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What is Invoice Data Capture? And How to Automate it in 2022

Invoice Data Capture

Invoice Data Capture and Processing the Data with help of software is an important function of the accounts payable department of any company. Because Getting Accurate Data in a short time is the real help to grow your Business in Today’s World.

In this article, I’m gonna show you the complete information on Invoice Data Capture.

Here, you will know about,

  • What Invoice Data Capture
  • How it works
  • Types of Data Capturing Solutions
  • How Docxtractor will help you
  • And, Lot’s more

So, Let’s get started.

What Is Invoice Data Capture?

Invoice Data Capture is the automatic Process of Extracoong Data from invoices such as invoice number, Billing Address, supplier name, quantity, and many more, accomplishing the extracted information and storing it to an ERP software, confirming the match, and finally initiating payments.

This Data Capturing process is not as simple as it may seem. Not only that, but when a process involves human intervention, it becomes prone to errors, data loss, deadlines, and the list goes on. All this work will eventually leave you behind in this fast-moving world. However, sometimes, it takes hours to sort this data when a high amount of information is mixed up in one place. 

Challenges in Invoice Data Capture

Most of the time Invoices are often handled in different formats or layouts by a different company, such as Email Attachments, as hard Copy, and EDI. So, if you process Invoices in multiple Formation, it is a very time-consuming process and flavor-intensive process. Sometimes, it leads to delay with many errors in processing the Data.

 A recent study found that about 45% of invoices take a week or more than a week to process the data.

These are common challenges when you work on traditional invoice processing are:

  • Due to the many tedious sellers matching processes, delayed the Payment.
  • Wrong communication between sellers and suppliers. So, it is very difficult to control and manage suppliers wisely.
  • For excessing Paperwork and email, it requires a big Physical Storage to save it.
  • Sharing paper-based invoice details with other department become very tedious.
  • Errors and complexities in interdepartmental communication.
  • Possibility of error in payment.

Types of Invoice Data Capture Solutions

1. Manual Data Entry

In this case, An operator manually checks the electronic invoice and enters the relevant data into a suitable program on the computer.

Pros:

  • It is very good for small companies and agencies with limited operations.
  • It is not too cost-effective.

Cons:

  • Not for a large amount of Data
  • Time taking  anddependent
  • Possibility of  error

2. Traditional or Template-based  Invoice OCR

For Invoice Data Capture, Template Based Invoice OCR is the best for those organizations that work with a limited set of familiar invoice formats.  Receiving many types of Invoices from the many suppliers and setting an ideal solution with basic rules of Data extraction and validation.

Pros:

  • No need to coordinate with suppliers and Outsourcing.
  • Low capital investment.

Cons:

  • The error rate is high.
  • It requires a high-level verification process,
  • ROI is low due to the need for support staff other than software.

3. Cognitive or AI-based Invoice OCR

Artificial Intelligence-based Invoice Data Capture software, such as Docextractor, captures relevant data from a variety of formats, intelligently with perfection. With AI and ML, this type of software ensures a high level of automation and intelligent document processing.

Unlike template-based alternatives, AI-based OCR solutions are the alternative to Temple-based Software. It is AI, which is a continuous “learning” process that ensures that such software maintains a high level of accuracy and reliability in extracting relevant data.

Pros:

  • AI-based Data Capture software extracts data within 10 to 20 seconds while manual capture takes 3.5 minutes.
  • The algorithms typically detect and capture invoice data using neural networks to reduce errors related to manual data capture.
  • AI-Based, Docextractor Invoice Data Capture Software is affordable.
  • The fun fact is, The algorithm does not get tired while doing dull repetitive work again and again. 
  • In this Invoice Data Capturing software, Algorithm typically detects invoice data using neural networks to reduce errors related to manual data capture.
  • Invoice Data Capture Software such as Docxtractor is able to integrate with Accounting and ERP software.

Cons:

  • Something fundamental change is required in the overall process.
  • It required some Technical Knowledge because it is an AI-based Automated Process.

Why do you need Invoice Data Capture software?

For a Small Business or Company using invoices, Data Capture is the best solution if it has worked have extracting lots of data from the thousand of Invoices. With the help of Docextractor, one of the Best Invoice Data Capture, anyone can simply upload, a bulk invoice at once, and extract all the necessary data instead of spending time on each invoice.

Docextractor has a built-in interactive verification workflow that allows you to verify data before exporting it to another application. Without creating any template, Data will be extracted from multiple sources. It’s called AI Smart Data Extraction.

Is Docextractor Software Provide Accurate Data?

Docextracto has a deep learning algorithm under the bonnet. Therefore, this Smart invoice capturing software is a piece of cake that successfully extracts data from invoices (unorganized or structured) and then exports it in various formats like Excel, etc. Only, you have to do upload the invoice to the system, this software will run its algorithm wisely and extract data accurately. This Software is extremely accurate, with no errors and time saving compared to the Manual Invoice Data Capturing.

How to automate invoice processing with Docextractor?

To achieve end-to-end invoice processing automation, you need visibility, control, and efficiency of the entire process. Docextractor provides an AP automation solution with intelligent invoice capture, integration with ERP systems, and workflow automation.

  • Invoice capture: This software Automatically exports structured and unorganized data without manual intervention.
  • Invoice Data processing: Thorugh Digital workflow, this software automatically notifies and routes files to authorizers for action while it processes the Data of the Invoice.
  • ERP integration: Software has access to ERP integration, it attaches the AP document and data to your ERP System, So, that, you can access the Both of access in one platform.
  • AP reporting: This software reports the performance metrics such as payment times, approval times, workloads, and more to identify barriers to the process.

Automated Invoice Data Capture with Docextractor and Grow your Business

Docextractor offers a Powerful Hyper Parameter selling of processing Data,  an excellent design, an intuitive GUI, and an Affordable Policy. Here is how Docextractor Grows your Business and stands as a best Invoice Data Capture.

  • You can add your data to pre-trained invoice models and custom fields to train a model in the UI.
  • It minimizes your time and Maximizes the Work.
  • You will get real-time support for your query 24*7 from our Support Team. 
  • You will get access to the API Documentation and find code samples for Ruby, Golang, Java, C, Shell, and Python.

Conclusion 

In conclusion, Invoice Data Capture is the automated process of Capturing and Saving Data from the Invoice. So, I hope you have got all information regarding the Capturing Invoice Data and How Docextractor will help you to grow your business from this article.

Now, I’d like to know from you:

Did you ever use any other Software instead of Docxractor?

Either way, Let me know in the comment Right Now.

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