As part of the collaborative effort, the companies are automating data entry and implementing optical character recognition (OCR) technology that is embedded within FreshBooks’ platform, according to the announcement.
The result, according to the companies, is more thorough data and analysis for business owners and improved accuracy in expense reporting. FreshBooks customers can take advantage of time savings stemming from having less manual data entry.
“We’re proud to be a data-centered organization with a mission to reshape the world to suit the needs of business owners and their teams,” said Nikhil Aggarwal, FreshBooks senior director of product. “This partnership supports our ongoing effort to help customers understand their spending, track and organize business expenses, and determine profitability — all without the headache of multiple spreadsheets or shoeboxes of receipts.”
Toronto-based FreshBooks has corporate clients in 160 countries and focuses primarily on self-employed professionals, according to PYMNTS.
Last month, FreshBooks integrated its accounting software on the Chargezoom billing and integrated payments service platform. The integration enables Chargezoom customers to choose between almost any payment processor, including Stripe, PayPal and Square for payment processing and payment acceptance, PYMNTS reported.
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Related: Billing Platform Chargezoom Offers FreshBooks Integration
Sensibill, which provides customer spend information, such as SKU-level and transaction details, helps businesses ascertain a better understanding of their spending and prepare for tax season or audits with digital copies of expenses, according to the announcement.
In September, Sensibill introduced an invoice extraction API that expanded upon its receipt extraction API from 2020, according to PYMNTS. The tool lets small businesses upload paper and digital invoices in an automated process, which the company said reduces mistakes, expenses and the time it would otherwise take for manual entries.
See also: Sensibill Rolls Out Invoice Extraction Tool
Sensibill’s OCR and machine learning technology easily categorizes, normalizes and structures key invoice fields to provide financial services companies perspective on small business clients’ behaviors and needs.
