In their race to implement automation technologies for document-processing operations, businesses need clear and defined criteria to choose the best OCR software. This article includes industry-based application of OCR technologies.
In their race to implement automation technologies for document-processing operations, businesses often fail to understand the underlying criteria to choose the best OCR software.
With a market growth projected to reach about $17 billion in 2025, companies of any size and industry are adopting optical character recognition (OCR) technologies to attain fast, error-free document manipulation and keep up with the competitors pace.
Yet, as choosing software is a matter of matching custom needs, finding the right balance between price, ease of use and flexibility is
For this, we have analyzed some of the best OCR software solutions, differentiating them by price, customer reviews and core functions.
OCR (Optical Character Recognition) technology to identify, extract and convert data from different types of documents, with the goal of making it machine-readable.
In fact, a capable software is capable of extracting text from PDFs, images and even handwriting from scanned papers by analyzing the shapes of letters, numbers, and symbols.
This way, users can edit, search, and store text in a structured format, making a whole lot of operations like invoicing, sensitive document validations, and payment approvals more accessible, flexible, and fast.
Here are some key applications for common business operations,
For accounts payable and finance teams looking to accelerate up to 6x their invoice processing, including automating the entire payment cycle, from capturing the correct file to reconciliation.
Common time-consuming tasks related to invoice management solvable by OCR are selecting and validating the correct vendors, identifying timelines and approval cycles to process error-free payments and clustering documents by certain criteria (like vendor type, amount cap or payment date).
OCR is a critical component when it comes to extracting and transferring certain data to other file formats (like spreadsheets) or other systems (like ERPs and CRMs).
The mantra here is flexible accuracy: to ensure a reliable lift-off of the manual keying, the best OCR software must be precise but capable of connecting with other tools in a nimble way.
The core value teams can get from this is raw, cumulative earning of time to spend on more valuable tasks.
Talking about tasks that make people waste time, the most frustrating ones are the simple ones.
Accounting and finance teams spend hours every month finding the correct data to issue a receipt, as well as retrieving that same receipt.
Thus, core applications here are about document detection (pulling the correct receipt from a database, an ERP, or even from an email), data field identification (automatically understanding which field means what), data extraction (pulling out precise numbers), up to actual payments or email-forwarding.
Other core operations often relate to cross-department activities, such as the retrieval of the right document for customer service agents, validating KYC flows for administration teams, and scanning client contracts for sales representatives.
The best ocr recognition software makes these and other functions possible by connecting efficiently to existing tools, so that the organization doesn’t have to dismantle its current tech stack.
Because of this, offering transparent, flexible and secure Application Programming Interfaces (APIs) is often the critical decision maker by which companies judge and choose their best ocr tool.
OCR software provides several advantages for businesses:
We crafted this list leveraging the knowledge of software engineers, IT experts, and accounting managers with decades of experience. This software evaluation takes into consideration both technical characteristics and customer reviews, keeping in mind the best interest of industries where document processing is critical. Our research does not aim to discredit any of the mentioned software providers.
Procys is a comprehensive automation platform that uses AI and Machine Learning (ML) to read, extract and convert data from any type of document.
Users consider it one of the best OCR recognition software for critical tasks, including accounts payable management, invoice and receipt scanning, and data entry, making it the central point of control to accelerate document processing and minimize manual tasks.
Procys integrates with a plethora of ERPs, accounting and automation tools, and CRMs.
Key features
Pricing
Procys plans start at € 9,99/month, with a free account to try its core functions, up to enterprise-level custom functions.
Start accelerating your work 6x for free.
Pros
Cons
Adobe Acrobat Pro DC is a widely used OCR tool that offers document conversion, editing, and text recognition within PDFs.
Key features:
Pricing
From $12.99/month to $19.99/month, but price varies with country (various Adobe subscriptions may include Acrobat Pro DC or Adobe Scan).
Pros
Cons
Adobe Scan is the proprietary, simplified OCR app of the Adobe suite, perfect for quick, mobile-friendly OCR operations and document conversion.
Key Features
Pricing
Free, but requires a premium Adobe subscription for advanced features.
Pros
Cons
Microsoft OneNote includes a built-in OCR feature that allows users to extract text from images and handwritten notes.
Key features
Pricing
Free with the Microsoft 365 suite or the Microsoft account.
Pros
Cons
A robust OCR solution for users of the Microsoft Suite or of Microsoft Business Central itself; it’s perfect to integrate with more customizable automated document processing tools that use AI to accelerate operational workflows.
Key features
Pricing
Custom pricing through Microsoft 365 plans (generally mid-high tiers)
Pros
Cons
ChronoScan is a high-tier document processing and OCR software designed for wide document digitization and automation processes.
Key features
Pricing
Licenses start at € 245 up to € 1169; plug-ins and other services require additional purchases.
Pros
Cons
Google Cloud Vision API is a machine learning-powered image recognition service that provides OCR, label detection, face detection, object recognition, and more. It allows developers to integrate image analysis capabilities into their applications and workflows.
Key Features:
Pricing
Custom pricing, pay-as-you-go model.
Pros
Cons
Tickelia focuses on expense management, automating the capture, approval, and reimbursement of business expenses. It includes a mobile application for receipt scanning and integrates with various accounting systems.
Key Features:
Pricing
Quotation-based; it covers both low-tier and high-tier pricing options.
Pros
Cons
When selecting an OCR solution, we can consider these general factors:
Nonetheless, businesses are in desperate need of software that adapts to the peculiarities of their organizations and of their industry.
In fact, the best OCR recognition software is as nimble as the niche requires it to be: considering some of the industries that most use this technology, here are how businesses use it when document-heavy operations exist.
One of the most critical industries when it comes to document processing: for finance teams and fintech businesses, security and data protection are constant top of minds, while the need to optimize the management of high volumes of documents (invoices, bank statements, and compliance reports) is impellent.
The financial sector relies on OCR for:
Another critical industry where manually inputting data from receipts, invoices, and tax forms is both time-consuming and error-prone.
Accounting professionals seek ways to improve the speed and precision for compliance with tax regulations, tax return processing, and bookkeeping automation, among other tasks.
Tax agencies rely on OCR to:
Travel agencies and Online travel agencies (OTA) process a large number of booking confirmations, invoices, expense receipts, and travel documents daily.
Having to deal with both end players (service providers, like airlines and hotels, and the clients themselves), agency managers need help to process tedious document operations, with no errors – as, for instance, mistakes in airline-related document processing lead to notorious fees like ADM charges.
Travel agencies rely on OCR to:
Restaurants process hundreds of documents from food suppliers, beverage vendors, and equipment providers, including invoices, contracts and receipts.
Restaurants rely on OCR to:
To stay competitive, using the best OCR software for your business needs is not an if but a which one, even when document processing doesn’t amount to enormous volumes.
Procys stands out for being an all-in-one solution with powerful, customizable automation functions and integrations. You can try it for free here.