel within the business at any time. Securely digitize financial information without concern for accidental data leaks and take advantage of industry-leading optical character recognition along the way.
Kofax Capture supports recognizing characters from any point of origin, whether it's a scanner or multi-function device in your main office or an email attachment arriving at a special inbox. Add in one or more of a wide variety of connectors for business systems, including popular enterprise risk management solutions and expand your integration even further. What level of reliability could you achieve?
The Power of Mature Optical Character Recognition Technology
Deploying a comprehensive solution such as Kofax Capture provides business users with access to one of the most powerful and accurate optical character recognition options today. No matter the type of document you need to capture, the software can accurately and rapidly "read" each page to create a one-to-one digital copy rather than a static image. Although documents with a very poor scan quality can still present a challenge, the number of problematic documents created during your digitization workflows will drastically decrease.
These improvements deliver some key benefits:
- Reduce errors introduced into the process by manual human workflows.
- Produce data ready for entry into key business systems, whether it's accounting software or an enterprise-level financial tool.
- Achieve 98%+ accuracy on character transcription.
- Flag problematic pages for human review and correction to ensure data purity.
However, good optical character recognition does more than provide more faithful digital versions of your documents. With Kofax Capture, you can reshape the way your teams work, too.
How Kofax Capture Reshapes Critical Workflows
Addressing the pain points most common to the capture process yields important outcomes for any business. Error reduction is only the start. There are other important ways this investment can yield valuable outcomes for you:
- Reduce the amount of time skilled employees spend on tedious tasks such as document capture. Introduce a degree of automation and redirect their efforts towards tasks that demand more creativity or skill.
- Speed up processes in accounts payable. Deliver better insight into the company's financials, understand how to time payments for discounts and maintain an effective cash flow.
- Set the stage for integration with advanced automation solutions. Kofax Capture is ready right out of the box to connect to advanced modules available in the Kofax Marketplace for additional functionality.
Integrate Your Capture Workflows and Unlock New Benefits
Effective financial processes start and end with the quality of the data you have available. As the adage goes: "garbage in, garbage out." Using a solution such as Kofax Capture builds confidence in the system, provides human workers with fewer manual workflows and better data quality and contributes to critical financial visibility across the organization. Discover more today about how to embrace the power of today's mature optical character recognition technologies to reshape how you work.