Automated Invoice Data Extraction: Advancements and Challenges in OCR-Based Approaches

Automated Invoice Data Extraction: Advancements and Challenges in OCR-Based Approaches

Arti Singh1, Sneha Kanwade2 , Siddhant Shendge3, Amoksh Layane4, Kohsheen Tikoo5 , Krushna Somawanshi6,

Dr.DY Patil Institute of Engineering,Management And Research,Akurdi,Pune arti.singh@dypiemr.ac.in , sneha.kanwade@dypiemr.ac.in , siddhantshendge63@gmail.com , amokshlayane10@gmail.com , eshutikoo@gmail.com , krushnasomvanshi05@gmail.com ,.

ABSTRACT
The Invoice Recognition System (IRS) is an innovative system that is poised to revolutionize automatic data extraction from invoices. The IRS expertly translates handwritten and printed invoice data into efficient digital formats, utilizing cutting-edge data capture techniques and Optical Character Recognition (OCR) technology. The IRS, built for businesses with huge invoice volumes, aims to significantly enhance financial and administrative productivity by reducing errors and eliminating the need for manual data entry. The system makes advantage of OCR precision to ensure that information is thoroughly interpreted and extracted, enhancing data accuracy and processing speed. The IRS appears to be a useful tool for improving complex financial and administrative procedures, thanks to its adaptability to various invoicing forms.

Keywords: invoice recognition system,OCR(optical character recognition),Automation,Invoices.