How to extract invoices with AI?

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

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.

be a cat

Cats have the best life!

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 understands 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?*

AI tool vs AI tool

AI tool vs AI tool

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!

cat bunny friend

Your invoicing friend

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.

Create a receipt OCR mailbox

Create an AI invoice mailbox

We also provide the option to train the AI invoicing model and specify which data you want to keep and discard.

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

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.

Review by jonathan Lee

(Do you want to kick yourself too?)

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.

Extract data from invoices with AI
Free to start with. All features are enabled on our Free Forever plan!

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, meme browsing, or spending more time with your cat!

AI-based data extraction software. Start using Parseur today.

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