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What is Invoice Data Extraction?
Invoice Data Extraction captures structured and unstructured data from invoices, efficiently. It simplifies complex tasks, such as identifying vendor details, invoice numbers, dates, and line item data, empowering businesses with efficient, error-free data entry and processing.
Benefits of Choosing the Right Invoice Data Extraction for Your Business
Choosing the right invoice data extraction for your business can offer you better insights into financial performance, cost reduction, and accuracy.
- Cost Reduction: Reduce labor costs associated with manual data entry and processing.
- Enhanced Accuracy: Accurately extract and digitize data from invoices, reducing errors and manual entry.
- Time Savings: Automate the data extraction process, saving valuable time for your team.
- Efficiency: Streamline invoice processing workflows for faster decision-making and payments.
- Better Insights: Access real-time data for improved financial analysis and decision support.
Key Criteria for Choosing Invoice Data Extraction Software for Your Business?
When exploring invoice data extraction software for your business, consider the following questions:
- Is the software’s data extraction highly accurate?
- What’s the total ownership cost?
- Does it automate data extraction and save time?
- Can it handle diverse invoice formats?
- Does it integrate smoothly with our systems?
- Can we tailor extraction rules?
- Will it scale with our business growth?
Top 8 Invoice Data Extraction Software in the Market 2023
There are several invoice data extraction software available. The following are the top 8 AI-based invoice data extraction platforms to watch-out in 2023:
1) KlearStack
Struggling with time-consuming invoice data extraction?
Say goodbye to manual work woes with KlearStack. Boasting 99% accuracy, no templates, and easy setup, it’s your solution for automating invoice processing.
Experience a 200% boost in productivity and save upto 70% costs with advanced automation.
Features:
- Template-less solution
- Line-item data extraction
- Multi-page invoice data extraction
- Bulk invoice processing
Benefits:
- 99% accuracy
- 90% Cost cut down,
- 20x lower set-up cost
- 300% lower TCO
Pricing: Pricing varies between standard, premium and enterprise plans.
- Standard: 10,000 to 100,000 Pages/Year.
- Premium: 100,000 Pages/Year.
- Enterprise:1 Mn+
Easy setup, cancel anytime. Choose your plan.
2) Rossum
Rossum is another technology that extracts data from invoices automatically. This application may download bills directly from the email, process them, and give back all essential information. Its artificial intelligence technology is based on how humans process these documents.
Features:
- Accounts Payable
- Onboarding/KYC
- Supply Chain Management
- Quality Assurance
- Order Management
Benefits:
- Reduce manual workload upto 82%
- Extract data across all formats
- Automate Communication
- Filter out spam
- Flexible queuing system
Pricing: Custom pricing plans are available.
3) Docsumo
Docsumo extracts invoice data with a 95% accuracy rate on more than 20 data points, including the invoice number and customer/vendor information. Docsumo’s AI engine is always learning from the invoices it processes. Furthermore, the HSN code, VAT number, tax rate, subtotal, and total are validated.
Features:
- Single API call
- Timely payments
- Imtelligent expense classification
Benefits:
- <30 sec reduced invoice processing time.
- 65% cost reduction.
- 10x increased efficiency
- 99% plus reduced errors.
- Smart AI algorithms.
Pricing: Pricing starts from $500 per month.
4) FlexiCapture by ABBY
ABBYY FlexiCapture is a ready-to-use application that can be installed quickly. It can get data from various places, including fax, mailbox, mobile devices, or scanned invoices. ABBYY FlexiCapture is entirely compatible with the company’s ERP system.
Features:
- Automated document entry
- Automatic document classification
- Recognition
- Data extraction
- Verification
- Data export
- Web-based administration and monitoring console
Benefits:
- Faster, straight through processing
- Smooth transactions, smart decisions, rapid action
- Control, predictability, and compliance
- Intelligent data extraction
- Data validation and contro
Pricing: Pricing starts from $29.99 a month for 500 pages
5) Tipalti
Liberate your team from manual finance tasks with Tipalti. Experience seamless, end-to-end automation that scales with your business. Prioritize efficiency, control, and visibility.
Features:
- Effortless Invoice Import
- Touchless invoice processing
- Coding & approval prediction
- Built-in communication hub
- Automated PO matching
- Unified with payment processing
- Automated supplier communications
- Seamless, real-time reconciliation & ERP integration
Benefits:
- Minimized delays, speedy approvals
- Eliminate overspending
- Send payments in 120 currencies in 196 countries
- Speed up financial close by 25%
Pricing: Pricing starts from $299 to $447 per month
6) Kofax
From front office to back office, Kofax lets you boost efficiency and deliver a seamless customer experience. Empower your workforce to build the future today with intelligent automation.
Features:
- Intelligent Automation
- Financial Process Automation
- Document Automation & security
- Document Productivity
Benefits: Process efficiency, optimized workflows.
