Webexpenses is using the latest in digital receipt technology to deliver a faster, simpler and smarter way for users to capture expense information.
The new ACR (Automatic Character Recognition) tool, created by the Webexpenses’ development team, allows the smartphone app to scan a paper receipt and automatically pull out the required information.
Using advanced visioning technology, ACR provides a level of speed and accuracy that goes way beyond conventional approaches which rely on OCR (Optical Character Recognition). It means that a full and accurate claim can now be created and submitted in around 20 seconds.
Fast and smart receipt scanning accuracy
Adam Reynolds, Webexpenses’ CEO, said:
“We believe this new functionality sets us apart from our competitors, providing a truly technologically-advanced tool to make the expenses process quicker and more accurate than ever before.
“Our desire to go that extra mile derives from the fact that OCR is generally not a quick or automatic solution. It relies on manual handling and adjusting which can delay processing by 24 hours per claim, with the added concern that accuracy can’t be guaranteed.
“ACR automatically extracts key components of a receipt and allows a claimant to generate a full claim on a smartphone in less than 20 seconds. The technology does all the hard work, leaving the claimant to just approve the information gathered.
“Through our ACR technology we have removed the need for an outsourced processing centre. Our aim is to provide the user with full autonomy to control and approve the elements of the expense claim for 100% accuracy and extreme time-saving.”
Competitive advantages of ACR
The development of ACR functionality provides significant advantages over the OCR-based systems. Contextual analysis and adaptive algorithms is used to greatly enhance the accuracy and reliability of the scanned text.
The addition of ACR functionality is part of Webexpenses’ ongoing mission to simplify, improve and speed up the task of managing and monitoring reimbursement costs. The cloud-based system is now being used by companies throughout the globe.
Find out more and see how ACR works here.