Metric claims to be the world’s most founder-friendly app, and we strive to keep that title. Our team works tirelessly to make the platform more efficient and user-friendly. We understand your receipt tracking fiasco and have a solution for it. Metric’s One Picture Accounting feature is enabling founders to turn physical receipts into e-receipt just by clicking a picture.
If you have a smartphone and the metric app installed, you have all the tools you need to banish paper clutter from your life. You can more easily organize your files, photos and miscellaneous pieces of paper, and be able to access them with the tap of an app. Going paperless comes with a great number of benefits.
Paper receipts require data entry for the information to become useful. This takes up so much of your employees’ time, that could‘ve been spent on more value-bringing tasks. In the longer run, this feature saves a ton of time that you would have to spend on preparing financial reports and manually extracting data from these receipts. This type of process automation allows employees to focus their attention on other areas that more closely relate to their core competencies.
Automation cuts cost like nothing else. Shifting to software digitizing your receipts reduces your workforce requirement to an absolute minimum. The combination of accounting automation, fewer chances for human error, and faster invoice processing result in cost savings throughout the company.
The most beneficial quality of digital storage is easily searchable information. Businesses can convert their existing and new documents into a fully searchable knowledge archive. They can also process the text database automatically by using data analytics software for further knowledge processing.
Metric’s incorporation of AI-backed OCR technology eliminates manual document processing, data entry, manual sorting of files and verifications. This automation saves time and energy for staff which lets them focus on more value-adding tasks. As a whole, it increases the overall efficiency of the team.
Optimized Accounts Payable
OCR systems can process high volumes of invoices from multiple vendors, converting them into the same format for processing and approval. This new feature kicks off processes such as accounts payable or an expense report.
Easy Payment Processing
This automation of invoicing makes payment processes easier as well. The automated extraction from receipts lets you take a data-led approach to automate payroll, employee expense reimbursements and vendor payments. Additionally, reduced workload and lesser probability of human error minimize the chances of overpayments or underpayments.
Helps in Auditing
It is recommended to retain your expense receipts of up to 3 years. OCR makes storage, tracking and fetching of these receipts whend needed for audits much easier. During audits, a lack of being able to easily search through data can result in more time being tied up in this process or inaccurate findings.
Storing physical receipts of a business requires space, security and a lot of manual organization and yet going through them to find a specific detail is troublesome. Metric’s ONE Picture Accounting uses cloud storage to save scanned copies of your receipts along with the data extracted from those receipts. All receipts uploaded will be saved to the respective transaction. You can view documents whenever needed because now you have a 24/7 pocket accountant with the metric app.
In today’s world where sustainability and ecologically sound companies are preferred by customers, everyone aims to go paperless. Metric’s integration of OCR technology facilitates companies planning to go green and promote environmentally friendly initiatives.
As man progressed from clay tablet receipts to paper receipts for efficiency and convenience, it’s time to shift from paper to digital. Metric’s ONE Picture Accounting reduces the paper clutter by offering storage, organization and insightful usage of this data. With digital records, you also have a more efficient retrieval process to pinpoint the documents you need. This solution helps to maximize processing efficiency and minimize costs for you and your customers.