Office Lens is an app that lets you capture notes, business cards, reciepts, and any other scrap of paper as a digital file. Microsoft released a version of Office Lens for Windows Phone last year, and now it's coming to Android as a beta. It's free, but you need to do the usual beta program song and dance.
To save a slip of paper as an image, simply open the app and point the camera at your target. The app will automatically frame, crop, and enhance the image. It does a very good job too. Microsoft talks up how well Office Lens integrates with One Note, and I'm sure that's true. However, you can also save the resulting file to the gallery, OneDrive, Word, PowerPoint, or as a PDF. That's the extent of your options, though.
Printed text will be recognized with OCR so you can edit it later. I suspect this will only work if you dump the files into OneDrive. You can give it a shot by joining the beta community on Google+ and opting into the test.
- Microsoft Office Blog