MYOB partners with Sypht to enhance OCR capability
27 Jun 2019
Business technology solutions company MYOB has inked a partnership with BPAY Group and BCG Digital Ventures-owned SaaS data company Sypht, to further harness machine learning in document and data extraction. The integration of Sypht will enable MYOB to enhance the quick and accurate extraction of key information from receipts and bills for upload straight to the MYOB platform.
Dale Dixon, MYOB’s Head of Product for small business, said the partnership will see MYOB
continue in its ambition to use technologies like optical character recognition (OCR) to simplify business for its customers.
“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. 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 CEO, Mr Warren Billington, said MYOB would leverage Sypht’s proprietary SaaS platform that uses machine learning and natural language processing to offer fast and human-level accuracy to digitise its customer’s 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” said Mr Billington.
The partnership coincides with the launch of MYOB Capture App, an application which harnesses OCR technology to “read” receipts, data match and pre-populate information in MYOB Essentials software.
MYOB’s Capture app is available from Apple and Android stores across Australia and New Zealand now.
For further comment or other information please contact:
Collette Betts, Australian PR and Corporate Affairs Manager, MYOB
Dung Nguyen, Public Relations and Communication Manager, BPAY Group
MYOB is a leading provider of online business management solutions. MYOB makes business life easier for approximately 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across three core segments – Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. We also provide ongoing support via many client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. We are committed to ongoing innovation, particularly through our Connected Practice Strategy and through the development of the MYOB Platform. For more information visit https://www.myob.com/au/ or follow @MYOB on Twitter.
Sypht uses artificial intelligence and machine learning, augmented by human intelligence, to accurately extract and interpret complex information from documents. Sypht allows users to unlock the power of data to add value to their businesses. For more information visit www.sypht.com