Your Guide to the Best OCR Software For Invoice Processing

The best OCR software for invoice processing is AI based, flexible, and easy to integrate. Here's what you need to know before you invest.
August 28, 2022
4 Minutes
When you've got the best OCR software for invoice processing, your entire AP staff will feel the difference.

If you’ve been thinking about investing in automated invoice handling with machine learning and OCR, there’s never been a better time. Technology has been evolving rapidly in this field across the past few years to the point where the best OCR tools in the market now offer stellar accuracy and reliability rates.

What Does the Best OCR Software for Invoice Processing Look Like?

When you’re just starting out your research mission to find a data capture tool, it can be overwhelming looking at all the options. Each invoice automation website boasts about what its product can do but leaves out anything it can’t do. The list below includes some of the main features you should be looking out for when you research OCR software for invoice processing. .

Machine Learning

Ever wondered what sets apart an invoice capture AI? It’s machine learning. Machine learning is what it’s called when a software can evolve over time to learn from its mistakes. Instead of just making the same errors again and again, AP automation tools with machine learning can learn to recognise your invoice data more and more accurately over time.

Many Fields Parsed

Some basic invoice parsers only pull out 5 fields from your data, while more comprehensive options can extract up to 50 categories. Don’t settle for less – there are plenty of options out there that can parse many fields. This data is all contained in your invoices, so you need to be able to access it!

High-Quality OCR Technology

If you want to erase manual data entry from your organisation altogether, you can’t rely on only receiving digital emailed invoices. The reality is that some suppliers will still send you paper invoices. That’s why you need excellent OCR invoice software.

Using optical character recognition to scan the file and complete the data extraction process is the only way to digitise this data without doing it manually. So, look for a high-quality, accurate OCR invoice scanning software – it’s worth the investment.

Range Of Client Libraries

If you’re after an OCR API, you will need a developer to integrate your new data extraction tool with your existing accounts payable systems. Make it easier on yourself to find a developer that can do it by choosing invoice processing software that comes with different client libraries. For example, some may offer their OCR invoice tools with python, Javascript, .NET, and more.

Flexibility

Don’t get caught out with an off-the-shelf product that isn’t a good fit for your needs. Look for a company that’s adaptable and happy to work with your specific use case. When it comes to processing invoices, you can’t skimp and risk a reduced rate of accuracy.

It’s definitely a good sign if a company has a range of clients of all sizes, from small business to enterprise-level. Surely this means that the tool is helpful for a range of companies and can be adapted to suit any type of need.

Statistic on best OCR software for invoice processing.

What is The Best OCR Service For Invoice Processing?

Affinda offers the best OCR service for invoice processing. We offer one of the most reliable, efficient, and cost-effective accounts payable automation options on the market today.

Customers all over the world entrust us with their data, and we have gained a reputation as a reliable and security-focused company that offers outstanding automated invoice processing technology.

Never satisfied with the status quo, we are constantly improving our invoice data capture technology to keep up with emerging trends and innovations. So, if you’re looking for the best invoice OCR software money can buy, give us a call. We’re sure you’ll be pleasantly surprised by how affordable it can be to access our OCR solution.

Browse recent Finance AI articles