As a modern entrepreneur, it’s important to stay on top of today’s technology that could potentially help make running your business easier. You’ve heard the buzzwords OCR, automation, machine learning, and AI over and over, but how do these things actually affect your business?
At TrulySmall, we’re always looking for ways to improve our apps so that they continue to make your life easier. Let us help demystify some of these modern tech solutions and show you how they can make running your business THAT much smoother!
OCR, or Optical Character Recognition, is just a fancy way of saying text recognition. OCR software is able to scan, read, and parse documents. It helps to extract and repurpose data from photos, PDFs, or scanned documents. Sometimes, OCR will take advantage of smarter artificial intelligence to do more with the data. It’s an efficient tool that could help businesses save time, cost, and other resources by utilizing automated data extraction.
In the accounting and financial world, OCR is often used for reading financial documents such as receipts and invoices. This means you can take a picture of a receipt or invoice document and the software will automatically extract the data, store it, and even complete a financial task with it.
For example, TrulySmall Accounting allows you to upload images of receipts or invoices, and will then read and extract all the information it needs to automatically create a transaction entry. This eliminates the need for you to copy and enter data on your own, and risk wrong information being entered due to human error! Not only does this save you time, but it also allows you to have peace of mind that all of your data has been verified by a system and entered correctly.
The added benefit of importing your expense receipts this way is that we also allow you to store the digital copy of the receipt in our cloud storage. You can then access that digital copy from anywhere, on any device. Having digital copies of your receipts instead of trying to keep and organize physical copies, gives you peace of mind come tax season.
No one likes the stress and anxiety of filing taxes. Knowing you have physical copies of all your receipts ensures that you’re always ready if your business is ever audited.
Another great way you can utilize OCR for your business is by using an OCR document editor. These tools allow you to scan and copy entire paper documents so that you can save them digitally or even edit them and add additional data. This could be helpful for digitizing any historical paper documents or even making adjustments to old records. Step away from keeping paper copies of everything and start saving space and time by digitizing your documents and files!
Using the right technology can make your job easier and your life more stress-free. Check out our suite of financial apps that were built to do just that. Want to start utilizing OCR for your accounting and bookkeeping process? Start using TrulySmall Accounting and stop worrying about manual transaction entry and keeping track of all your receipts! Try TrulySmall Accounting for 14 days, completely free!
You’ve planted the seed but what’s next? We’ve got the resources you need to keep growing.
As a modern entrepreneur, it’s important to stay on top of today’s technology that could potentially help make running your business eas...
As a newbie freelancer, you might be working around the clock to get your portfolio out into the world—hoping to land even just one client...
Small business owners know the drill—far too well too. You invest too much as you start out. You don’t track expenses either, so you don...
As a contractor, there’s a lot that goes into each one of your projects. Whether it’s a major renovation, routine fix or one-off client ...
Bookkeeping is … a) Boring b) Essential c) Confusing d) Time-consuming e) All of the above Regardless of what your act...
Set your invoice payment terms for your client and start getting paid on time. Read the full article and view actionable templates on our TrulySmall blog.
Customer lifetime value can help you understand high-value and neglected areas of your small business. Read the full article on the TrulySmall blog.
Whether you run a corporation, an elaborate team, or a small business, one fact remains true: you only have 24 hours in a single day. And wh...
The importance of bookkeeping cannot be stressed enough. As a small business owner, you run the show. From multi-tasking to finding ways to ...
We know you’re swamped. Don’t worry, you’re not alone! Small business owners are bound to wear many hats throughout their entrepreneur...
Did you know that using invoicing software not only helps you to get paid faster but also reduces your invoicing costs by 29%? Start sending invoices free today with TrulySmall Invoices!
Enter your email below to get the free template sent straight to your inbox!
Or save time and try our free invoicing tool instead!
Start Invoicing
Sign up for our launch newsletter for exclusive updates and offers!
Sign up for our launch newsletter for exclusive updates and an early bird discount!
Enter your email below and we’ll send your new budgeting template right to your inbox.