Best OCR Software 2023 for Invoice Data Extraction

Best OCR Software for Data Extraction from Invoices

OCR Software or Optical Character Recognition Software is the solution for a long-standing problem of Manual data entry of bills or invoices into the system. It is for businesses, start-ups, and Enterprises who want to reduce manual data entry and automate the whole Invoicing Process.

OCR Software will make real-time data extraction from invoices possible not only in key-value pairs but line items as well, have a look at Masters India OCR Software. OCR software is built to work on PDFs, Images to extract the data from any kind of invoice and has no dependency on the template.

Nowadays OCR Software is powered with AI/ML capabilities and can also help automate data capture from scanned documents/images. These AI-based OCRs can provide quality data in convenient, editable formats that fulfil organizational needs and create an impact on the organization process.

Some traditional best OCR tool has a limitation. But an enhanced version of OCR technology, we called Intelligent Document Processing (IDP) OCR software, has evolved out of traditional OCR’s limitations. This blog will describe free OCR software & the best OCR software available as Paid.

What is OCR?

OCR is 'Optical Character Recognition' or 'Optical Character Reader' which is the electronic or mechanical conversion of pdf or image content present in typed, handwritten, or printed text form into machine-encoded text. 

What is OCR Software?

OCR Software is a technology used to extract text or data from Documents. Best OCR software is inbuilt with an algorithm that identifies & recognizes text of scanned pdf or images easily. Converts it into machine-readable text that can be edited & stored more conveniently for further processing. best OCR tool Trained & optimize in such as way that they can extract the data from the multipage documents within minutes.

OCR software is a set of instructions used to execute some tasks like reading the character from documents & Images. OCR software is embedded with an algorithm first it will convert the extracted text from the document into a machine-readable format and use a pattern of matching to compare those extracted texts from images or documents, character by character, to its internal database. If the system matches the text word by word, it is called optical word recognition. it is a kind of application built to fulfill the needs of texts or data extraction from documents.

OCR Software is also an ICR (Intelligent Character Recognition). ICR is an advanced OCR that has a self-learning component and includes an understanding of not only printed text but also reading handwriting invoices, different templates, fonts, and styles. In many cases, results from this advance OCR can be more accurate than traditional human data entry.

How OCR Software Will Be Helpful for Businesses of All Sizes?

1. OCR software is helpful in the Account payable Process & Invoice automation.
2. Free OCR data extraction software only helps in data extraction but is not up to mark quality and has a limitation, but AI & ML Powered OCR are considered as best OCR software because they have fewer limitations such as template and the quality of data.
3.  Best OCR Software will improve productivity by saving time up to 90% of data entry time & reduce data entry errors.
4.  OCR software It is inbuilt with Artificial intelligence & machine learning capability, which help determine the data of particular fields by applying logic.
5.  OCR software data extraction is Real-Time  - You upload a file and all the data is captured in a few seconds. Not in minutes, hours, or days.
6. The use of the OCR software can streamline and centralize All the invoice data for better analytical decisions and desired outcomes for effective business processes.
7. Optical character recognition (OCR) improves operational efficiency, by reducing costs & data entry errors and improves in optimization of output.
8. OCR software will be helpful for companies to extract data from not only digital invoices but also on handwritten Invoices.

What Are the Challenges Existing in Free OCR Software?

1. Invoice Template - Different types of templates are used by the vendors as vendors have their own templates of invoices. There are millions of ways in which invoices are printed and vendors made changes in templates continuously.
2. Handwritten invoices - Small vendors or Local vendors share handwritten invoices.
3. Place of submission - enterprises have multiple places where they receive invoices - vendors either share the invoices over email & hard copy.
4. Variety of fields - an invoice can contain on an average of 20 - 30 fields and it goes to 50+ sometimes.
5. A number of line items  - the line item in an invoice goes from 1 to 100 which is again a tedious task to enter and consumes too much time.
6. Reading text (handwritten or printed) from a document is the least complex problem when it comes to the extraction of specific fields from invoices. 
7. Character problems or Unstructured text or fields label & number of fields will differ from supplier to supplier.
8. Free OCR software has a concern about security as well.

