Thursday, 27 June 2019 12:42

MYOB Syphts through receipts, bills and invoices

By
MYOB head of product for small business Dale Dixon MYOB head of product for small business Dale Dixon

Accounting software provider MYOB is looking to improve its automated data entry facilities by using Sypht's machine learning and natural language processing system.

The partnership between Melbourne-based MYOB and BPAY Group and BCG Digital Ventures-owned Sypht will enhance the extraction of key information from receipts and bills uploaded to the MYOB platform.

The automated processing of (scanned or photographed) paper documents or PDF files is an increasingly significant feature of accounting systems, especially for time-poor small business operators, as it saves time and effort while hopefully improving accuracy.

"This technology lets our system continually learn how to extract key information from bills and receipts, which in turn continues to improve accuracy and allows for further automation of transaction entry," said MYOB head of product for small business Dale Dixon.

"We are always striving for ways to save small business owners time to let them do what they do best: run their business. That's why we continue to explore optimum ways to achieve this."

Sypht is now used to process bills or invoices uploaded by MYOB users.

 

MYOB using Sypht

 

Sypht chief executive Warren Billington said his company's SaaS platform used machine learning and natural language processing to offer fast and human-level accuracy when digitising invoices and receipts.

"There is a strong focus for a lot of enterprises around understanding their digital transformation journeys and documentation is still a major impediment to that transformation. Manual processing of documentation is time consuming and in addition to the cost impact, it is prone to error and delivers a poor customer experience," he added.

In related news, MYOB recently released MYOB Capture, an app that lets MYOB Essentials users take a photo of a receipt, which is then OCRed so the data can be automatically extracted and sent to the Essentials in-tray where it can be used to create a new bill or spend money transaction, or linked to an existing bill or bank transaction.

While MYOB Capture originally used another provider's OCR service, over the course of this month processing for all users has been migrated to Sypht.

MYOB's Capture app is available for iOS and Android.

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Stephen Withers

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Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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