Best OCR software for invoice processing (OCR Comparison)

Invoice processing remains a critical aspect of business operations; however, manual handling of invoices proves to be time-consuming, error-prone, and resource-intensive. As such, in today's standards, more accounting departments have relied on invoice processing software with the integration of Optical Character Recognition(OCR) along with their accounting software that enables data extraction from structured and unstructured data, efficiently streamlining the extraction of data from invoices, further expediting the process, thus reducing data entry errors, while saving time from manual data entry.

In this article, we will explore the best OCR software for invoice processing. We will be going through some of the most popular OCR software, highlighting each individual features, benefits, and suitability for various business needs. We will also discuss and go through code examples for invoice scanning software using IronOCR.

1. ABBYY FlexiCapture

ABBYY FlexiCapture is a leading OCR software renowned for its accuracy and scalability in its ability to process invoices. It offers advanced data extraction capabilities, enabling businesses to extract relevant information such as invoice numbers, dates, line items, and totals with high precision.

FlexiCapture's intelligent classification technology automatically categorizes invoices based on predefined rules, streamlining the processing workflow. Moreover, it integrates seamlessly with existing ERP and accounting systems, facilitating seamless data transfer and automation.

2. Kofax Capture

Kofax Capture is another top-tier OCR software solution designed for efficient invoice processing. It boasts powerful data capture capabilities, allowing businesses to extract data from diverse invoice formats, including paper-based documents, emails, and PDFs.

Kofax's machine learning algorithms continuously improve data extraction accuracy, reducing manual intervention over time. Additionally, Kofax Capture offers robust validation and verification tools, ensuring data accuracy and compliance with business rules and regulations.

3. Rossum Elis

Rossum Elis is an innovative OCR software specifically tailored for invoice data extraction. Powered by artificial intelligence and machine learning, Rossum Elis can accurately capture data from invoices without templates or predefined rules, making it highly adaptable to diverse invoice formats and layouts.

Its self-learning capabilities enable continuous improvement in data extraction accuracy, minimizing the need for manual corrections. Furthermore, Rossum Elis offers seamless integration with ERP systems and workflow automation platforms, enhancing overall efficiency in invoice processing workflows.

4. Xtracta

Xtracta is a versatile OCR software solution that specializes in invoice data extraction and processing. It offers customizable data capture templates, allowing businesses to define extraction rules based on their specific invoice formats and requirements.

Xtracta's intelligent algorithms automatically extract relevant data fields from invoices, such as supplier details, line items, and payment terms, with high accuracy. Moreover, Xtracta's cloud-based platform enables real-time processing and collaboration, facilitating faster invoice approvals and payment cycles.

5. Hypatos

Hypatos is an advanced OCR software solution that leverages deep learning technology for invoice processing automation. It offers pre-trained models specifically trained on invoice data, enabling accurate extraction of key fields such as invoice numbers, dates, and amounts.

Hypatos' self-learning algorithms adapt to new invoice formats and variations over time, ensuring continuous improvement in data extraction accuracy. Additionally, Hypatos provides seamless integration with ERP and accounting systems, enabling end-to-end automation of invoice processing workflows.

6. Introduction to IronOCR

IronOCR is a versatile OCR (Optical Character Recognition) software library designed to simplify the extraction of text and data from scanned documents, images, and PDF files. Whether you're processing invoices, receipts, forms, or any other document type, IronOCR provides powerful tools to automate the extraction process and improve data accuracy.

With support for over 100 languages and advanced image processing capabilities, IronOCR is a go-to solution for businesses and developers looking to streamline their document processing workflows with an intelligent document processing solution.

6.1. Installation of IronOCR

Installing IronOCR is straightforward and can be done using NuGet, the package manager for .NET development. Follow these simple steps to install IronOCR in your project:

1. Open your Visual Studio project.
   2. Navigate to Tools > NuGet Package Manager > Package Manager Console.

3. In the Package Manager Console, type the following command and press Enter:

   Install-Package IronOcr

4. Wait for the package to be installed. Once completed, you're ready to start using IronOCR in your project.

6.2. Code Example for Invoice Processing using IronOCR

Now that you've installed IronOCR, let's dive into a code example demonstrating how to use it for invoice processing. In this example, we'll extract key information such as invoice number, date, and total amount from a sample invoice image.

using IronOcr;
using System;
using System.Text.RegularExpressions;
var orc = new IronTesseract();
using (var input = new OcrInput(@"invoice.png"))
{
    var result = orc.Read(input);
    var linePattern = @"INV\/\d{4}\/\d{5}";
    var lineMatch = Regex.Match(result.Text, linePattern);
    if (lineMatch.Success)
    {
        var lineValue = lineMatch.Value;
        Console.WriteLine("Customer Invoice number: " + lineValue);
    }
}

using IronOcr;
using System;
using System.Text.RegularExpressions;
var orc = new IronTesseract();
using (var input = new OcrInput(@"invoice.png"))
{
    var result = orc.Read(input);
    var linePattern = @"INV\/\d{4}\/\d{5}";
    var lineMatch = Regex.Match(result.Text, linePattern);
    if (lineMatch.Success)
    {
        var lineValue = lineMatch.Value;
        Console.WriteLine("Customer Invoice number: " + lineValue);
    }
}

Imports IronOcr
Imports System
Imports System.Text.RegularExpressions
Private orc = New IronTesseract()
Using input = New OcrInput("invoice.png")
	Dim result = orc.Read(input)
	Dim linePattern = "INV\/\d{4}\/\d{5}"
	Dim lineMatch = Regex.Match(result.Text, linePattern)
	If lineMatch.Success Then
		Dim lineValue = lineMatch.Value
		Console.WriteLine("Customer Invoice number: " & lineValue)
	End If
End Using

This code snippet utilizes IronOCR, an OCR library, to extract a customer invoice number from the image file "invoice.png". After initializing IronOCR and reading the text from the image, it employs a regular expression pattern to locate and extract the invoice number based on a specific format. If a match is found, it retrieves the value and outputs it as the "Customer Invoice number" to the console, showcasing the practical use of OCR technology for automated data extraction tasks in business applications.

Output

With IronOCR, automating invoice processing becomes more efficient and accurate, allowing businesses to save time and resources while minimizing errors in their accounts payable workflows.

7. Conclusion

In conclusion, invoice processing is a fundamental task for businesses, and leveraging OCR software significantly enhances efficiency and accuracy in this process. ABBYY FlexiCapture stands out for its precision and scalability, while Kofax Capture offers powerful data capture capabilities and continuous improvement through machine learning. Rossum Elis introduces innovative AI-powered extraction without the need for templates, and Xtracta provides versatile data capture templates for customizable extraction rules. Hypatos utilizes deep learning for accurate extraction and seamless integration with ERP systems.

Additionally, IronOCR presents a versatile solution for developers, simplifying text and data extraction from scanned documents, including invoices. Through these OCR software solutions, businesses can streamline invoice processing workflows, reduce manual errors, and optimize their accounts payable processes for improved efficiency and productivity.

IronOCR offers a free trial license is priced at $749 and upwards. For detailed workings on IronOCR visit the official documentation at this link.