According to Billentis, up to 85% of all invoices in the UK were issued on paper in 2016. With billions of paper documents entered into accounting records, making data entry more efficient is critical for all businesses. Here’s how OCR and machine learning can help you ditch manual data entry for good.
There are many tools in the developer’s toolbox when it comes to automatic data extraction. A good example is TF-IDF algorithm (Term Frequency – Inverse Document Frequency) which helps the system understand the importance of keywords extracted using OCR. Here’s how TF-IDF can be used for invoice and receipt recognition.
Invoice data capture is a must-have solution for many businesses in the finance industry, from online payments, to bookkeeping, to even banks. There are a few viable options to consider when selecting the right data capture solution to meet your requirements.
Data extraction tools are handy for all accountants to make sure they don’t waste their time on manual data entry. To make it possible, you need a need to understand what OCR is and how it works to read and understand expense-related documents. Read on as we reveal the intricacies of how arbitrue extracts data […]