How to Set Up Automated Invoice Data Extraction

Invoice processing can drain a lot of time from your workweek. Despite living in this digital age, many invoices are still printed off and entered manually into accounting systems. Even PDF invoices are often entered by hand because companies have not found an accurate and affordable solution to automate this process.

It doesn't have to be that way. With automated invoice processing, you get to eliminate the entire process of manual information extraction and use artificial intelligence to power your entire payment process. A good invoice processor will be able to handle invoices for any size of business from small startups to large enterprise-level organisations.

What Is Automated Invoice Data Extraction?

Invoices are generated in numerous ways, through online templates, software, point of sale terminals, and more. Each method of invoice creation has its own formatting and layout rules. This makes extracting data from invoices extremely difficult, forcing many businesses to complete the process manually.

Automated invoice data extraction is a way to extract data from invoices for easier analysis and entry into your accounting system, no matter what format they follow.

How to Set Up Automated Invoice Data Extraction

Setting up automated invoice data extraction is easier than you'd think.  Invoice extractors typically work through APIs which are integrated with your existing accounting software or API. This is a job for your developer, but if you sign up for a well-documented invoice data capture service like Affinda, the integration will be a cinch. Support staff will be ready to help customize the extract and take care of any difficulties.  If you'd like to use Affinda's invoice parser and your company uses Quickbooks or Xero, the integration work is already done for you.

What about if you'd like to use automated invoice data extraction but aren't quite ready to commit to a plan? No worries, there's a no-commitment trial option just for people like you.  Try uploading a few invoices to see how it works, then take a moment to consider how much time, stress, and money this simple tool could save your organization. You can even get a free API key.

Why You Need Automated Invoice Data Extraction Software

Here are a few reasons why you should make setting up automated invoice parsing a priority before this quarter is over.

Saved Time

Imagine a world in which no one has to complete manual data entry for supplier invoices. That can be you.  With invoice capture software, you can free up your staff from the tedious process of entering invoice data. Your overworked staff are sure to appreciate the extra time to get the rest of their work done.

Structured Data

Turn unstructured invoices into structured data by processing them through an automated invoice extraction tool. You'll have one place to refer back to for all invoices, rather than trying to find each invoice separately to check the due date.

Accurate Data

Human error is a significant issue that many companies without an invoice parser are currently facing. Having accurate information about all invoices your company sends and receives is crucial for compliance and your finances. Missed due dates, incorrect payments, and other errors all equal time and money lost. Automate invoice data extraction and reap the benefits of having accurate data close to hand at all times.

Lowered Cost

Not only is manual data entry sometimes inaccurate, but it's also extremely inefficient. It might take your staff hours to process the number of invoices that would take an extractor software mere seconds. Time is money, so this is an expensive way to conduct business. Automation can help to dramatically reduce your costs when it comes to invoice processing.

Streamlined Audits

Organizing data from large resperitories of scanned documents has never been easier. Using an invoice parser speeds up the auditing process and makes it far less of a headache for your team to pull the data together.

Affinda's Automated Invoice Data Extraction Tool

Affinda offers an automated invoice data extraction tool with the same functionality as competitor products but at a much lower price. Our focus is on quality and customer care, and we're always happy to adapt the product to suit your unique requirements.

Leveraging the power of machine learning, our software learns from its own mistakes and recognises a wide range of invoice fields no matter what layout they are in.

If you need more time in the day, you need Affinda's invoice data extractor.

Contact us today to find out more about how to get started.