The method of self-similar factor approximants is completed by defining the approximants of odd orders, constructed from the power series with the largest term of an odd power. It is shown that the method provides good approximations for transcendental functions. In some cases, just a few terms in a power series make it possible to reconstruct a transcendental function exactly. Numerical convergence of the factor approximants is checked for several examples. A special attention is paid to the possibility of extrapolating the behavior of functions, with arguments tending to infinity, from the related asymptotic series at small arguments. Applications of the method are thoroughly illustrated by the examples of several functions, nonlinear differential equations, and anharmonic models.