Originally published at https://nanonets.com on May 28, 2021.
In the current era where almost all business transactions are digitized, it is important to convert bank statements to Excel, csv or other structured file formats. Such digitization is vital for producing reports, presentations, archiving of records, and making data in these documents machine-readable.
Most bank transactions are now online, and this includes the issuance and receipts of bank statements by banking customers. …
Originally published at https://nanonets.com on May 26, 2021.
Invoice data capture and processing is a vital function of the Accounts Payable department in any company.
It is the process of extracting relevant data such as invoice number, supplier name, address, amount etc., from invoices, validating the extracted information, uploading it to an ERP software, ascertaining match (against receipts & POs) and finally initiating payments.
A methodical invoice data capture prevents backlog, transaction errors, and enables seamless “closing of the books”.
Efficient invoice capture carries with it the following benefits:
Originally published at https://nanonets.com on May 25, 2021.
The PDF file format is convenient for visualizing & sharing data. But PDFs are not machine readable! The data contained in PDFs isn’t structured in a format that computers can “read” or “understand”.
Converting a PDF to XML or any other structured format (CSV, JSON, Excel etc.) allows computers to process data easily. This is especially crucial for organizations that look to embrace end-to-end digital workflows.
This article covers various options to convert PDF to XML. …
Originally published at https://nanonets.com on May 19, 2021.
Business data & transactions are increasingly going digital these days. And paper documents are being replaced with scanned images, PDFs, emails, and other digital formats. Business workflows run smoother on digital documents, as important data can be shared almost instantly.
The effect of this digital transformation can largely be seen in the way businesses process & validate invoices, using invoice scanners (also receipt scanners). As invoices, receipts, and POs are some of the most common documents that businesses have to process regularly.
An invoice scanner is a software that captures all the…
Originally published at https://nanonets.com on April 14, 2021.
Ever tried extracting data from PDFs? It can be extremely tedious and time-consuming! While you could still extract text from PDFs by copy-pasting (prone to formatting errors), extracting tables from a PDF is way more complicated & cumbersome! Ever tried converting a bank statement from PDF to Excel?
Business workflows today largely involve the exchange of PDF documents( financial documents such as invoices, receipts, reports etc.). And most data-rich business documents present complex information in tables.
Originally published at https://nanonets.com on April 13, 2021.
Business processes often require you to extract text from PDF documents or convert PDF to XML or other structured formats. PDFs are tamper-proof, secure, and the most preferred format for exchanging data and information; but they are unfortunately not editable. If you opt to manually extract text or data from a PDF file to create a report or make a presentation, it could take a lot of time!
Most solutions that can efficiently extract text from PDFs (other than PDF parsers) today leverage OCR (Optical Character Recognition) capabilities. OCR technology can be…
Originally published at https://nanonets.com on March 13, 2020.
Financial & accounting documents play a critical role in driving business processes. Businesses handle & verify various financial or accounting documents such as invoices, receipts or purchase orders as part of their daily workflows. And as businesses grow they have to handle & process a lot of such financial documents.
Organizations tend to have dedicated accounting teams to check financial documents, enter the data into accounting software, verify the data against supporting documentation, and finally process transactions if needed.
For example, an organization might need to verify a supplier’s invoice against a…
Originally published at https://nanonets.com on April 7, 2021.
You would be familiar with OCR, if your business has been looking to optimize or automate its organizational workflows. But what is OCR or OCR software? And what is it used for?
OCR (Optical Character Recognition) is a popular technology that converts any kind of text or information stored in digital documents into machine-readable data. Hard copies and paper documents can thus be converted into computer-readable file formats, suitable for further editing or data processing.
Conceptualized around the early 20th century while developing reading machines for the…
Originally published on Jan 6, 2021 at https://nanonets.com/blog/ocr-software-best-ocr-software/ this article is a detailed review of the best OCR software .
OCR or Optical Character Recognition is a technology that identifies & recognizes text within scanned documents, photos or images. OCR software leverages this technology to extract data from PDFs or scanned documents by converting it into machine-readable text data that can be edited & stored more conveniently for further processing. OCR is also used in various other use cases such as extracting tables from PDFs, extracting text from images or extracting text from PDFs or other non-editable formats.
While organizations exchange data & information electronically, a substantial amount of business processes are still driven by paper documents (invoices, receipts, POs etc.). Scanning these documents, as PDFs or images, allows businesses to share & store them more efficiently online. …