As businesses continue to grow, streamlining operational efficiency becomes critical, requiring multiple processes to change in rapid succession. Manual tasks need to be eliminated to free up time, and it becomes quickly apparent which complex financial tasks can be simplified and sped up using automation and other tools.
Automated data capture plays a vital role in improving efficiency, accuracy, and scalability across financial management operations. In this blog, we explore the importance of selecting the right data capture solution and why AccountsIQ (AIQ) stands out as the most robust option for businesses ready to scale through automation.
Why automating data capture matters for scaling businesses
Automating data capture can transform how businesses handle information, reducing time spent on tedious manual data entry while dramatically improving accuracy and productivity. For scaling businesses, this can ultimately support long-term growth, freeing up resources to focus on strategy rather than gruelling administrative tasks.
Optimising data capture for growing companies should focus on seamless integration with broader business systems – whether it’s CRM, POS/ePOS, or inventory management systems – ensuring that data flows smoothly between them.
At AIQ, we offer a standout solution by automating data capture across multiple touchpoints, providing a real-time view of financial insights that drive smarter decision-making and operational efficiency.
Elevating functionality
To put it simply, mid-market and growing businesses must look beyond basic functionality when choosing a sufficient data capture solution. For fast-growing, mid-sized enterprises, selecting the right platform is critical to maintaining scalability while staying efficient.
Here are a few factors to consider:
- Accuracy: Can the system handle the volume and complexity of data your business generates, while ensuring minimal errors?
- Efficiency: How much manual intervention is still required? What can be automated?
- Integration capabilities: Can you connect your finance software seamlessly with your other core systems, including payroll, sales, and CRM platforms?
Why AccountsIQ’s OCR technology excels
One of the core features of automated data capture in AIQ is its Optical Character Recognition (OCR) technology. Designed to handle complex business needs, AIQ’s OCR capabilities allow businesses to automate the extraction of information from invoices, reducing errors and the time spent on manual data entry.
This functionality adds substantial value by streamlining and centralising the purchase-to-pay process. AIQ’s intelligent system automatically matches purchase orders (POs) raised within the platform to incoming detailed, multi-line-item purchase invoices (PIs), enhancing operational efficiency and minimising the risk of manual mistakes.
In addition, AIQ’s OCR system automatically assigns General Ledger (GL) accounts and Business Intelligence (BI) codes based on matched PIs, ensuring greater accuracy and speed. By integrating this feature within its broader financial management system, AIQ eliminates the need for multiple automation tools, making it an ideal solution for businesses looking to consolidate their tech stack while optimising financial workflows.
External automated data capture: Seamless integration with advanced APIs
Our native OCR solution is designed to streamline workflows, minimising the need to switch between multiple applications for most day-to-day tasks. However, for more complex or specialised AP-related requirements, advanced tools like Lightyear can offer enhanced capabilities. In such cases, AIQ excels through its seamless integration, effortlessly connecting with external solutions to provide a comprehensive and flexible approach that addresses diverse business needs without sacrificing efficiency.
Integration is a critical factor in enhancing the efficiency of capturing data. AIQ stands out by offering both open API options and custom-built integrations developed by our dedicated team. Utilising our robust, well-established integrations with CRMs, sales platforms, and other cloud tools, we ensure seamless connectivity and real-time data accuracy. Additionally, we can host custom-built integrations if required, to meet specific operational needs.
With AIQ, data captured from various sources is mapped directly into the system without manual intervention. Moreover, the APIs can be tailored to the unique needs of each business, offering bespoke, scalable solutions that evolve as the business grows.
The reliability and scalability of AIQ’s API integrations reduce time spent on manual processes and offer cost-effective solutions to data capture, allowing businesses to focus on growth.
Capturing employee data on the go
AccountsIQ provides a comprehensive, user-friendly expense module designed to streamline the entire expense capture process for businesses. This module includes an easy-access mobile app that simplifies expense entry, enabling employees to quickly and efficiently capture expenses on the go without needing to log into the full FMS.
The expense module enhances accuracy and efficiency in real-time expense capture, offering capabilities that go beyond basic OCR technology. From receipt capture to approval and payment, the module covers the entire expense management lifecycle, eliminating manual processes and reducing errors.
Features of the AccountsIQ expense module include:
- Mobile app for easy expense capture and submission
- Ability to photograph receipts and attach them to claims
- Tagging expenses to specific projects
- Use of fixed expense items for common charges
- Integration with the general finance ledger
- Multi-currency support
- Customisable approval workflows
Automation for enhanced innovation: make the smart choice with AIQ
Automating data capture is a critical element for businesses looking to scale efficiently and without complications. AIQ’s built-in OCR capabilities, advanced API integrations, and seamless expense management solutions make it the ideal choice for companies ready to consolidate their tech stack and adopt a comprehensive, scalable solution.
Schedule a demo today to see how AIQ’s cutting-edge automated data capture can revolutionise your finance operations.
For more insights on automating data capture and finance processes, download our eGuide, Tech-Driven Finance for Smarter Growth
