Here at bluQube HQ we’ve recently partnered with Veryfi to help streamline our customers business processes in our accounting software.
Veryfi, an industry leader in advanced optical character recognition (OCR) and AI-based data extraction services are the latest bluQube partner to join us to ensure our customers have the latest tech at their fingertips.
Optical character recognition (OCR) technology extracts and transforms receipts and invoices into structured data in real-time. This data can then be used in modern software applications to automate manual processes, reduce errors, and derive business intelligence and insights. The technology will be integrated into our bluQube software to extract information from non-text files directly into the platform, minimising the amount of manual data input required. Although some information will still need to be reviewed, Veryfi’s advanced OCR reportedly reduces time spent on data capturing by as much as 90%. Meaning our customers will experience an even faster, more streamlined process freeing up their teams for more value added work.
Rob Swan, Operations Director, at bluQube said: “OCR’s prime function is reducing the human element of data entry, particularly when it comes to entering purchase invoices. Manually keying in this data to a finance system is inefficient, so it is brilliant we can streamline these processes for our customers by automating the data entry and scanning element of the augmented reality (AR) function. This will give finance teams more time to dedicate their time and effort to the smooth running of the department.
“We are committed to supporting our customers on their digital transformation journey to improve productivity and enable growth. Our recent research carried out into digital technologies and their effects on business found that three quarters (78%) of business leaders said that technology enables growth and almost all (99%) agree that interoperability between systems is key to them. The demand for partnerships such as bluQube’s with Veryfi is therefore clear, and we are excited to begin offering the technology to our customers.”
Without the automated technology, the purchase invoice process may involve receiving the invoice by email, opening the attachment, keying the purchase invoice date, supplier, VAT, gross and line details and manually attaching the invoice.
With OCR and AI-based data extraction, the middle steps are cut out and the invoice is forwarded to the provider for the OCR engine to process and inserted directly into bluQube including the attachment ready for review, resulting in significant time savings.
Frank Kopas, Chief Revenue Officer at Veryfi, said: “Businesses have faced unprecedented pressures over the last two years, and this year will be crucial for continued recovery. Partnering with bluQube will remove time-consuming and arduous tasks so that finance departments have more time and effort to channel into rebuilding.”
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