What is an OCR in finance?

OCR stands for Optical Character Recognition and transfers the values from financial statements into a database. OCR in finance saves you time and effort processing data and boosts accuracy. It will speed up your workflows and benefit companies in analyzing past performance.

What is an OCR statement?

OCR financial statements are an editable and searchable digital version of scanned or paper statements. They include data extracted and recognized by the OCR technology, which you can manipulate. You can utilize the SwifDoo PDF, Docsumo, or DocuClipper to convert statement images or scans into text-based data. Or, you can turn to AI to extract data from a PDF statement.

Financial Data Extraction: 5 OCR Tools for Financial Statements

Introduction:

A regular task in business is to extract values from financial statements documents to analyze and calculate. To do that, you often need to perform Optical Character Recognition or OCR on the financial statements. Manual extraction is time-consuming and outdated. How do you automate the process to eliminate the annoying entry steps? Read this article to find out the five best OCR software programs for financial data extraction, including a PDF converter.

1. SwifDoo PDF

SwifDoo PDF is an efficient and accurate OCR software for handling financial statements. It allows you to convert statements in PDF format to Excel and easily extract the specific data. The software will preserve the layout and formatting of the documents. Additionally, it allows you to directly edit existing data in a PDF and convert PDFs to Word or many other formats.

Download the financial data extraction software and see how to extract data from financial statements in PDF.

Download SwifDoo PDF OCR Statement Converter

Step 1: Open the PDF financial statement in the SwifDoo PDF application.

Step 2: Go to the top menu bar to choose Convert > PDF to Excel.

Step 3: Add the PDF document, such as a balance sheet, bank statement, and annual report, to the converter.

Step 4: Click Start to start the financial data extraction, and an Excel file will be generated.

The OCR option is selected by default in the Settings window.

Step 5: Open the Excel file with data well-organized to do whatever you want.

Download SwifDoo PDF Financial Statement Converter

Tips: Whether you straightforwardly extract text from scanned PDFs or scan paper financial statements to editable PDFs to convert to Excel, SwifDoo PDF serves you at its best. Its scan-to-PDF feature digitizes your documents: choose Create > From Scanner in the software. Multiple PDFs can be processed at once for financial data extraction.

Tips: SwifDoo PDF allows you to edit a bank statement PDF. Choose Edit > OCR to make the PDF editable. Then click Edit All to start your editing.

How to Edit Bank Statement: 2024 Online/Offline Guide

This blog post aims to showing you how to edit bank statement. Three popular PDF editors are recommended in this article. Click on this page and read more.

2. Docsumo

Docsumo is a popular software that can automate financial unstructured data extraction. It enables you to deal with financial documents with OCR powered by AI. It supports files in PDF and image formats. It can OCR PDFs to scan and extract values, names, dates, and other details, exporting them as CSV and JSON files.

The financial data extraction tool requires you to sign up, log in, and choose the document type you need to create before you start. The workflow is a bit longer.

3. Nanonets

Nanonets is another approach for financial report data extraction. Its OCR allows you to convert financial statements in PDF into a database and a structured output for downstream systems. It works with driver’s license, invoice, tables, and more types of files.

To convert a Nanonets PDF to Excel for financial data extraction, you need to register for an account. Sign in, choose a transformation workflow or extraction model, and upload the document.

4. PaddleOCR

PaddleOCR is an open-source and free financial statement data extraction solution. It is a good OCR toolkit for developers, as users need to use Python scripts for processing and structuring the extracted text. Its latest update improves the text-recognition accuracy and complex document parsing. The best OCR for financial statements documents can recognize over 80 languages.

The financial statement formats that PaddleOCR can treat are JPEG, PNG, and PDF.

5. DocuClipper

Financial data extraction can be done with the online DocuClipper. Unlike other OCR software and bank statement converters, it allows you to correct errors in the extracted data. The software offers a 14-day free trial, after which you will need to purchase a paid plan. It implements data extraction of financial statements such as balance sheets from any scans or digital PDFs. It converts form fields into Excel, CSV, or QuickBooks.

Regarding how to get an OCR bank statement, you have to experience a complicated setup, then upload the statement, convert it, and download the extracted data.

Conclusion

Are you suffering from the increasing volume of financial data extraction? The financial documents are typically scanned PDFs or image files created from paper documents. Copy-pasting can drive you up the wall. Fortunately, you can solve the challenging problem by utilizing OCR to automate data extraction for financial services.

There are lots of options for importing the data into Excel or other editable formats. The robust PDF editor, SwifDoo PDF, and the other mentioned OCR tools for financial statements do their job exceptionally well.