Q: What do you call a financial controller who always works through lunch, takes two holidays every two years, is in the office every weekend, and leaves every night after 10:00 PM?
This famous accounting joke shows that good accounting takes time. Whether processing invoices, managing financial obligations, or analyzing risk variances for compliance, the one thing accountants always need is more time.
However, in today’s mobile-first, always-on digital economy, time is the one resource that sometimes you simply do not have. Adding more talent to your accounting team can help resolve some of these issues, but it doesn’t address the real problem at-hand, which is process-related.
When your accounting team has to identify the relevant sections of often-complicated contracts, leases, and regulatory documents, each member spends an inordinate amount of time just looking for the data in question. Migrating that data to a document management system also takes time. Ultimately, accounting produces value at a snail’s pace compared to most other corporate departments.
But accounting doesn’t have to be that way. There are key efficiencies you can leverage to improve value within the accounting department using modern document management solutions. Process automation can drastically improve accounting workflows for small businesses and enterprises alike.
AI-Powered ABBYY Technology Accelerates Accounting
ABBYY is a managed service provider that specializes in artificial intelligence and optical character recognition. It provides organizations with solutions for interpreting accounting documents automatically and establishing rule sets that enable accountants to take much of the hard work off of their shoulders.
One of ABBYY’s services is automated contractual text analysis. This managed service automates the process of uncovering insights from printed contracts and accelerating the migration of each contracts’ relevant content.
This solution works by using artificial intelligence to read through the contract and pinpoint the relevant sections and clauses. Accountants can turn challenging contractual analyses into simple tasks by letting ABBYY’s cloud-based micro-service architecture do the lion’s share of the analysis for them.
This can create extraordinary efficiencies in the department:
- It can reduce the amount of time accountants need to migrate all of the relevant information to a format the rest of the department can use.
- It automates the decision-making process through intelligent software analysis. This lets accountants focus on the facts and make better decisions.
- It significantly reduces the amount of time that accounting departments need to achieve compliance.
Taken together, these can become transformative benefits for any accounting department. Financial controllers can finally catch up with the rest of their colleagues.
ABBYY BPO Solutions Improve Document Management for Accounting Offices
Large enterprises often rely on business process outsourcing (BPO) solutions to handle the vast majority of their high-volume, low-impact work. This strategy is a powerful value differentiator that allows them to remain competitive while giving dedicated accounting firms a valuable niche to occupy.
This business context places additional requirements on document management software. In order for accounting processes to be securely migrated from a head office to a BPO service, document management solutions need to be flexible enough to accommodate complex requirements and processing sequences.
ABBYY is a document management system leader for dedicated accounting offices that need to convert documents, capture data, scale workflows, and complete complex processes. ABBYY technology uses optical character recognition and artificial intelligence to automate data capture, qualification, and integration.
This improves operational efficiency by establishing a scalable, cost-effective strategy for document processing. It eliminates manual labor at the document capture phase, and delivers readymade digital documents to dedicated accountants.
Integrate ABBYY Into Your Document Management Solution Today
The ability to seamlessly convert documents from paper to any digital format is a key benefit for any business. ABBYY combines that capability with an intelligent text analysis engine geared towards making life easier for accountants. You can even test its optical character recognition capabilities online for free.
Executives and IT managers across the world already use ABBYY FineReader online for easy PDF conversion and mobile scanning. Users can upload files in a variety of languages and instantly gain access to editable digital versions of their documents. In fact, the company even gives five free page credits to new users who sign up for its monthly newsletter.
If your organization spends too much time on accounting, high-impact document management is the solution you need to improve financial workflows and gain control of your accounting software. But optimizing your workflow requires integrating ABBYY into your existing content management solution.
Kelley Imaging expertise is crucial to successful integration. Our team combines years of experience with technical qualifications that ensure a seamless, fully consolidated platform. Make ABBYY part of your accounting infrastructure to begin saving time and money today.
Is it time your office implemented AI-powered optical character recognition? Contact us and start the process!