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