February 10, 2022
•
3 minutes
If you’re starting the process of procuring a PDF document parser to extract invoice data, then you already know that there is an overwhelming number of options on the market. Is it most important to have a parser that can deal with different formats, export into an excel sheet, or recognise invoice fields? Here’s what you need to look for when searching for the best PDF invoice parser.
What To Look For In the Best PDF Invoice Parser
With some excellent parsers available that can parse both scanned and digital invoices, there is no need to compromise on functionality. Below are a few of the key features to look out for in a PDF document parser.
Machine Learning
We all know that manual data entry can cause a lot of mistakes in our data records. Instead of having to type in information manually from unstructured documents, you should be able to use a PDF invoice parser. Finding one that uses machine learning technology can make document processing much faster and more accurate. There are invoice parsers available that use machine learning algorithms to learn from their mistakes, resulting in them being able to parse many data sources and become more accurate over time.
Optical Character Recognition
An OCR invoice parser is one that uses optical character recognition to take images lacking text data and turn them into digital files. An OCR solution is ideal, as this can more easily parse and understand scanned documents.
Natural Language Processing
Natural language processing relies on the technology understanding the semantics of what is written on an invoice rather than applying parsing rules. This results in more efficient and effective invoice processing that seeks to understand the text and sort invoice fields correctly.
Artificial Intelligence
One of the most crucial things your data extraction tool needs to be able to do is extract data from any type of invoice. Invoices don’t have a common format. While those coming from Xero and other major invoicing software may look similar, the layout of an invoice isn’t always reliable. Many parsers struggle to adapt and fail to complete information extraction from nonstandard invoice formats. That’s why you need a parser that leverages document AI to analyse the template and extract structured data no matter what invoice layout is used.
Different Types Analysed
The majority of invoices you receive are likely to be in a digital PDF format. However, you may receive different document types from time to time. For example, you might receive a mailed invoice or Word document. You need a parser that can analyse and get extracted data from any format of supplier invoice.
The Best PDF Invoice Parser: Affinda
One parser stands out above the rest as by far the best PDF invoice parser on the market – Affinda’s Invoice Extractor. This product has all of the features listed above and so much more. Using this invoice extractor means more accuracy and less time spent on manual invoice processing. Save money by using software that speeds up your business processes at a fraction of our competitors’ prices.
Here at Affinda, we pride ourselves on our outstanding customer service. We have a friendly team of knowledgeable staff who are ready to answer your questions at any time. We understand that your business is not the same as any other, which is why we are happy to adapt to your unique use case. Let us know exactly what you need in a PDF invoice parser, and we’ll make it happen. Contact us today to book a demo of the best PDF invoice parser on the market and solve all of your invoice parsing issues!
