OCR Automatic Invoice Text Recognition - How does it work?

OCR (Optical Character Recognition) is a technology for automatic recognition of text and characters on printed and handwritten documents. In accounting and invoice processing, OCR is an important technology because it replaces time-consuming manual entry of invoice data. Automatic data capture allows accountants to save time and money while increasing the accuracy of invoice entry.‍

Technical explanation of OCR technology

OCR software uses algorithms and artificial intelligence to recognize letters, numbers, and symbols on a document and convert them into digital data. First, the document is scanned and the image file is analyzed by the OCR software. The software then recognizes the text blocks and distinguishes between characters and background. Then the characters are converted into digital text and stored in a database.

How accurate is OCR?

The accuracy of OCR technology depends on several factors, such as the quality of the scanned document, the font, and the language. For documents that are easy to read and have unique fonts, OCR achieves up to 99% accuracy. However, with poorer scan quality or more complex fonts, accuracy can decrease.

How fast is OCR?

The speed of OCR technology depends on the size of the document and the processing power of the computer. However, modern OCR software can process large documents in a matter of minutes, which saves a significant amount of time compared to manual data entry.

Where is OCR used today?

OCR is used in many areas today, including accounting and bookkeeping, healthcare to capture patient records, archiving documents, and digitizing historical texts and books.

OCR Automatic recognition of invoice text with Finui

Finui is a modern accounting software that uses OCR technology to automatically recognize invoice texts. With finui, accountants can easily and quickly convert scanned invoices into digital data. By automatically capturing invoice data, accountants save time and can focus on more important tasks. In addition, Finui enables seamless integration with other accounting and ERP systems to streamline the entire accounting process.

Conclusion

OCR technology is an important innovation in accounting and invoice management. It enables more efficient and accurate capture of invoice data, which can result in significant time and cost savings. By using OCR software like Finui, accountants can reduce their workload and devote themselves to more important tasks.

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