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Automation and improvement of the financial department
Every company has tedious non-value-adding procedures. A clear example for the finance department is the accounting and registration of invoices. Normally, these are recorded in accounting programs manually by the company’s accountant.
Sometimes, when companies increase their sales, the accounting data increases considerably, generating a problem of control and efficiency. Practical automations must be developed in order to reduce the time spent on these recurring tasks as well as minimize the cost of scaling infrastructure.
In most cases, an increase in turnover means higher consumption of resources. To minimize the impact, the way the finance department works must be modified to increase productivity. One of the most successful ways to do this is to automate those recurring tasks that may exist in the department, such as tasks related to storing documents and recording all expenses and revenues in the online accounting program.
Analyzing the processes that were performed manually, we detected that a large number of them could be simplified and automated. One of them was the procedures of importing, storing and organizing invoices. We came to the conclusion that we could significantly reduce the workload of the department.
The process of loading invoices into an accounting program requires OCR (Optical Character Recognition) technology. This technology allows us to convert PDF documents or images to text. We find it useful to use this technology to be able to organize and adapt the data of any document in the department for later recording, sorting and importing into the existing accounting software.
By filtering all the data extracted from the different documents that arrived in the financial department, we developed a system capable of storing and recording any type of document. We also created control protocols to supervise the recording of information at all times, as well as to create reports that would be useful to the department.
Convenience and efficiency
The department’s personnel now spend less effort on tasks such as recording, analyzing and organizing financial documents. They work fewer hours and devote their efforts to other non-repetitive tasks.
Higher capacity, lower cost
It has not been necessary to increase the size of the department, as there is sufficient capacity to absorb all the demand due to automated and efficient procedures.