OCR, or Optical Character Recognition, converts text in scanned images and documents into machine-readable data using AI & Machine Learning algorithms. Receipt OCR applies this technology to digitize receipts and extract meaningful data such as sale price, total price, tax rate, tax amount, merchant name, date, discount and more from scanned receipts. ‍Nanonets Receipt Scanner OCR automates accounting by eliminating the need to collect, verify and manually key in data from receipts for financial, accounting or taxation purposes. Digitizing receipts using Receipt OCR API helps businesses save costs, resources and time apart from being an efficient way to store, archive and analyze important data.