Filing and archiving business documents should be one of the critical operational goals of an organization. Documenting the business records for future reference is advantageous as it provides greater visibility to the business operations.
The corporate filing matters the most to monitor the financial, administrative, and other operational records of a company. The business transaction invoices, purchase orders, procurement expenses, merger agreements, and many other payment bills should be appropriately filed to calculate the income tax returns or other financial accountabilities.
But document filing and retrieval are threatened by the paper documents amassed over the time. Organizations receive digital documents from multiple sources, and it is scattered across their workplace.
The majority of these data reside in email attachments or as PDF documents. The traditional and the prevalent method used to capture these financial data is manual data entry. Companies usually set up a data entry team to collate all these digital documents and extract the necessary information manually. This is really troublesome and takes several hours of your time.
You may have received the paper documents from several different groups of entities. Now, Kaptiche makes use of the Optical Character Recognition (OCR) technology to digitize the paper documents. This digitized data, in turn, makes the financial records searchable, editable, and sortable. With Kaptiche, even thousands of documents can be turned into searchable assets that can be used for business intelligence.
So why this trite of searchability significant? Suppose you have a sales order document which needs some editing. In this situation, a data entry operator takes the scanned document and manually searches through the entire content to find out and make the change. It is a time-consuming and futile task. But Kaptiche converts the digital image into a text-searchable file. So all you have to do is search for the text or keywords to find out and electronically edit the data. The result is reduced turnaround time.
You can save the extracted data digitally, and digital files never wear out. It can be accessed whenever you want to. This file can be shared across your team and multiple collaborators can work together, for example, in calculating the payable TDS (Tax Deducted at Source) at the end of the year based on your companies’ revenue. But the paper documents forbid you this quickness.
At the time of tax filing, you can search the files and collect the data to submit the records to the authorities. But if you have to do the task manually, you would have to search through the entire stack of documents one-by-one to find out an invoice. Kaptiche simplifies this task and eliminates the labor expense attached to it. For example, if a bank is required to calculate the accrued interest of a borrower, it should collate the entire interest payment notice and add up the pending amount. In a manual process, a bank executive has to rush to all previous paper statements and gather the information. But the files rendered searchable with Kaptiche can readily provide the necessary data quite accurately. More to the point, readily accessible contents are immensely supportive of critical workflows and unhindered business processes.