Best OCR Software of 2023 (Free & Paid) for Data Extraction

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. 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 software are Trained & optimized in such as way that they can extract the data from the multipage documents within minutes.

Optical character recognition software used a set of instructions 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. If the system matches the text word by word, it is called optical word recognition.

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

How does Masters India OCR Software different from other OCR

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

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 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.

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

Masters India OCR software is the best OCR tool enterprises are using in accounts payable automation. This Optical Character Reader works on all types of PDFs & Images and is not limited to template-based extraction.

Masters India also offers OCR software that will get integrated into your ERP such as SAP Oracle, Microsoft, and others custom ERP

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 
• 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

​​​​​​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

Now have 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 are available offline and have limitations like security, and data extraction quality, unable to work on certain types of invoices like handwritten or in table parts. 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 and see the results Just visit the Masters India Online OCR you can drag and drop your PDF or Images in the tool and get results by hitting the try now button.

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