5 trends that will affect document recognition and financial accounting processes

The world has rapidly begun to look very different. Technological developments were rapid before the pandemic, but the corona crisis accelerated them. In the past year, organizations have embraced far-reaching automation en masse. The result: an array of new trends in document recognition and financial accounting processes. Can’t see the forest for the trees? No problem. We follow the trends closely. In this blog post, we list the 5 most important ones for you!

1. Increasing automation

For years, many companies have been moving (cautiously or not) toward digitization. From OCR systems to workflow software, there are various solutions you can use to optimize your records. But in the past year, digitization solutions have become a necessity. Automation has helped many an organization through the corona crisis. For many, then, the pandemic has been (of necessity) the official end of the paper era. If you were not working in the cloud in the past year, it was basically impossible to keep administrative processes running. After the pandemic, this trend will only continue, especially as we have collectively experienced how much more efficient we work with digitization solutions. An advanced scanning and recognition solution is then even more important for your organization.

2. XML, UBL and e-invoicing

In early 2019, the government required suppliers to submit invoices digitally in UBL format. To do this, you have to work with a type of XML file that defines an agreed-upon structure. Although there are still many challenges involved in processing a UBL invoice, we do expect that you will receive more and more invoices with an XML file. This means you need a scanning and recognition solution that can handle this document type. This requires new features. You need to read the file to then link the read values to the invoice information. It is also important that your OCR system has many interfaces to handle the various market standards. In addition, you will increasingly have to deal with e-invoices. On these, procurement information is often not presented in the classic way (where the addressee, for example, is at the top left and the sender in the header and footer). Like the UBL invoice, the e-invoice requires sophisticated, smart OCR software that can scan and recognize all types of invoices.

3. Working remotely

In recent years, remote working was already on the rise. More and more companies allowed employees to work partially or completely from home. During the pandemic, this suddenly became a must. When offices had to close, many organizations opened the digital doors to their employees. Often this meant that they had to implement automation solutions headlong. Initially, this did not always go smoothly. But by now we have become accustomed to video meetings and collaborating from home. And all of us have experienced the benefits of remote working when we deploy the right digital tools. A reliable scanning and recognition system and good workflow software are indispensable in that context, as they eliminate all office-related paperwork. Ideally, you can opt for a solution that is available in the cloud so that financial-administrative staff can log in regardless of their location. Of course, if there is also an app where employees can approve invoices, for example, that is ideal for home workers. Whichever vendor you choose, at least make sure that the party in question can grow with you and takes these kinds of developments into account. That way you can be sure that you are working with a future-proof solution!

4. Total Solutions

Organizations are becoming increasingly interested in scanning and recognizing all kinds of documents – from purchase invoices and expense claims to service requests, forms and delivery notes. Understandably, because document recognition saves a lot of time and provides a huge efficiency boost. Companies are also increasingly dealing with hybrid forms of delivery. Perhaps you recognize this because, for example, you have already had to combine a received e-invoice with a packing slip in PDF format. For both developments, it is essential that you work with a total document recognition solution. What does such a solution offer? All the options you need now and in the future: reading your invoice mailbox, automatically sorting and editing incoming e-mail messages, scanning and recognizing purchase invoices and other documents, approving each document using user-friendly workflow software and storing all documentation in a convenient digital archive.

5. Security

Now that companies have gone through large-scale automation, security is the topic of the day. You have to be very careful with company and personal data. Not only to comply with the General Data Protection Regulation (AVG), but also to uphold your company’s reputation. If your organization is dependent on a digitization solution, you must do everything possible to keep your records in good order and prevent fraud. First of all, it is important to keep an overview. You can do this, for example, with a scan and recognize solution that ensures that processed documents automatically end up in an easily searchable digital archive. Whitevision’s SMART-OCR solution also has standard functionality to detect ghost invoices. If the Chamber of Commerce, IBAN or address details do not match a particular creditor, the system will alert you. This way, you are more alert to possible fraud attempts and can prevent them more easily. In addition, solid workflow software can support you in the area of security. It handles recurring activities and monitors consistency. You only have to set up such a system once. Then you have the space to fully focus on deviations and exceptions. For example, if a phishing email comes in, the system will automatically signal you. This makes it much more likely that you will filter out such a message in time!

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