AI Technologies > AI Features

Invoice Parser

What is the concept of invoice parsing?

Invoice parsing, also known as OCR Invoice, is the process of extracting data from digital invoices and accounting documents and converting it into searchable, editable text. This technology is widely adopted by businesses to automate processes, improve efficiency, reduce costs, and minimize their environmental impact.

Example Use Cases for Invoice Parsing

Below are several examples of how invoice parsing can be utilized:

Accounts Payable Automation

‍Businesses can use invoice parsing to automatically extract and process invoice data, streamlining accounts payable workflows and reducing manual data entry.

‍Expense Reporting

‍Employees can leverage invoice parsing to easily extract and categorize expenses from digital invoices, simplifying expense reporting and reimbursement processes.

‍Inventory Management

‍Companies can employ invoice parsing to extract product information and quantities from supplier invoices, automating inventory tracking and ordering processes.

‍Spend Analysis

‍Finance teams can use invoice parsing to extract and analyze spending data from invoices, gaining insights into company spending patterns and identifying cost-saving opportunities.

‍Compliance and Auditing

‍Organizations can leverage invoice parsing to ensure compliance with accounting regulations by maintaining accurate, searchable records of financial transactions.