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How OCR can transform accounting industry ?

OCR

In this 3.0 revolution of technology, what matters is how fast you automate your manual work?

This will not only lead to making the new tasks easy but also this will increase your productivity by multiple times percent. We all know that this era is shifting swiftly to next-generation technology and AI. And if you want to be a part of this competition, then you will have to use your time at the best level possible.

There is a quote “Our intelligence is what makes us human, AI is just an extension of that quality”. And believe that people you will have to use this extension in order to get the best from you. Your best is also not enough in order to compete with those who are just replacing their manual work with intelligence. Go ahead, take the demo of the web scrapping tool, use it and experience the change. Wait wait wait explore first, know all about web scraping.

What does OCR mean?

Optical Character Recognition or Optical Character reader is a technology that is used to extract data from scanned images in the form of texts and store them in text files or JSON files.  OCRs generally are trained using scanned images or digital copies of each word placed in a box, which we call the bounding box. Each bounding box contains each word that is labeled there is a pre-defined dataset and then after the model learns from the data it gives its prediction.

What does OCR stand for?

OCR stands for Optical Character Recognition or Optical Character reader.

OCR

What is OCR in the accounting industry?

In the accounting industry, there is a lot of manual work like accounting data from documents, text extraction or data extraction from images, and many more. And all these manual works need to be 100% accurate.

Manually going through bundles of data and then processing it manually is nothing more than a waste of time. Instead of doing this, you should automate all these tasks with the help of OCR. OCR accounting is the most efficient way to get the most out of your accounting tasks.

OCR accounting can help you with-

  • Automating documents into excel
  • PDF documents into Google docs
  • Recognize data from documents and images.
  • Extract only required data from invoices and receipts.
  • Reducing processing time with accuracy.

Benefits of OCR in the accounting industry

Less time taken

Doing every small work manually will take too much time with high risks of error. OCR will help by automating all manual work with 100% accuracy and much less time. This doesn’t mean it’s will replace smart people. Instead, it means that you can use those smart brains in important works instead of manual work. This single change i.e., shifting from manual to OCR can increase your productivity by multiple times.

Filtering only required data

While working out with bundles of documents people always feel frustrated. There are many reasons sometimes you need only 2 line information from the whole page. Do you understand how it directly affects your productivity?

OCR will simply give you the required information in seconds just at one click. Believe that you can’t imagine the change that it’ll bring.

OCR

Improve accuracy

People we all are human beings and you can’t just tell anyone to work with 100% accuracy and that’s not possible also. But OCR is a modern-day technology and this guarantees you 100 and 1% percent accuracy.

Real productivity from employees

When those smart brains who are working on useless manual work that can be easily done with OCR will work on real productive work. Those employees that you have hired to work on innovative projects will give 100% to those projects. And that’s something that can put you ahead of your competitors.

More about Docextractor

So it’s high time that you need to get yourself and your business introduced to this modern-day ML-based tool, Docextractor. This will help you automate data extraction in every way possible.

Hurry up and for more information must Book a demo.

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Docextractor will help you extract resume data in an organized and most efficient way possible.

 

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