Pricing: Pricing starts from $3,500 for 100,000 pages per year
7) Sage Intacct
Elevate your financial management with Sage Intacct. Designed for growing businesses, it streamlines financial processes and provides tailored solutions for professionals, boosting efficiency.
Features:
- Dashboard and reporting
- Dimensions
- Intelligent general ledger
- Accounts receivable
- Account payable
- Intelligent GL
Benefits:
- Accelerates productivity by 40% or more.
- Save time upto 66%
- Trusted by over 20,000 businesses
- Highest customer satisfaction in mid market accounting industry
Pricing: Custom pricing plans are available.
8) Xero
Xero lets you simplify small business accounting. Effortlessly manage finances, control cash flow, and seamlessly integrate with apps, all within one user-friendly platform.
Features:
- Everything in one place.
- Connect to your bank.
- Collaborate online in real time.
- Customize to suit your needs.
Benefits:
- Automate tasks like invoicing and reporting.
- Get a full picture of your business with up-to-date financial data.
- Make end-of-year tax returns easy.
Pricing: Plans range from $9.75(Early), $24.05 (Growing), $35 (Established) per month.
Comparative Analysis
| Parameter | KlearStack | Rossum | Docsumo | ABBYY Flexicapture | Tipalti | Kofax | Sage Intacct | Xero |
| Accuracy | 99% | 75% | 95% | 94% | 90% | 98% | Not mentioned | Not mentioned |
| Pricing | Starts from 10,000 to 100,000 Pages/Year. | Custom pricing plans | Pricing starts from $500 per month. | Starts from $99/year | starts from $299 to $447 per month | Starts from $3,500 for 100,000 pages per year | Custom pricing plans | Starts from $9.75 per month |
| Integration | RPA, Quickbooks, API | Email, RPA, or API | Zapier, Google Sheets, Yardi, Quickbooks, Appsheets, Zendesk, Jotforms, Salesforce CRM, Stripe, Chargebee, Onedrive, Xero | Alteryx, Bizagi, Pegasustems, Blue Prism, UiPath, SAP, m-Files, SharePoint, Laserfiche | Accounting, ERP, and performance management systems | Third-party AI solutions and open source ML tools such as Python, Webservices, .NET, SOAP and REST | Tipalti, Expensify, Fortis, Yooz, and lot more. | Xero app store |
How to Implement KlearStack in Your Business?
Step-by-step guide to implement KlearStack in your business.
Step 1: Sign In
Go to the KlearStack website and sign in to your account using your credentials. If you don’t have an account, you can sign up for one.
Step 2: Select the Right Package
Choose the KlearStack package that aligns with your organization’s unique needs and objectives.
Step 3: Installation & Setup
Work with KlearStack’s team to install and configure the software seamlessly.
Step 4: Integration
Integrate KlearStack with your existing financial or document management systems, such as your accounting software or ERP platform.
Step 5: Data Mapping
Define the data fields you want to extract from your invoices, such as vendor names, invoice numbers, and line item details.
Customize these settings to match your specific requirements.
Step 6: Automation Rules
Configure automation rules within KlearStack to handle common invoice processing tasks.
For example, you can set rules to automatically categorize invoices or route them for approval.
Step 7: Training
Train your team members on how to use KlearStack effectively.
Provide hands-on training sessions and access to user documentation.
Step 8: Testing
Before full implementation, conduct thorough testing to ensure that KlearStack accurately extracts and processes data from a variety of invoice formats.
Step 9: Monitoring
Continuously monitor KlearStack’s performance and fine-tune settings as needed. Regularly review extracted data for accuracy.
Step 10: Feedback Loop
Encourage your team to provide feedback on KlearStack’s usability and effectiveness. Use this feedback to make improvements and optimize your processes.
Step 11: Scaling
As your business grows, scale your usage of KlearStack to handle increased volumes of invoices and maintain efficiency.
Conclusion
Struggling with manual invoice data extraction? Wondering how to boost efficiency?
KlearStack is the answer.
Schedule a live demo and witness the solution to your finance and operations challenges.
FAQs on Invoice Data Extraction Software
What is the best data extraction software?
The best data extraction software is KlearStack, known for its 99% accuracy and 70% cost-savings. It streamlines the extraction of critical information from various documents, including invoices, saving time and reducing errors
What is the best software to create invoices?
While KlearStack excels in data extraction, it’s primarily designed for automating and simplifying the extraction of vital data from invoices, making it a top choice for invoice data extraction.
What software is used for data extraction?
For robust data extraction, KlearStack is a reliable choice. It’s engineered to efficiently capture and interpret data from diverse documents, making it a versatile solution for various industries.
What is invoice data extraction?
Invoice Data Extraction captures structured and unstructured data from invoices, efficiently. It simplifies complex tasks, such as identifying vendor details, invoice numbers, dates, and line item data, empowering businesses with efficient, error-free data entry and processing.
