2020 and 2021 has prompted many businesses to re-think their operations, adopting new ways of working, emphasizing sustainable growth, embodying brand values, and proactively planning for the future are at the forefront of business owners’ mindsets. 

However, the most obvious example of how the global world has changed is by fully embracing remote or hybrid working. Now, in truth many sectors were already beginning to favour these models. All COVID-19 has done is accelerate any planned operational changes. 

Would this be possible without our digital infrastructure? Absolutely not. Video conferencing platforms like Zoom have become part of our everyday lives. Workflow management apps like Trello are now relied on to a greater extent than ever before, and new technological innovations that are so drastically needed are allowing businesses to seamlessly adjust to the reality of a new working environment. 

One of the most encouraging innovations – and one that has been lauded for its benefits and proficiency – is OCR receipt recognition to digitize business receipts. 

Every business needs to manage its expenses with dexterity to thrive and OCR allows you to do that. So, if you’re wondering how to digitize business receipts and manage your expenses, here’s everything that you need to know about the best OCR receipt parsing software, developed by Tabscanner. 

What Are Optical Character Readers?

First off, let’s start with the basics, namely what are optical character readers? OCR character readers are technology that identifies and converts printed or handwritten text into digital format files. 

Think of it this way, you have a document or receipt, and you want to make sure that you never lose it. By creating a digital pdf file of it and then uploading that document to the cloud, you’ll have a record of it forever. 

What OCR does is to identify individual character sets, transferring handwritten or printed characters into digital code which is then formatted to have the same appearance as the document itself.  

Why Is OCR So Important Right Now?

In our digital world, paper is becoming obsolete. We dare say that it’ll only be a matter of years for expense transactions of all kinds will not be recorded with a paper receipt. But that’s old news. Those in-the-know have been vocal about how antiquated paper receipts are for years. What we’re talking about is the here and now.

So, as of the start of 2022, the world is still fighting against COVID-19. A new, more virulent strain has been identified, yet again. National and regional lockdowns are in full force around the world. Why is this pertinent? The virus lives on paper.

Think about it, how often do you handle paper each day. Even buying food and taking a paper receipt from the cashier puts you at risk. Having digital receipts seems to be the best (and only) way to stop the virus from transmitting from person-to-person if you’re constantly coming into contact with a receipt, right?

How Can Tabscanner Help Protect You Against COVID-19?

If the last nine months have taught us anything, it’s to be vigilant. Taking every precaution to stop the spread of the virus is something that everyone should be doing. This doesn’t just mean wearing face masks, washing your hands, or isolating yourself from vulnerable people. It means being cautious in every area of your life.

As of right now, paper receipts are still ubiquitous. However, you can minimize your own contact with them by digitizing them – and Tabscanner has developed industry-leading OCR receipt parsing to help you do just that.  

Be responsible and digitize all your receipts. Protect yourself and those you care about. Businesses will still send receipts, of that there is no denying. But you don’t have to handle them repeatedly. Don’t just take a few precautions like washing you hands or wearing a face mask, take them all – including minimizing your contact with paper receipts.

How Does Tabscanner Uses OCR to Digitize Business Receipts?

Tabscanner helps you to power your software with the world’s most accurate OCR receipts API. The cloud API allows users to extract and parse accurate data instantly. 

OCR has been refined and honed over more than a decade and today our intelligent data capture understands receipt data fields at human levels of intelligence. 

The only technology to return accurate line items from any POS receipt in the world, Tabscanner software provides users with the assurance that they can not only manage their expenses and overall finances with assurance, regardless of their region or currency, but that they are safeguarding themselves against contracting COVID-19.

Powered by a simple and robust API that has been meticulously designed by leading developers and computer scientists, Tabscanner’s lightning-fast cloud API can process all data fields from a POS receipt in under 2 seconds. 

Better still, Tabscanner has been tested and has been verified to achieve 98% accuracy on all core line data, including amounts spent, establishment name and dates. This is achieved through intelligent line receipt data extraction that no other competing OCR API can match.

Protect Yourself and Streamline Business Operations with Tabscanner’s Receipt Recognition

We’re in unchartered territory at the moment – both professionally and societally. But it’s in times like these when leaders step forward to guide us safely through these tumultuous times. 

This is exactly what Tabscanner is. We are a global leader in commercial innovation that meets the needs of the 2022 world.