Efficient expense recording thanks to receipt recognition with AI

A digital work environment requires an efficient expense process. In many companies, expense tracking is an essential extension between business software and employees. On the one hand, expenses must be accurately calculated and documented. On the other hand, companies want to use employees as productively as possible. This is exactly where Vertec comes in with the latest solution to make companies work even more efficiently.

Challenges of traditional expense recording

In classic expense recording, the postings are collected manually and entered in a system. This causes several problems:

• Time-consuming processes:
  The manual collection and entry of postings can be time consuming.
• Prone to errors:
  Manual entries are prone to errors, which can lead to inaccuracies in billing.
• Loss of posts:
  Paper receipts can easily be lost or damaged, making expense reporting difficult.
• Delay in charging:
  Complicated processes with manual extensions delay target achievement.

Over time, many expense documents accumulate as a result of the business activities of employees:

• Hotel nights
• Credit card
• Parking
• Refuelling
• Catering / Food

These challenges lead to cost increases and losses in process quality.

The solution: Automatically analyze posts with AI

Vertec has responded to these challenges by developing an innovative solution: Automatic receipt recognition, a feature that speeds up expense capture through the use of Artificial Intelligence.

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How does automatic receipt recognition work?

Users of the Vertec Phone App (iOS, Android) can now easily photograph and upload posts. The connected AI service automatically detects all relevant data such as company, amount, currency, description and the correct VAT rate. This information is stored directly in Vertec. Typical receipt postings detect the system with high accuracy, even handwritten expense receipts deliver appealing results.

Advantages of automatic receipt recognition

• Increased efficiency:
  Expenses entered can be recorded quickly and without manual data entry.
• Reduction of errors:
  Automated detection minimizes the likelihood of input errors.
• Improved compliance:
  Accuracy and completeness of expense data facilitate compliance with corporate policies and tax regulations.

Who can use the feature and when is it available?

The new automatic receipt recognition feature is ideal for customers who are already familiar with Vertec software and want to further optimize their processes. It is available from software version 6.7.0.14 and can be used with the licensed Procurement & Purchases module.

«Focus on your core business and forget the tedious typing of postings. vertec completes of automatic receipt recognition for you.»

Use the AI feature in Vertec

Significantly increase the efficiency of your expense recording with the new Automatic receipt recognition feature. For more information and configuration help, visit the Knowledge Base and Vertec Forum.