Top 5 OCR Finance Solutions of 2024

OCR, or Optical Character Recognition, not only helps in saving manpower from being wasted on clerical tasks, but also improves the efficiency of data extraction, its accuracy, and usability for further processes consisting of the data being extracted.

Out of numerous OCR finance solutions available in the market, we’re listing out the top 5 of them. 

Let’s jump right into it:-

Best OCR finance software for 2024

Here’s the list of top five OCR finance software in 2024, not in any particular order:-

1. Docsumo

Docsumo is an intelligent document processing software that targets data extraction and financial document processing with the use of artificial intelligence. This is a holistic solution that takes care of the enterprise-level documents processing automation needs of a company. 

Let’s take a look at some of its features:-

Features

• Docsumo comes loaded with pre-trained APIs for popular financial document types such as IRS tax forms, Acord forms, identity verification documents, invoices, and logistics documents.
• The software provides end-to-end document automation.
• Workflow automation through modular blocks (that are customizable) and APIs.
• Automated documents processing with accuracy as high as 99% with turnaround time of less than 30 seconds.
• Documents processing solution that is 50% cheaper as compared to others.
• Fraud detection (which comes in handy to detect forged financial documents).
• Software is integrable with other APIs and Cloud platforms.
• SOC-2 certified and GDPR compliant.

Pros

• One of the top benefits of Docsumo is that there is no need to set up templates as the software deploys artificial intelligence to do that.
• The data can be downloaded in any format – CSV, JSON, Excel, XML, which is helpful for insurers, creditors, and other such professionals.
• Extracted data can be fed into other software seamlessly – Tally, Quickbooks, etc.

Cons

• Deployment is purely over Cloud in SaaS form – the on-premise solution is not available.

Pricing

• Free trial available.
• Pricing starts at $500 per month.

2. Nanonets

Nanonets helps extract selected data from unstructured financial documents and populate them onto digital forms using artificial intelligence. Its AI works well with unseen and semi-structured data.

 Let’s take a look at some of its features:-

Features

• The artificial intelligence imbued in the software learns more with each document processed, delivering more accurate results each time.
• Financial documents can be imported from various sources – scans, email, computer files, etc.
• It also features data validation of extracted data and faster API response times.

Pros

• Accurate, clean data extraction in friendly, usable formats like CSV.
• Simple user interface which is easy to use and doesn’t require much training.
• Good customer service and response is available to users.
• GDPR compliant.
• It can be integrated with popular web-based applications.

Cons

• Price is a little steep for a software that has high competition in the niche
• Invoice post-processing is a feature that is lacking in the software

Pricing

• Free trial available
• Free version available
• Subscription version available for $499 a month

3. Ocrolus

Ocrolus is an OCR finance software/solution that boasts intelligent automation with a human in the loop, assuring about 99% accuracy in financial data analysis. 

 Let’s learn about some interesting features of this software:-

Features

• Accurate data extraction from any type of financial document – be it an image, or text-based, and of any quality.
• The machine learning feature helps with data classification of financial data.
• Combination of human-in-the-loop and computer vision helps with data extraction and structuring.
• Fraud detection (which comes in handy to detect forged financial documents).
• Financial parameter analysis.
• Software is scalable according to enterprise needs.

Pros

• Ocrolus is especially suited for financial documents processing.
• Capability to derive insights from data for cash flows, assets, and liabilities.
• Also has features that help form employee profiles with respect to incomes, identity, and more.
• Helps form customer income profiles from collected data.

Cons

• The dashboard isn’t very user-friendly.
• The turnaround times are longer in some cases.

Pricing

• No free trial.
• No free version.
• Pricing on request.

4. Docparser

Docparser is an OCR software best suited for template-based financial documents. It is one of  the most advanced OCR software for financial documents processing available in the market. 

Let’s take a look at some of its features:-

Features

• Data capture and transfer to end-point solutions such as MS Power Automate or Zapier.
• Docparser comes with an integrated template builder for extracting structured data into defined templates. It also has rules to help you extract data into structured forms.
• Third-party integrability with other applications.
• Many templates are available for finance and business; customized templates can also be built.

Pros

• Docparser gives great control and leverage over the financial data to be extracted.
• Extremely easy to set up and use, even for someone not well-versed with such software.
• Automation helps save a lot of time.

Cons

• Inability to perform search and filter functions on the financial data in the parsed documents.
• Lacking customer support outside of the USA.

Pricing

• Free version available.
• Free trial available.
• Pricing starts at $39 a month with 100 documents included in the package.

5. Hyperscience

This OCR technology is available as a Cloud-based SaaS, intended for use by industries like finance and insurance. This software specializes in extracting financial data even from complex and handwritten documents. 

Let’s read about its features:-

Features

• The proprietary machine learning module reads through imperfect documents to deliver accurate results.
• Can be deployed straight out of the box.
• Modular application to retrofit to your business needs.

Pros

• Deployable on-premises as well as over the Cloud.
• Comes with natural language processing, predictive modeling, version control, and deep learning for better accuracy and faster output.
• In-person and online training available.

Cons

• May not be suitable for smaller businesses because of its high-performance and wider-expanse features.

Pricing

• No free trial available.
• No free version available.
• Pricing per feature on request by vendor.

Why choose Docsumo?

The first reason to choose Docsumo is that it is a holistic solution that takes care of all financial document processing needs without being heavy on the budget or compromising on workflows or necessities. Field level accuracy is over 99% which is exceptional especially for the finance sphere where errors can't be afforded.

Schedule a free demo today to to streamline your financial document processing end-to-end.