July 12, 2022
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3 minutes
With so many options out there to choose from, how can you be sure that you’ve got the best invoice data extraction software for your company's needs? Find out what to look out for and how to select an invoice automation tool that suits your business.
What Does Invoice Data Extraction Involve?
Invoice data extraction is the process of taking invoice documents and processing them to attain structured data. Imagine a machine that takes raw invoices and turns them into an Excel file where amount due, payment information, and all other key data is neatly extracted into relevant rows. This type of invoice processing eliminates manual data entry, saving businesses a significant amount of time and money. The structured data can be read by standard accounting programs and ERPs to enable fully automated AP processes.
What Is OCR for Invoices?
OCR for invoices, in the form of an invoice OCR API, is the first step in invoice data extraction. Optical Character Recognition (OCR) is an data extraction technique that takes scanned documents and processes the resulting images into words and letters that can be read by a computer.
This can be a separate product from your automated invoice processing tool, but many invoice extractors also contain OCR software. If you can find one that does both, you’ll have one less thing to pay for and implement.
What the Best Invoice Data Extraction Software Should Include
Here are some key features to look for when looking for invoice data extraction software:
Deep Learning Models
As your business changes and evolves over time, so will your invoices. Instead of investing in AP automation that stays the same, look for a product that completes data extraction on any type of invoice – even unstructured invoices. The best way to do this is to find a tool that uses machine learning and deep learning models to learn to recognise various invoice fields and continually improve in accuracy over time.
Validation Tool
It's crucial that your accounting system remains error-free. Using invoice extraction software that offers validation options can help you to retain control over the accuracy of your invoice data. When data is extracted, it should come with a percentage indicator of the accuracy. Ideally, you'll be able to set your software to manual validation for any accuracy below a certain percentage, such as under 90%.
Flexibility
Your company is not the same as any other, and you need a tool for processing invoices that's as unique as you are. Look for an artificial intelligence invoice extractor that can adapt to your use case. Some products are tailored to work for enterprise-level clients, others for small businesses, and there are a rare few that can adapt to meet the needs of both.
Affinda: The Best Invoice Data Extraction Software
Here at Affinda, our clients have told us over and over again how much they love our invoice data extraction software. We offer a product that leverages deep learning models alongside a validation tool that ensures accuracy. We pride ourselves on our flexibility, having adapted our offering for many different types of clients already.
One customer had this to say about Affinda:
"Other vendors have a 'take it or leave it' attitude about their product. They didn't want feedback--or if they did, they didn't want it from a small company like mine. Affinda was just the opposite.
When I had suggestions that they thought would improve their product overall and help their other customers as well, they were sometimes able to roll out new fields to production in as little as two weeks."
If you want to work with a company that offers reliable, adaptable products and is willing to work alongside your business to achieve your goals, contact Affinda. One of our friendly and knowledgeable team members will be ready to field any questions you may have. You can also try the invoice extraction tool for free online to see it in action and test its accuracy for yourself.
