Have you ever wished for a magic solution that would prevent your team from spending hours on invoice processing? Manual data entry is undoubtedly one of the most tedious parts of the AP workflow, not to mention time-consuming and inefficient. Luckily, you can now use automated invoice processing to lighten the workload! In this article, we'll show you how– but first, what benefits does bulk invoice recognition software have for you and your firm?
Why You Need Bulk Invoice Recognition Software
Do you sigh whenever you receive a paper invoice? With an invoice extractor featuring built in OCR software, you can save time you would otherwise have spent on invoice scanning and manual data entry.
Invoice data could be in your accounting system within seconds rather than minutes. If your company receives lots of invoices, an automated invoice tool can save you hours each week. Your AP team will thank you, and will now have plenty of time to focus on their other work.
Speed Up Audits
Audits are a headache for any company, and the brunt of the workload falls on the accounting team. By gaining accurate, organised data from bulk loads of PDFs and scanned files, you can significantly speed up the work involved in an audit.
Do you sometimes find issues in your accounting software where someone has accidentally entered a number wrong? Even the smallest typo can have massive effects on your balance sheets – an extra zero or a decimal point in the wrong place can cost your company thousands! Avoid the risk of human error by automating the invoice data extraction process. Choose data extraction software that can demonstrate high accuracy rates, and rest assured that you can fully trust the data in your accounting system.
How To Use Bulk Invoice Recognition Software
The Free Way to do Invoice Data Extraction
- The first step in your process should be to try out some invoice processing software for free online. After all, you need to be certain that whichever automated invoice tool you choose to implement will do what you need it to. You can try out Affinda’s invoice extractor at: https://affinda.com/invoice-extractor/.
- We recommend uploading at least 100 invoices in a variety of formats and file types to rigorously test the invoice OCR software. You can do this by selecting ‘choose files’ and uploading the invoices from your computer. Once selected, the files will be uploaded and parsed.
- Once data extraction is complete, double-check that all of the invoice data is correct. Make sure that you check any scanned documents, in particular, to see if the OCR technology has worked as it should.
How to Use an Invoice Extractor API
- Sign up for a free trial of the invoice data capture API on Affinda’s website. Just enter a few simple details, and then you’ll be able to begin your trial.
- Now it’s time to implement this invoice automation tool in your business. You can do this by getting your developer to integrate it with your accounting software. That way, the data from any incoming invoices will be extracted and pulled through to the accounting platform.
- That’s it! If you want to continue using AP automation, just choose the number of parses you want per month and keep using the invoice extractor.
Affinda’s Bulk Invoice Recognition Software
Here at Affinda, we are proud of our ability to accurately process any type of file, including invoices. We have developed a unique machine learning algorithm that actually learns from its mistakes to improve over time. The model can detect key fields no matter what layout the invoice is in - give it a go to see the results for yourself. Contact us today to discuss how to set up a free trial or get more info on how an invoice parser can streamline your workflows.