Corecon Technologies, Inc., a leading provider of cloud-based estimating, project management and job-cost construction software, now offers OCR functionality as part of Corecon’s Procurement Module. For use by Corecon subscribers, as well as outside team members via Corecon’s TeamLink Portal, this new tool quickly extracts text from an invoice received in a PDF, PNG or JPEG format and converts it to a draft bill.
“Construction is a fast-paced industry, where every minute counts,” says Mid-Atlantic Building Services Office Manager Shawn Peterson. “Our company offers construction services to building owners and property managers in Hampton Roads, requiring manual data entry of approximately 200 vendor invoices per month into Corecon. The new OCR with document AI tool will streamline our accounting process, saving considerable time which we can devote to other processes.”
Taking typical OCR to the next level, this new tool uses artificial intelligence (AI) to analyze the invoice format and identifies fields on the form such as invoice number, supplier and line items. It also uses machine learning to detect patterns in the invoice related to a previously scanned document, making it easier to use in the future.
If a purchase order (PO) is referenced on the scanned document, Corecon has built-in workflow logic to show the PO to Bill Wizard so that the finalized bill will be linked back to the original PO. In addition, any missing information that may be required by Corecon, such as cost code references on line items, can be updated prior to finalizing the bill.
“We are always searching for ways to increase efficiency in construction operations, and this new feature is a tremendous timesaver,” says Corecon Technologies President Norman Wendl. “It is not uncommon for a construction company to have at least 100 vendor invoices per month requiring manual data entry into Corecon, especially if they self-perform work and have a lot of material-related transactions. With this new add-on tool, vendor invoices can be converted to bills almost instantaneously, saving considerable time, minimizing mistakes and eliminating duplicate data entry.
Existing Corecon subscribers can take advantage of the OCR with document AI add-on immediately, and pricing is based on the number of scans:
- < 20 Scans / Month = $5/mo.
- < 50 Scans / Month = $10/mo.
- < 100 Scans / Month = $18/mo.
- < 200 Scans / Month = $35/mo.
- < 500 Scans / Month = $85/mo.
- < 1000 Scans / Month = $150/mo.
- < 1500 Scans / Month = $225/mo.
- < 2000 Scans / Month = $300/mo.
About Corecon Technologies
Corecon Technologies provides construction estimating and project management software solutions for general contractors, subcontractors, homebuilders, developers, and engineering firms. Corecon’s construction software suite has received numerous industry awards and utilizes the latest cloud technologies to provide constant connectivity anywhere, anytime so firms can make quick and informed decisions whether using a notebook, tablet or smartphone. The firm is the only company with a cloud-based construction software on the market that provides business development, estimating, document control, contract administration, job cost control, scheduling and collaboration functionality, as well as integration options to popular accounting systems such as Intuit QuickBooks, Sage 50, SAP Business One® or Xero. Based in Huntington Beach, Calif., USA, the company was founded more than a decade ago by construction industry experts who seek to design software with cost-effective, user-friendly tools to ensure successful project delivery.