Invoice parsing is an integral part of invoice data entry in the accounts payable process.
Having invoice parser software can significantly improve your process by cutting costs and making it more efficient.
In this article, we’ll talk about the best invoice parsers available and how to choose according to their strengths, weaknesses, and costs.
DocuClipper
DocuClipper is a leading OCR software designed to convert receipts, invoices, tax forms, and financial statements into Excel, CSV, and QBO formats. It captures and organizes data from these documents, making data entry more efficient.
With advanced OCR technology and specialized algorithms for financial documents, DocuClipper guarantees high OCR accuracy and fast data capture.
It is a vital tool for businesses looking to enhance accuracy, reduce manual tasks, and boost efficiency in managing financial documents. Whether handling monthly statements or daily invoices, DocuClipper automates the process, saving time and simplifying operations.
Pros
- User-Friendly: DocuClipper’s web-based interface is easy to use. It features a straightforward design with an intuitive bank statement converter, a receipt scanner app, and invoice data extraction software.
- Cost-Effective: Ideal for small businesses, DocuClipper offers affordable page-based pricing compared to others that use line item pricing.
- High Accuracy: Leveraging OCR technology, DocuClipper accurately converts PDF invoice documents into Excel, CSV, or QBO formats, ensuring precise data entry.
- Fast: DocuClipper processes hundreds of documents in under a minute, much faster than traditional invoice OCR tools.
- Secure: Your data is encrypted and securely stored on protected servers, guaranteeing complete data safety.
Cons
- No Mobile App: DocuClipper does not have a mobile application with camera integration, so financial documents must be converted to PDF before processing.
- Limited Integrations: DocuClipper natively integrates only with Sage, Xero, and QuickBooks. All other integrations must be set up through API.
Pricing
- Starter: $39/month for 200 pages per month.
- Professional: $74/month for 500 pages per month.
- Business: $159/month for 2000 pages per month.
- Enterprise: Custom pricing for a custom number of pages per month. Contact DocuClipper for more details.
Autoentry
AutoEntry is a specialized data automation tool crafted to simplify your accounting processes. It automates data extraction and integrates smoothly with leading accounting software platforms.
This invoice parsing software offers a flexible, contract-free solution, making it accessible and user-friendly for businesses globally. AutoEntry enhances efficiency without requiring long-term commitments.
By using AutoEntry, you can easily manage your financial data, save time, and minimize manual entry errors, making it an invaluable resource for businesses aiming to optimize their accounting workflows.
Pros
- Ease of Use: You can scan or email documents such as receipts and invoices, or quickly capture images using the mobile app.
- Mobile Accessibility: The mobile app enables you to capture invoices on the go, making the data entry process more efficient.
- Scalability: It supports an unlimited number of companies and users right from the beginning, with all features easily accessible.
Cons
- Integration Issues: Some users need help with integrating AutoEntry with accounting platforms like Xero, particularly when publishing invoices.
- Customer Service: There have been reports of slow response times and unresolved billing issues, even after canceling the service.
- Software Reliability: Users have encountered occasional glitches and software disruptions, impacting AutoEntry’s performance and leading to frustration.
Pricing
- Bronze: $15/month for 50 credits.
- Silver: $26/month for 100 credits.
- Gold: $48/month for 200 credits.
- Platinum: $112/month for 500 credits.
- Diamond: $315/month for 1500 credits.
- Sapphire: $494/month for 2500 credits.
Nanonets
Nanonets is a machine learning platform that allows businesses to develop custom deep learning models without coding. It is perfect for tasks such as document extraction, object detection, and image classification.
With Nanonets OCR, you can convert various data sources, including electrical meter readings and food menus, into structured data formats.
The platform supports a wide range of document types, such as ID cards, mortgage forms, invoices, income proofs, and purchase orders. This versatility makes Nanonets an excellent option for automating data extraction and classification in various applications and industries.
Pros
- Comprehensive Document Handling: Accommodates a wide variety of document types, providing versatility for diverse requirements.
- Sophisticated AI and OCR Technology: Utilizes cutting-edge AI and OCR capabilities for top-notch data extraction.
- Outstanding Customer Support: Offers excellent assistance to promptly address any queries and issues.
- Exceptional Accuracy: Ensures high precision in extracting data from different document formats, guaranteeing reliability.
- Speedy Data Processing: Facilitates fast document processing, boosting operational efficiency and saving valuable time.
Cons
- Complexity for Beginners: The advanced features and extensive document support can be daunting for those new to AI and OCR technology.
- Learning Curve: Even with excellent customer service, there may be a steep learning curve to fully utilize all features.
