AI invoice processing - how to automate invoice extraction?

Portrait of Neha Gunnoo
by Neha Gunnoo
5 mins read
last updated on

Key takeaways:

  • If your company works with large amounts of data, you can expect anywhere from 0.5 to 4 errors per 10,000 entries with double entries.
  • Invoice data is captured and processed within seconds with an AI invoice tool.
  • Parseur is your new BFF for AI invoice processing.

It’s a regular Friday, and you’re getting ready for some Happy Hour with your colleagues until you realize that it’s the end of the month. It’s that time of the month again when you need to sit down and process invoicing. And, just like that your Happy Hour became Zero Hour.

If you can relate to the above story, I have 5 words for you – AI invoice processing with Parseur.

AI invoice processing is the Iron Man suit, and Parseur is the Jarvis to your Tony Stark. They complement each other and are here to remove all your invoicing troubles.

The agony of manual invoicing

There is no fun in juggling paper invoices, lost emails, and mistyped numbers. Ask any accountant and they will tell you how challenging it is to capture invoice data manually. The end of the month is always a stressful and time-consuming period.

Accountants spend days-long marathons diving deep into billing cycles and invoice statuses for each customer while encountering minor (and major) errors.

This is fine meme

Manually invoice processing be like..

You may be a number wizard, but errors are inevitable

We are all humans, and mistakes happen, even if we’ve been super careful. Unfortunately, errors are costly to the company and the client as well. One small mistake can cost billions of dollars to rectify.

If your company works with large amounts of data, you can expect anywhere from 0.5 to 4 errors per 10,000 entries with double entries.

Remember when a clerical error cost Citibank $900 million

Traditional OCR has its limitations

Regular OCR converts data into plain text only and cannot process invoices in different formats or layouts. Most invoices contain tabular data and it may not be able to read that data accurately.

Compare traditional OCR with AI OCR

Do you need an Iron Man suit to protect your transactions from human errors?

Just to be clear, we are not giving you an Iron Man suit. It’s a metaphor. Also, I don’t think Tony Stark would agree to that. But, AI can become your armor.

What is AI invoice processing?

In simple terms, it’s just a robot doing the hard work for you while you sit back and relax. Processing invoices using artificial intelligence is quick, efficient and free from errors.

The cool perks of going AI

Companies are benefiting from AI technology in several ways such as a boost in productivity while reducing costs.

AI-powered AP automation solutions have the potential to refine processes, improve accuracy and deliver valuable strategic insights. - Forbes, July 2023

High accuracy with zero errors

The more you train the AI model, the more it is capable of processing data with a high degree of accuracy.

Faster data processing

Invoice data is captured and processed within seconds with an AI invoice tool.

Seamless integration with other applications

AI tools can easily extract data from different sources and export that data to other applications automatically.

How does AI invoice processing work?

AI-based invoicing software combines machine learning and optical character recognition (OCR) to streamline the invoicing process.

Parseur: Your new BFF for invoice processing

Parseur is an AI-based document processing software that automates invoice data extraction. Parseur is the whole package - invoice OCR, receipt OCR, data entry automation.

The cool stuff Parseur can do in the blink of an eye

Parseur is like your AI assistant, ready to take orders and execute them with excellence. It doesn’t require any parsing rules and, uses AI to suggest data fields when creating an invoice OCR template.

Templates are customizable with the option to add, remove and edit fields.

Step 1: Create an invoice OCR mailbox

Parseur is easy to set up, just like a new phone or your Nintendo Switch (actually, the setup is faster than that!). There’s a free plan for you to test all the features. We don’t want to force friendships, take your time.

Create a receipt OCR mailbox

Create an AI invoice mailbox

Step 2: Use Parseur AI to process invoices

Level up your invoice game with the AI templates. The invoices will be processed instantly like magic.

Parseur now uses AI to suggest fields to extract when creating a new OCR template

Step 3: Send invoice data to any accounting software or ERP

You’re free to manipulate the parsed data as per your requirements. Parseur makes it easy to integrate with other accounting apps via Zapier or Make. You can also download the invoice data into CSV or JSON format.

Happy Customers, Proven & Tested

In my case, I'm using it in combination with Zapier, mostly to parse mails and invoices. Besides a great piece of software to use, what I always want to get from a SaaS-Tool is an even more awesome support and that's exactly what you get from Sylvestre and his team.

—Sebastien Maier

The Quick Rundown: Because TL;DR is a mood

Look, life's too short to be stuck in Invoiceville. It’s high time we let Parseur do the heavy lifting and relish in the extra free time. Go on, give Parseur a try and let us know what you think.

All-in-one data extraction software. Start using Parseur today.

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