Home News Incredible OCR Technology for Great Software – 2024 Guide

Incredible OCR Technology for Great Software – 2024 Guide

by Victoria Boatright

How about using the most advanced OCR technology that enables you to extract all data fields from every receipt? This technology is very helpful to commercial enterprises across the world. The world is literally embracing remote working plus general acceptance of cloud computing. Therefore, OCR for receipts will soon become a must-have feature for every business. Check tabscanner.com to discover the global leading receipt OCR API. Let’s look at reasons why OCR for Receipts is vital to expense management.

What OCR means to Expense Management

Source: ausolutions.org

There are indeed several tech innovations, but receipt scanning OCR has caught the attention of the investors. This is because the best OCR API such as the one developed by Tabscanner is of great importance to businesses across the world. It helps in restructuring processes not to mention that it saves on resources.

We are in the era of social media and video calling. Technology has taken over everything, and OCR technology seems to steal the scene. It’s obvious that people will find it hard to live without it.

But does this imply that OCR technology is one of the big things? To some ‘yes’ but others ‘no’. Some people are still into autonomous driving, augmented reality, and the 5G internet. Nevertheless, OCR Technology has a great environmental impact and application benefits. As a result, it’s grabbing the attention of most investors across the world.  But what is OCR?  Read on to understand.

What is OCR for Receipt Recognition?

Source: fortune.com

OCR is an acronym for Optical Character Recognition. This is an advanced technology that enables a user to derive data from written text and then translate it into digital format. Take this case, for instance, you have several receipts you wish to save to the cloud or your PC’s drive. In such a case, the challenge lies in converting those paper documents to a digital format.

An OCR receipt scanner is the answer. You can download the app on your mobile device and then scan the receipt, after which you can translate it into a JPG, PDF, or TIFF. The latter formats are digital and can easily be saved into the cloud or computer.

The OCR examines the document word by word and captures the data in the document. The information collected includes the date, retailer, time bought, and the amount paid.  It then creates a PDF, TIFF, or JPG of the receipt.

Basically, OCR is considered an accurate and highly effective process of data entry. Furthermore, it’s also useful in converting documents, bank statements, receipts, graphical images, and invoices into digital formats.

What’s the Impact of the Evolution of OCR Receipts

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OCR technology has undergone a great revolution in the recent past. Popular software developers and businesses have continued to incorporate OCR with the current tech to make their service and processes better. Document and receipt scanning technology are the most efficient and commonly used technology. In years to come, CR technology is expected to increase in popularity and value.

Apparently, the data capturing software has greatly evolved and can capture content and at the same time comprehend its content. This is to say that AI will check for mistakes automatically, just like the auto-correct features on WhatsApp and messages or Microsoft office.

A recent comprehensive OCR AI study proved that technology is one of the most reliable ways of helping businesses to control financial reports of different languages, converting them into English.  Let’s discuss what you’ll achieve for embracing the OCR technology;

Paperless office

Source: aie-internship.com

Over 60% of the senior decision-makers have stated that employees spend more time looking for paper documents. This in turn lowers their productivity. For instance, if your three employees spend 10 minutes each day looking for missing paperwork, that’s 210 minutes per week. If you convert these minutes into hours, you’ll understand the gravity of having to deal with paperwork. But with a paperless office, you will never have to spend sleepless nights worrying about the loss of invoices, receipts, invoices plus vital documentation.

Higher productivity

A paperless office improves productivity among employees. Besides, the use of an accurate and most reliable OCR for documents or receipts enables businesses to increase their productivity by creating a swifter and easier method of retrieving information.

Note that for searchable documents such as PDFs, you only have to press control then F on your Mac or PC to search for whatever file you need. Such things as numbers, names, dates, and addresses are found in a blink of an eye even when searching for a document with over a hundred pages.

Lower costs

Source: o365.vn

Did you know that you can save lots of money by utilizing a mobile OCR receipt scanner? This is because it spares businesses the cost of hiring professionals to extract data at extremely high costs. So, there will be no need of having 10-20 employees with a heavy payslip to compensate for their services. Furthermore, it helps to cut down on other costs such as photocopying, typing lost, or documents.

Disaster recovery

To develop excellent commercial planning, you must have a well-thought disaster recovery procedure. Disasters come announced and they may pin your business down if you do not have an escape strategy. The most effective method of disaster recovery is the OCR technology. In case of a fire break out in your workplace, everything documented in papers burns in no time. However, if your data is stored in the cloud, it will remain there forever, even long after your PC gets destroyed.

Features that Define a Good Receipt OCR API

Source: gethow.org

Having learned about OCR, you may be considering having a mobile OCR in your office. If so, that’s the best decision ever. But what should you look for in a perfect OCR API? The features include;

  • Intelligent data capture over 98 percent accuracy on essential data
  • Accurate line item data retrieval; features technology that returns precise line items from all PSO receipts across the world. This also entails character sets and languages.
  • Effortless and Robust API; a perfect receipt OCR API should feature flawless software installation via a superb API.
  • Stringent data privacy criteria; should offer a high level of privacy on all information, especially financial and private data.