The accounting sector is no stranger to the benefits of digitization, but keeping hard copies of documents is also here to stay, as there are a lot of legal constraints. However, in a world aiming to become paperless and as efficient as possible, you need a quick option to turn your printed invoices into digital data, quickly and reliably.
This is where optical character recognition (OCR) technologies can help. An OCR tool takes scanned images and turns them into digitally editable formats. This means that through technology, accountants will be able to focus more on the core aspects of their job and less on the administrative ones.
What Is OCR?
Optical character recognition has been around for at least a century, starting with Morse code readers, if we don’t take into consideration early machines developed in the 1870s to help the blind read.
Simply put, it is a way for machines to recognize symbols and interpret them by comparing the processed characters to a set of predefined symbols and matching them based on likelihood.
Is OCR Right for Accounting?
In the case of accounting documents, the challenge is to read the source document as accurate as possible. Any minor error can have disastrous outcomes. Just imagine ...
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