Many offices from across the globe use OCR for financial documents. As a result, software programs have brought about significant cost savings.
These cost savings come about for different reasons. The primary money saving source has to do with eliminating manual data-entry – this alone accounts for a dramatic amount of money that you can save every year.
This is just one of the factors that have increased the popularity of software that can provide OCR for financial-based documents. These software packages are frequently used for processing documents such as invoices, as well as in accounts-payable departments.
Invoices often involve a scanned image from a paper document. In previous years, this type of data was captured through manual data-entry, a very costly and tedious process.
OCR dedicated to financial documents has drastically lowered the reliance on manual data-capture.
The output results are at least as accurate as those that were once provided through manual data entry – often they are even better.
Technologies in OCR for Financial Documents
Document managing systems for financial documentation use several technologies; the main one is OCR, which automatically captures text from a scanned image.
Additionally, some of the more advanced packages that are used for providing document managing systems and OCR for financial institutions also have advanced technologies like OBR (Optical Barcode Recognition), ICR (Intelligent Character Recognition), and OMR (Optical Mark Recognition).
In these software packages, OCR for financial documents recognizes the data in the checkboxes, while OBR is used for barcodes and ICR for handwriting.
These technologies can recognize all types of data on an invoice and process those.
This leads to quicker invoice processing, improved accuracy, and swifter payments from your vendors.
Where is OCR Used?
The software that deals with OCR for financial documentation is mainly used in accounts payable departments.
This software is different from other OCR software since it captures only specific text present in a document like invoices.
This data is then utilized for paying and processing invoices.