Affinda is trusted by some of the world's leading organisations
Want to try
the free tool?
What is an Account Statement OCR data extractor?
An account statement optical character recognition (OCR) data extractor is a tool or software that is used to extract and digitise data from account statements. These tools use OCR technology to read text from images or scanned documents and convert them into editable and searchable data. Once the data has been extracted, artificial intelligence (AI) technology then kicks in to turn the data into a structured format, which can then be used in any way a business requires. This technology is especially useful in industries like banking and finance where there is a need to process large amounts of data from account statements.
There are numerous benefits of using an account statement OCR data extractor. Firstly, this technology significantly improves time and cost efficiency by reducing the resource-heavy task of manual data entry by accounts payable (AP) teams. Secondly, AI technology ensures a high level of data accuracy by minimising potential human errors, thereby enhancing overall data integrity. This technology also enables easy data retrieval, making audits or historical analysis considerably more manageable. Additionally, the digitised data retrieved by using an Account Statement OCR on AP account statements can be easily integrated with existing digital systems such as CRM, ERP, or accounting systems for further processing or analysis.
Step 1
Upload your documents to Affinda directly to our app, or by integrating with email or document management platforms
Step 2
Step 3
Step 4
Need an AI data extractor customised to your specific business needs? Our expert team can build a model tailored to your business workflows that integrates seamlessly with existing processes.
Account statement details:
- Statement Number
- Statement Date
Supplier details:
- Supplier Company Name
- Supplier Address
- Supplier Business Number
Customer details:
- Customer Company Name
- Customer Billing Address
Payment details:
- Payment Date Due
- Payment Amount Due
- Payment Reference
- Bank Account Number
Line-item details:
- Date
- Activity
- Reference
- Due Date
- Invoice Amount
- Payments
- Balance
Don’t see the fields you need above?
Innovative features that set us apart from the rest.
Superior accuracy
Over 20+ fields extracted
Supports multiple file formats: PDF, JPG, PNG
Highly flexible and customisable
Supports over 56 languages
Upload and extract in bulk
Self-learning models improve over time
Seamless upstream and downstream integration
Accountants and Auditors utilise our account statement OCR extractor to cut down on time-consuming manual data entry and improve the accuracy of their financial reports.
Financial software developers integrate our account statement OCR extractor via API. This transforms the typically troublesome operation of reading and extracting data from account statements into a smooth process for their users.
Financial management teams employ our AI-based account statement OCR extractor to automate data extraction from account statements, optimising the efficiency of their workflows and promoting data-driven decision making.
