One of the main ways ICMS can help is by automating data entry. Many accounting companies still receive paper invoices, receipts and other documents that need to be entered into their accounting software manually. ICMS technology can scan these documents and convert them into digital text, allowing the information to be easily imported into the accounting software. This can save a significant amount of time and effort, as well as reducing the potential for errors.
Another way ICMS can help is by automating the process of matching invoices to purchase orders. When a company receives an invoice, it needs to ensure that it corresponds to a purchase order that has already been issued. ICMS can extract key information from invoices, such as vendor name, invoice number, and total amount, and automatically match it to the corresponding purchase order in the accounting software. This can save a significant amount of time and effort, and also help to prevent errors.
ICMS can also assist with automating the process of reconciling bank statements and credit card statements. These statements are typically received as paper documents or PDF files, which need to be manually entered into the accounting software. ICMS can automatically extract the transactions from these statements and match them to transactions in the accounting software. This can greatly simplify the process of reconciling accounts and help to ensure accuracy. Finally, ICMS can also help with automating the process of extracting data from financial reports, such as balance sheets and income statements, which can be used for analysis and forecasting.
Overall, ICMS can help to increase efficiency and accuracy in accounting companies by automating many of the repetitive and time-consuming tasks associated with data entry, matching and reconciling.