What is OCR technology?
OCR stands for Optical Character Recognition and is a technology used to scan files such as documents or images. This technology is commonly used in the financial services industry as it eliminates the need for manual data collection by scanning documents like receipts and invoices.
How does it work in Rho?
Rho uses OCR vendors to parse invoices received in our AP Inbox. This technology allows you to forward invoices to a designated email address, where they will scan and parse the files and automatically upload them for editing in your Rho Accounts Payable dashboard.
How does the Confidence Score work?
The OCR confidence score can be seen on the AP bills table in the form of a Green, Yellow, or Red accuracy indicator. These scores flag invoices that likely require additional review or information. You can edit these draft invoices just like any other invoice in your Rho dashboard.
The thresholds we use are as follows:
- ≥ 80% = high
- ≥ 50% = medium
- ≤ 50% = low
Example: A confidence score of 75% would be flagged as yellow in the indicator.