But Masters India's Best OCR software is not limited to the above challenges. Automate invoice Processing and reduce manual data entry of Invoices using Masters India OCR software an AI ML-based solution Capture data from Invoices instantly or in real-time Reduce or eliminate manual data entry effort.

What is the Best OCR Software for Businesses

Let's take a look at some of the best OCR software for invoice processing & also check out some free OCR software.

1. Masters India OCR Software
2. FineReader PDF for Windows and Mac
3. DocuClipper
4. Vic.ai
5. Veryfi Receipts OCR & Expenses
6. Ephesoft
7. Rossum
8. ElevateAP
9. OpenText Capture Center
10. Hyperscience

1. Masters India OCR Software

Masters India OCR software is the best OCR tool enterprises are using in accounts payable automation or directly extracting the data from the invoices they receive in hard copy or over email. This OCR works on all types of Invoices and is not limited to template-based extraction, it works best on both service as well as goods invoices and works very well for all types of industries.

It extracts over 50 different fields data (including line items data) and this advance OCR also extracts the data from not only digital invoices but also from handwritten

Masters India also offers OCR software that will get integrated into your ERP such as SAP Oracle, Microsoft, and others and sync real-time data extracted from invoices. 

Masters India's intelligent document processing solution is useful for businesses of all sizes & fit for industries of any type who want to automate data from like. This Optical Character Recognition (OCR) is 

• Customizable 
• Has classification model 
• Turns any document type into structured and actionable data
• Accelerate business processes like Invoice Processing 
• Improve Data-entry of Invoices
• Eliminate errors
• Reduce manual effort
• Automate Account payable process
• OCR Tool will get sync with the business's existing workflow
• It will integrate with the business's existing system or ERP
• Improve Invoice Processing in SAP or other ERPs

How to Use Masters India OCR Software?

To try Masters India OCR. 

• Visit the Masters India website
• Click on the Try Now button
• Upload a file to Masters India OCR Software
• Just wait for it to finish uploading & data extraction. Once it has been done successfully. If the file is an image or a PDF with a few pages, it happens within a few seconds. 
• Results.

Why Should You Choose Masters India OCR Software?

We can understand the benefits of Optical Character Recognition (OCR) one by one, to understand the benefits enterprise should try out this free OCR software by clicking try now.

1. OCR Software is beneficial for all kinds of Industries such as tech, manufacturing, banking and other OCR technology works on goods & service invoices. it is helpful for businesses in automating invoice processing by reducing the time of invoice payment process. 
2. OCR Software is budget friendly and very affordable which also makes it a cost-attractive solution nowadays for business.
3. Businesses can use data extracted via OCR software in 3-way matching, GRN, and create invoices for approval. This makes Invoice processing for large enterprises easy because this free OCR software can connect with ERP and Sync the invoice data to ERP easily by integrating on a time basis.
4. Better Customer support - Wonderful customer support all around training and other queries which makes Masters India OCR software very user-friendly.
5. This OCR software has a security check and is filled with Security and encryption. Hence, there is no possible data leakage, and all the sensitive information is encrypted, which protects it from fraudulent activity.

​​​​​​2. FineReader PDF for Windows and Mac

It is all-in-one OCR and PDF software designed to increase business productivity. It is an easy-to-use tool to access and modify information locked in paper-based documents. Useful for Industries like education, Translation, and Localization

3. DocuClipper

The best OCR software for bank statements, it automates the data extraction from bank statements, such as tax forms, invoices, reports, or any other scanned or digital document. The extracted data can be either downloaded as in Excel spreadsheet or directly imported into an ERP name QuickBooks. Mostly Accounting industries use.

4. Vic.ai

Vic.ai is helping to accelerate the digital transformation of accounting and finance, which are under significant pressure to operate more intelligently, proactively, and autonomously in our ‘new normal.

