Streamline your invoice and receipt management with OCR-powered Magic Scan
Receipt management is difficult, especially when it’s necessary to manually match receipts with their corresponding expenses. You’ve probably been waiting for a convenient way of handling your expenditure, but the process is time intensive thus affecting all your financial activity as well as your overall productivity.
Magic Scan by Volopay is an advanced AI-powered, “Optical Character Recognition” (OCR) technology that can recognize text in digital images, such as scanned documents and images. It aims to transform how you deal with receipts and expenses. Magic Scan enables users to easily upload receipts, which are then auto-filled against related expenses.
Introducing Magic Scan by Volopay
Volopay’s Magic Scan is a cutting-edge, “Optical Character Recognition (OCR) technology” that has been created to revolutionize the way you handle receipts and expenses.
Traditionally, the user needed to fill in the details manually from the receipt which was time-consuming and prone to human error. With Magic Scan instead of manually typing in details from the receipts, invoices, or bills, the user can simply scan and upload them, and it automatically matches them with the right expenses.
This feature significantly streamlines the entire process, making it quicker and more efficient for businesses to manage their financial records. Magic Scan allows users to make quick edits and bulk submissions, leveraging seamless expense management.
Benefits of Magic Scan
1. Time efficient
Before, you had to write down things manually in an expense report. If you were dealing with spreadsheets, it was manual typing. There was an added risk of this documentation getting lost in a mountain of paperwork or sheet management systems.
Even with expense management software, you still need the manual entry of line items. All of that is eliminated by Magic Scan. With Magic Scan, all you have to do is scan the receipts instead of typing in details yourself. The OCR technology extracts relevant details, streamlining this process.
2. Multi-language and currency support
Personally handling and managing receipts, while working within an international market, can be challenging. There is a challenge of ensuring all records are maintained consistently despite currency variations. You also want to empower employees, vendors, and clients operating in linguistically varied markets.
Volopay’s Magic Scan is suitable for global businesses since it supports more than one language as well as international currencies. Regardless of language or currency, our system can automatically match receipts with accurate transactions, making it possible for internationally operating companies to control their incurred costs easily and accurately.
Enhance verification and accuracy
Human error is inherent in manual data entry in systems. With Magic Scan you just have to upload the receipt and let OCR do its job automatically for you. Magic Scan’s automatic verification feature ensures that receipts are accurately matched to expenses by comparing key fields such as amount, date, merchant, and currency.
A receipt will be classified as “Auto-Verified” if at least two out of three checks pass. This move eliminates part of the previously required human verification and therefore cuts down expense errors in reporting.
Seamless bulk submission
Managing receipts and matching them with expenses can be a daunting task especially when you have to handle the bulk submission, and manually enter the data of each one into the system. Volopay makes this troublesome process easy for you.
With Magic Scan, users can now easily edit and submit expenses in bulk. This is mainly beneficial for enterprises with multiple transactions, as this reduces manual efforts and saves time wasted on processing individual receipts. This makes the workflow smoother and more convenient.
Timely expense tracking
Magic Scan facilitates on-time tracking of the expense. When receipts are scanned and processed immediately, financial records are updated in real time. This provides businesses with up-to-date insights into their expenditures. It also enhances visibility and enables more accurate budgeting.
How to use Magic Scan
The Magic Scan feature can be accessed for a variety of modules: scanning invoices for Bill Pay, adding receipts for vendor payments made with money transfer or by card, and also claiming reimbursements.
Once you’ve scanned the image of the invoice or receipt, Volopay’s OCR technology will scan the document and extract the crucial details such as, “Vendor Information”, “Invoice Number”, “Due Date” and “line items”.
After this, you can review the pre-filled details to ensure accuracy and make any necessary corrections or additions, if required.
Once the details are confirmed, submit it for necessary approvals within your organization. For Bill Pay payments, the auto-verification system will automatically categorize if a receipt has passed the verification check or if it requires further intervention.
Conclusion
With Volopay’s Magic Scan feature, you can easily scan your receipts with OCR technology and say goodbye to manually entering invoice or receipt data. It aims to transform how you deal with receipts and expenses. Let Magic Scan take the lead and auto-fill.
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