The transcription program I have is called Audio Cleaning Lab, by the German firm Magix.
Have used it under Windows for a few years now, to transfer and clean up around 150 LPs to CD. It works really well, and is based on professional studio editing programs.
You first line-in record the LP to the PC, resulting in a WAV file.
Then the fun begins.
Choice of "Auto" (bit like I Feel Lucky), where the program will quickly scan the recording to detect clicks, hiss and other artefacts, making a copy of the recording, with the noise subtracted from it.
Or, much more fun and more thorough, do the job manually.
Sampling a few seconds of the "run-in" of the LP (bit before the first track, or a gap between tracks), the system logs the background hiss and disc/turntable rumble. One push of a key, and this is gone, leaving gaps between tracks as silence.
Playing the recording through, it is displayed as a waveform (Jim would like that). This can be vastly expanded time-wise, to inspect and cut out a click (or worse), either automatically, or manually (cut, cut, join), thus removing a few milliseconds - nothing the ear would detect.
If you really want it, there's control over tempo, without affecting pitch.
After cleaning, album and track titles can be written in, and will appear on a text-enabled CD player.
All done at the quality you choose. I normally leave it at iirc 44.1k (CD quality).
Extra fx include mono, vinyl (!), transistor radio, telephone, concert hall . . . All the usual.
Great fun. Can be used for speech editing, too. Digital equivalent of razor blade, edit block and sticky tape.
Latest version here:
Good headphones essential.