Vic.ai is addressing the most manual and inefficient task in accounting – invoice processing – to improve its speed and scalability, and ultimately enable customers to reinvent their AP operations. We sell an AP automation solution that enables a significant reduction in time spent, fewer errors, no duplicates, more effective approvals, and seamless integrations with third-party business and finance tools. Mostly Accounting industries use.

5. Veryfi Receipts OCR & Expenses

Veryfi OCR Is a king of ICR that empowers organizations to capture, extract & transform unstructured data of documents into structured data at scale. 
 
Their APIs and mobile capture technology can be leveraged across industries to eliminate manual data entry, avoid human error, and unlock valuable business intelligence in seconds.
 
Verify OCR has  Expense Receipts FMCG/CPG Receipts HSA/FSA Receipts Invoices Purchase Orders (POs) Bills Hotel Folios Bills of lading (BOLs) Checks Credit Cards Insurance Cards Business Cards W-2s W-9s.

Industries wise usage Retail, manufacturing, IT, and Service.

6. Ephesoft

Ephesoft is an Intelligent Document Processing (IDP) platform and data enhancement solution that automate document-centric processes and maximize operational efficiency along with human productivity for a business like enterprises 

• It is customizable 
• It has a classification model
• Turns any document type into structured, actionable data to 
• Accelerate business processes 
• Data-driven decisions.

7. Rossum

A market-leading Intelligent Document Processing (IDP) solution has the most advanced data extraction capabilities that automate significant amounts of manual work. 

• It is a low-code platform
• Eliminate errors
• Reduce manual effort
• Automate document processing

8. ElevateAP

To Scale & automate the Accounts Payable department by improving the efficiencies of your Workday Financial Management system. AP needs better data on time ElevateAP is an industry-leading Optical Character Recognition (OCR) and processes invoices with fewer touches using automated Accounts Payable workflows.

• Their Users are Accounts Payable Specialist
• And Industries they serve are Hospital & Health Care, and Accounting

9. OpenText Capture Center

OpenText Capture Center uses the most advanced document and character recognition technology and has the capability to turn any document's content into machine-readable information. It captures the data, stores it in scanned images, and interprets it using OCR, ICR, IDR, adaptive reading, and other technologies.

• It reduces manual keying and paper-handling task 
• It accelerates business processing, 
• improves data quality, and saves you money.
• For Data Scientists people this OCR is useful and it is user-friendly & beneficial for Computer Software, Information Technology, and Services.

10. Hyperscience

Proprietary Machine Learning platform built for diverse document types (forms, invoices, checks, and more) it not only automatically classifies doc types but also transcribes handwritten, cursive, and machine-printed text. Hyperscience provides intelligent document processing for leading financial services, insurance, healthcare, and government organizations.

What is Free OCR Software

We have already checked the AI & Ml Powred OCR software that are ready and available in the market and solve business cases or problems. These cutting-edge OCR solutions are creating Impact now has a look at Free OCR software.
These free OCR software are either available in SAAS form or as downloadable software that requires installation in the system. As mentioned above these free OCR software available in offline have limitations like security, and data extraction quality not working on certain types of invoices like handwritten or in table parts.

You can Compare and select from the list the top and best free OCR Software by trying at your end by simply visiting their website and uploading your document in the respective tool and getting a document with editable text
Here are some free Optical Character Recognition (OCR ) Software suggestions listed below:

1. Masters India Invoice OCR.
2. LightPDF
3. OCRSpace
4. FreeOCR
5. OnlineOCR
6. Simple OCR
7. Adobe Acrobat Pro DC
8. PDFelement
9. Easy Screen OCR
10. Boxoft Free OCR
11. ABBYY FineReader
12. Free OCR to Word
13. OnlineOCR.net
14. FreeOCR.
15. SimpleOCR
16. Office Lens
17. English OCR
18. Photo Scan
19. Capture2Text
20. Adobe Scan
21. OCR Using Microsoft OneNote
22. OCR With Google Docs
23. Google Drive OCR
24. PyPDF2 (Tesseract Based)

If you would like to Try out Masters India OCR software on your Invoices and see the results Just visit the Masters India Online OCR tool you can drag and drop your invoices in the tool and get results by hitting the try now button.