Data extraction from PDF can be classified into 2 broad categories:
- Extraction from PDF converted from word document or spreadsheet (i.e. excel document); and
- Extraction from PDF where the content is not text but is images from scanned copy, jpeg and other image files. We also call it Optical Character Recognition or OCR extraction.
Many businesses require image or PDFs to be converted to word or excel document so that they can work on it quickly without having to retype everything from scratch. As every minute wasted is a cost to the business, we understand the importance of introducing you to the platforms or tools where you can convert PDFs to text at high speed and low or no cost.
For extraction from PDF which I mentioned in point 1 (i.e. where you do not require OCR capability), there are now many free online platforms with high quality extraction which you can search via google and use them. Most of them will give you decent output which you are looking for. As such, there is no necessity to go further into this.
Recommended Online Platform for OCR Extraction
On the other hand, for data extraction from images or where OCR capability is required, many online platforms have not reached the high level of standard which provides you with quality extraction. We have tested on many online platforms and two of our favourites online OCR extraction are OnlineOCR and Investintech. These two online platforms provide high quality extraction which you can quickly copy and use for personal and business purposes.
OCR extraction for Accounting
The latest development in OCR is more sophisticated. Artificial Intelligence or AI is built into OCR so that the machine learns where is the critical or necessary information to extract and ignore the information which should be discarded. In the Accounting Industry, OCR with AI capability is going to change the way accountants and bookkeepers work. The extraction, classification and posting of accounting entries will eventually be taken over by machine. Accountants and bookkeepers will have to upgrade themselves to take on higher level tasks.
AI Accounting Video Demonstration on Data Extraction
Below is a video to demonstrate the extraction of data from a scanned accounting document. With this technology, the time for data entry can be drastically reduced and the accuracy of data extraction and classification is greatly enhanced.
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