Invoice data extraction is a part of daily operations in most businesses. It is important for businesses to record their financial transactions and create financial reports. The process involves extracting information from invoices, such as the vendor’s name, invoice number, date, business address, unit price, total amount, quantity, and payment terms. There are some challenges that come when conducting this process manually, like it being time-consuming and errors. Thus, with a large number of invoices that businesses should handle on a daily basis, manual methods are inefficient to execute. Furthermore, automation is capable of addressing these challenges. With its ability to process faster and more accurately, automation helps businesses in streamlining the process and improving staff productivity. This article will discuss more and provide a complete guide on invoice data extraction automation.
Understanding Invoice Data Extraction
Invoice data extraction is the process of capturing and converting critical data from invoices. After extraction, the data is then stored, processed, and integrated into the business’s existing system or ERP system. To extract invoices, there are two methods commonly used: manual and automated. Here are the comparisons:
Manual Extraction
– No need for integration
– Time-consuming
– Rely on human effort
– Prone to errors
– Hard to scale high volume of invoices
Automated Extraction
– Faster and more accurate extraction
– Able to handle a large amount of invoices
– Lower operational costs
– Seamless integration with business systems
Why Automate Invoice Data Extraction
Invoice data extraction automation provides some benefits for businesses, such as:
1. Time Efficiency
Even with a high number of documents, automation allows for faster data extraction.For example, businesses typically spend 100 invoices in 7 days, with automation, it can take 20 minutes. It significantly reduces time spent.
2. Accuracy & Reduce Errors
Automation is able to extract documents with a high level of accuracy, reducing the need for multiple checks that take time. It also minimizes errors that occur in manual methods, such as typos, miscalculations, and more.
3. Cost Savings
Imagine a business operation that handles 100 invoices and needs 3 employees. With automation, all work is handled by AI, and the business may not need to hire more employees. Manual methods are also prone to errors, which can lead to overpayments or duplicate payments. Automation can minimize these risks. As a result, businesses can significantly reduce operational work while improving efficiency.
Best Software for Invoice Data Extraction Automation
Automated invoice data extraction can be the best way to ensure smooth and efficient invoice processing. As discussed above, this brings many advantages to businesses. However, the important question remains: which software should you choose? This is where Fintelite comes in. With its sophisticated AI, it can extract invoices 10 times faster than manual methods with over 90% accuracy. Fintelite also provides invoice templates, making it easier for businesses when processing them. With its advanced features that are suitable for all business industries globally, the price is affordable. You can even customize based on business-specific needs.
Interested in how Fintelite AI can be your game changer for invoice data extraction? Try it today!