- Customization Time: Tailoring models to meet specific needs can be time-consuming.
- Cost Considerations: The high accuracy and fast processing come at a premium, which may not be economical for small-scale users.
- System Requirements: Advanced AI processing might need robust system resources, potentially limiting some users.
Pricing
- Starter: Free for the first 500 pages, then $0.3/page. No monthly fee, pay as you go, with 3 starter models and limited fields.
- Pro: $499/month per model, includes 5000 pages, then $0.1/page. Offers auto-capture line items, up to 20 fields, and additional features like annotation services and customization hours.
- Enterprise: Custom pricing. Includes everything in Pro, plus features like SSO/SAML Login, SLAs, a dedicated account manager, and custom integrations.
Docsumo
Docsumo is a leading Intelligent Document Processing (IDP) solution, especially for financial documents. Initially created to automate invoice processing, it has now evolved into a comprehensive data extraction platform.
Serving the entire financial sector across the USA, Docsumo offers end-to-end solutions that streamline data handling and boost efficiency. This robust tool is crucial for businesses aiming to enhance their document management processes and minimize manual effort in financial data processing.
Pros
- Responsive Support: Enjoy the advantages of a flexible, solution-oriented support team and an efficient onboarding process.
- High Efficiency: Achieves significant improvements in accuracy and speed for invoice and receipt extraction, enhancing overall customer outcomes.
Cons
- Model Retraining: Minor process changes necessitate retraining models, which can be time-consuming.
- Timezone Challenges: Scheduling meetings across various time zones can be challenging, though the support team is accommodating.
- System Limitations: Formatting issues and system timeouts may occur with large file batches or when credits are depleted, disrupting processing.
- Data Conversion Limits: Difficulties may arise when converting invoices with multiple accounts or if credits are exhausted.
Pricing
- Start-ups and Businesses: $500+ per month. Includes APIs for invoices, purchase orders, and ID cards; supports 3 users; features machine learning and Table Vision. Excludes email parsing, validation, and custom ML training.
- Business: Custom pricing. Supports 10 users, email parsing, basic validation, and custom ML model training. Excludes table categorization and document classification.
- Enterprise: Custom pricing. Supports unlimited users, advanced validation, analytics, table categorization, and document classification. Suitable for extensive needs with multiple document types and workflows.
Docparser
Docparser is a cloud-based document parsing API that allows you to extract data from various formats, including PDF, Word, Excel, and CSV. It’s ideal for retrieving data from invoices, contracts, purchase orders, and more. With Docparser, you can access and use the API from anywhere, providing flexibility and convenience for managing your document data extraction needs. This tool streamlines the process of converting document content into usable data.
Pros
- Custom Parsing Rules: Create custom rules for different document types, ensuring precise data extraction tailored to your needs.
- Powerful Extraction: Extract data from various documents, such as invoices, contracts, and purchase orders.
- Scalable and Reliable: Effortlessly handle large volumes of documents with a dependable API.
- Flexible Data Output: Download extracted data in formats like Excel, JSON, XML, or send it to webhooks, accommodating your specific usage requirements.
Cons
- Manual Rule Definition: Setting rules manually can limit automation compared to tools with automatic data recognition.
- Time-Consuming: Developing separate parsing rules for different bank statements or formats can be a lengthy process.
Pricing
- Starter Plan: $39/month, includes 1200 parsing credits per year, up to 15 parsers, and basic features.
- Professional Plan: $74/month, includes 3000 parsing credits per year, up to 50 parsers, and multifactor authentication.
- Business Plan: $159/month, includes 12000 parsing credits per year, up to 500 parsers, and all Professional features.
- Enterprise Plan: Custom pricing with custom parsing credits, extended document retention, and more. Contact for a quote.
Note: 1 Parsing Credit = 1 document with up to 5 pages.
Parsio
Parsio is a robust tool that automates data extraction from your emails and attachments, including PDFs, HTML, XML, and XLSX files. Simply highlight the data you want to extract, and Parsio will automatically process all similar incoming emails and attachments.
You can download the parsed data in formats such as Excel, CSV, and JSON. Additionally, you can sync this data with Google Spreadsheets, send it via webhooks, or integrate it with over 4,000 apps using platforms like Zapier, Pabbly Connect, Integrately, Integromat, and KonnectzIt.
Pros
- Great for Automation: Parsio is perfect for parsing emails and PDF attachments if you use Zapier, Integromat, Integrately, Konnectzit, or Pabbly Connect.
- Intuitive Interface: The user-friendly design makes it very easy and quick to use.
- Amazing Support: Excellent customer support assists you in setting up and achieving your goals.
