Invoice OCR software that extracts invoice data automatically, transforming a stack of raw invoices into a database of structured invoice data, is one of the 21st century’s biggest gifts to accounts payable departments worldwide. If you’re still using manual data entry to input data from paper invoices, it’s time for an upgrade.
What is Invoice OCR Software
Invoice OCR software is the foundation for accounts payable automation. Based on AI and machine learning, this type of software can take any kind of invoice — emailed invoices, pdfs or word documents, as well as scanned invoices — and perform intelligent data capture. Extracting key fields such as amount due, purchase order number, and payment instructions, it uses this information to populate key fields in your accounting software or ERP.
How to Extract Invoice Data using Invoice OCR Software
Invoice OCR software such as Affinda’s Invoice Extractor is meant to be integrated directly into your favorite accounting software or ERP through an API. It’s a simple process, and if you use popular software such as Xero or Quickbooks, the work may already be done for you. Affinda has ready-to-go integrations for both of these accounting software options.
But integrating invoice parsing software directly into your accounts payable process is a big commitment. Theoretically invoice processing automation may be wonderful, but is it just as efficient in actual practice? Before you commit to automated invoice capture you may want to try a free online version to see exactly how an invoice processing software can perform. Here’s how you do it:
- Visit https://affinda.com/invoice-extractor/
- Drag and drop your files into the large grey field center screen, or use the Choose files link to select your files. Data extraction will begin automatically.
- Click Export all to download your results.
- Choose the type of file you’d like to download and click download in the dialogue box.
Your choices for file type are JSON, XML or Excel. JSON and XML are ideal for importation into a computer database; Excel is more useful if you’d like to view the data directly or manipulate it in Microsoft Office.
You can upload up to 25 files at a time on the online Invoice Extractor, and they can be in any of Affinda’s supported 56 languages. Of course, once you upgrade to an OCR API integration you can batch process invoices without any limits!
How Your AP Team Can Benefit From Invoice OCR Software
Here are just a few of the benefits you’ll see when you integrate OCR invoice processing into your routine:
Quicker invoice processing
Get through a stack of invoices in minutes, not hours, and take advantage of early payment bonuses. Automated invoice processing means you’ll never get behind again.
More accurate results
Humans make mistakes, especially so when they are taxed with boring, repetitive, never-ending jobs. Get more accurate results with an invoice parser than never gets tired.
Free up your staff for more rewarding projects
With manual data entry out of the picture, your staff will have time to work on your priorities and keep your AP office working smoothly.
If you’re still wondering how to incorporate invoice OCR software into your invoice processing routine, we’d love to talk you through it. Get in contact today.
