You may have tried PDF invoice data extraction tools in the past, and they haven’t worked as accurately as you’d hoped. Unfortunately, not all software is built to the same standards. So, what’s the secret to successful PDF invoice data extraction? The answer lies in the technology used.
Why Use a PDF Invoice Data Extraction Tool?
Think over your current workflow when you receive paper invoices or invoices as PDF files. Many companies are behind the times, expecting their staff to complete time-consuming manual data entry. That’s all well and good until you get multiple invoices coming in at the same time and suddenly your staff are snowed under with manual processing.
Using a tool that can take digital PDF documents and scanned PDF files and turn them into extracted data can save you hours of time each week. Essentially, an invoice parser can convert a PDF invoice to an excel spreadsheet so you can more easily sort, report on, and categorise information. An API integration can also push that data through to your accounting system for a more seamless workflow.
What Makes a Good PDF Invoice Data Extraction Tool?
Here’s a few of the characteristics of a quality PDF invoice data extraction tool:
Many invoice processing tools use templates, meaning that when an invoice is reviewed, the technology tries to compare it to set invoice templates to read the data. This type of invoice data extraction is often less accurate because digital invoices come in various formats.
Instead, Affinda’s tool excels at extracting data from PDF invoices through adaptive recognition. Instead of trying to exactly match PDF data to a template, the invoice parser adapts to new PDF formats to correctly extract data.
Affinda’s invoice data extraction automation software can detect key fields from a range of layouts. Using invoice OCR (optical character recognition), it can locate words and sentences and turn them into data. It also learns from its mistakes, bringing you the best of machine learning.
Natural Language Processing (NLP)
Natural language processing is the act of discovering the meaning behind the text. Instead of taking the extracted data at face value, the invoice parser uses context to detect the real meaning of information.
This helps you gain a more accurate categorisation of data, resulting in a more reliable output. This also allows for semantic search, so you can find precisely the data you want, no matter how it was originally written.
Many Fields Extracted
A good invoice data extraction software can extract data into numerous fields. The more fields it can separate the information into, the better, as this drills down into the exact details that are useful for your business. Affinda’s invoice parser extracts information into over 50 fields, including address, invoice number, date, supplier details, SKU data, and many more!
What’s the Secret to Successful PDF Invoice Data Extraction?
The secret to successful PDF invoice data extraction is Affinda’s invoice parser. It uses all of the technology listed above to accurately parse and extract information from both digital and scanned PDF invoices.
This enterprise-level parser is designed to easily handle anything from a handful of invoices a week through to bulk invoice processing as your business needs fluctuate. The pricing model enables you to pay for a number of invoices processed per year to allow for the ebb and flow of your business’s parsing needs from month to month.
Get in touch with us today to find out more! One of the friendly, tech-minded members of our team would be happy to chat with you and answer all the questions you have about the invoice parser.