Key takeaways:
- Manual invoice processing is challenging and takes forever.
- AI lowers processing costs by 81% and speeds up processing times by 73%.
- You can build an invoice parser with Parseur.
Imagine a world where invoices process themselves, and you're free to sip your coffee while the computers do the heavy lifting. Sounds like a dream? Well, buckle up, because with AI, that dream is about to get real!
The old-school way vs the AI way
Okay, so if you've been reading our previous articles, we've discussed a lot about how traditional invoicing is not an effective method, and I'm not going to bore you again.
We all agree that, as an accountant or a business owner, going through countless quotations and invoices is no fun.
It's a journey that can make even the most patient people reconsider their life choices.
The AI way is always the best
With the power of artificial intelligence, invoice processing becomes a seamless process. AI can make your invoice nightmares disappear.
| Aspect | Traditional invoicing | AI invoicing |
|---|---|---|
| Data entry | Manual | Automatic |
| Processing time | Time consuming | Time saving (up to 73%) |
| Accuracy | Low to Medium due to human errors | Medium to High |
| Cost efficiency | Labor intensive | Cost-effective (up to 81% cheaper) |
| Integration with other apps | Limited integration | Seamless integration |
What is the role of AI in invoice extraction?
AI plays a crucial role in invoice extraction by automating the process of capturing relevant information from invoices.
- It understand any type of invoice even if it has a different layout or format.
- It easily recognizes invoice characters and extracts information such as invoice date, invoice number and line items.
- It helps to reduce errors as data is processed with a high level of accuracy.
- It can also be trained to extract only specific invoice data that you need.
AI-powered invoice extraction solutions can seamlessly integrate with other business systems, such as accounting software and enterprise resource planning (ERP) systems.
AI lowers processing costs by 81% and speeds up processing times by 73%.
The best AI tool to extract data from invoices
AI-based invoicing tools are everywhere. The question is, "Which is the correct one for your business?"
Well, it depends on your requirements:
- How many invoices do you process on a daily and monthly basis?
- Do you need a tool that can process large amounts of data quickly?
- Are you tech-savvy or not?
- Do you need to send data to an accounting system or ERP?
If you receive only 1 or 2 invoices per month, the traditional method will work. But if you are a mid-sized or large company, it's time that you get a new friend to support you along the way.
Who will be your invoicing friend? Parseur, of course!
Parseur is that friend who will lighten your burden and ensure you have free time to chill with some pink gin. Parseur has a powerful AI invoicing tool that instantly automates invoice data extraction
Build your own AI invoicing tool with Parseur
With our free plan, you can try our AI-powered invoice software. Once you've signed up, create an invoice parser and upload one of your invoices.
This setup process will take only a few minutes of your time. Parseur receives the invoice within seconds and will process it instantly as well.
We also provide the option to train the AI invoicing model and specify which data you want to keep and discard.
As you can see, there are no complex parsing rules or challenging steps involved. Other AI data processing tools require hours to train the AI model, which is time-consuming and challenging if you are not tech-savvy.
Parseur isn't like this; no wonder people think it's so cool.
Create a workflow from Parseur to your accounting software or ERP
Parseur allows you to send invoice data seamlessly to Invoice Berry, QuickBooks, and Xero among others.
Even if you have a custom accounting tool, it can be easily integrated with Parseur.
It's time to let go of traditional invoicing and embrace AI
And, that's a wrap. Remember how daunting it all seemed at the start? Now, you're armed with the knowledge to transform your invoice process into a sleek, efficient, AI-driven machine. Just think of all the extra time you'll have for coffee breaks, or spending more time with your cat!
Other invoice resources:
- Extract data from invoices with python
- Traditional invoicing vs AI invoicing
- How to automate invoice extraction?
- How to automate AP process with AI?
- What is invoice data capture?
- How to send invoice data to ERP?
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