Don't worry if not, you are certainly not alone. Many businesses don't utilise this feature of their software, either because they don't know how or why it would be beneficial, or maybe because they don't think it's secure. So lets break it down...

Data capture refers to extracting and converting data from invoices and receipts into a format that computer systems can easily process, analyse, and utilise. They can use technologies, such as Optical Character Recognition (OCR), to extract key information from these documents, such as invoice number, date, amount, and address.

Traditionally, bookkeepers of old used to pour over sheets of paper and manually enter information into a table. This was time-consuming, prone to human error and not cost effective.

Today, these tools enable bookkeepers to automate the entire process. They also allow users to schedule workflows so that the data is extracted automatically and sent to the relevant destination once a document arrives (ie the software you use for bookkeeping like Xero, QuickBooks, Freeagent or Sage). It reduces errors, speeds up the bookkeeping process and saves money. Aside from this, once the documents have been uploaded to the data capture software, there is no longer a need to keep the paper copies for seven years!

Examples of data capture software includes Dext, Apron, Hubdoc and Autoentry.

Can you imagine what you could do with your business if you had time and funds to spare each week on the things that matter, such as generating more sales and focusing on customer satisfaction?