Altus Dynamics Blog

The 5 Reasons You Should Be Excited About Optical Character Recognition

Posted by Joshua Becerra on May 7, 2016 2:47:00 PM

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What is OCR and how does it work?

The new Altus Dynamics NAV 2016 makes it easy to capture and record data. Through the use of a cloud-based optical character recognition service (OCR), users are now able to capture data from PDFs or image invoices and then input them into their corresponding documents. The integration extracts unstructured PDF invoices and converts them into structured data. All of this is done without having to retype data.How do I use the OCR integration?

To use the OCR integration, simply create an account on Readsoft Online. There you’ll find an option to download a demo version of the service which allows users to process up to 75 documents per month for free. Altus Dynamics NAV 2016 is fully compatible with the Readsoft Online, which allows for a seamless integration.The current version of the Readsoft Online integration provides users with the ability to extract header and total information. Upcoming versions of the OCR integration will allow users to extract information from invoice lines as well.

What are the benefits to using the OCR integration?

  1. Reduce costs for manual keying and manual verification.
  2. Invoice automation is always available through the cloud.
  3. No maintenance is required through the use of automatic backups.
  4. Greater control over your data. You’re able to access your invoices fast and receive financial statements instantly.
  5. Increase in early payment discounts and the elimination of late payment processing as the invoice processing speed increases.

Let’s say that you receive an invoice in PDF format from a vendor and you want to convert it into a purchase invoice, what do you do?

Simply send the PDF invoice to the OCR service. From there you’ll receive an electronic invoice within seconds and can then convert the electronic invoice into a purchase invoice.

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Technology is an ever expanding market with new and exciting features built in to make your life simpler and more efficient. The addition of Optical Character Recognition is just one of the many new features that have been built with the user's convenience in mind. To learn more about the benefits of integrating Readsoft Online OCR solution to the new Altus Dynamics NAV 2016, sign up for our free webinar on May 17th.

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This Post Was Written By Joshua Becerra
Joshua is the Product Marketing Coordinator at Altus Dynamics.
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