- Easy Setup: Automate cumbersome processes effortlessly.
- Seamless Integration: Works well with Webhooks, Zapier, and Google Sheets.
Cons
- UI Issues for Some Users: The user interface could benefit from improvements.
- Template Setup: Setting up complex templates can be challenging, but the support team helps make it easier.
- Cost: Although extremely useful, it can be expensive and might be more affordable for small companies.
Pricing
- Starter: 1,000 credits/month for $49/month, perfect for individuals and small businesses. Includes OCR, AI, and GPT-powered parsers, 90 days data retention, unlimited integrations via Zapier and Make, webhooks, API, and all Sandbox features.
- Growth (Most Popular): 5,000 credits/month for $149/month, ideal for growing companies needing more credits. Includes all Starter features.
- Business: 12,000 credits/month for $299/month, offering a premium experience with dedicated support. Includes all Growth features, 180 days data retention, and dedicated support.
Parseur
Parseur is a PDF and document processing software tailored for small and medium-sized businesses. It significantly reduces manual work with its powerful Zonal OCR and Dynamic OCR engines, automatically extracting data from PDFs and emails.
This extracted data can then be sent to hundreds of apps and databases, including Excel and Google Sheets.
Pros
- Improves CRM: Integrates seamlessly with tools like Pipedrive, enhancing customer relationship management.
- Personal Follow-Up: They personally follow up on resolved issues to ensure satisfaction, which is a thoughtful touch.
- Time-Saving: Significantly reduces the amount of time spent on tasks, proving to be highly useful.
- Excellent Support: The support team is responsive, helpful, and consistently great.
- Thoughtful Design: The service is well-designed to meet all your needs, demonstrating careful consideration in its development.
Cons
- Limited Parsing Adjustments: Lacks options for fine-tuning parsing when it doesn’t capture data exactly as needed.
- Insufficient Instructions: There are few instructions beyond basic functionality, which can be frustrating.
- Email Limit Concerns: There is a concern about reaching the allotted number of emails without receiving a notifications
Pricing
Pay as You Grow: Flexible pricing model.
Cost: $0.33 per page.
Affinda
Affinda offers AI-powered document automation solutions that blend human adaptability with computer precision to streamline your document processing tasks. Its AI data extraction solutions include Recruitment AI, Accounts Payable AI, Compliance AI, and custom models for unique needs.
These tools simplify routine tasks, speed up document processing, enhance data extraction accuracy, and organize data in a user-friendly format.
Affinda’s solutions boost productivity and efficiency, making them ideal for job boards, HR professionals, recruitment teams, accounts payable teams, ERP platforms, IT consultants, and software companies. They support various document types, operate in over 50 languages, and integrate seamlessly with numerous business workflows.
Pros
- Modern API Documentation: V3 provides the best modern API documentation a developer could ask for, ensuring quick and accurate results.
- Reliability: The API and model are extremely reliable.
Cons
- Auto-Indexing: You may want your documents to be auto-added to an index for their AI product.
- JD Parsing: JD parsing in V2 was superior, allowing text parsing directly from most portals. In V3, JDs need to be converted to text documents for parsing.
- Job Title Parsing: Some job titles, like .Net developer, are not parsed correctly, which needs resolution.
Pricing
Contact to get a quote
What is an Invoice Parser?
An invoice parser is a specialized software that automates the reading and interpretation of invoice document data. It extracts invoice data and information such as invoice numbers, dates, and supplier details using advanced tools and technologies.
You can highlight specific sections of text in your invoices for the parser to extract, giving you complete control over what data is captured. Additionally, you can define these highlighted sections in the system to ensure the data is correctly categorized. This automation enhances efficiency and accuracy in managing invoice information.
Why do Businesses Need Invoice Parsers?
As your business grows, manually managing invoices becomes inefficient and prone to errors. Small businesses often input invoices directly into their software, but nearly 39% of these manually processed invoices contain mistakes.
Processing an invoice manually can take up to 17 days, consuming most of the month. Invoices contain essential data formatted as key-value pairs, and extracting these manually is time-consuming and requires extensive verification to ensure accuracy.
Invoice parsers automate this process, reducing errors and improving accuracy. They can speed up the processing cycle by up to 80%, saving valuable time and cutting costs, making them essential for growing businesses.
Additionally, using an invoice parser is cost-effective. While manual processing requires multiple personnel, an invoice parser costs less than $100, compared to the $18 hourly wage for invoice processing staff. This invoice automation not only boosts efficiency but also cuts costs, making it an essential tool for growing businesses.
How to Select the Right Invoice Parser?
When selecting an invoice parser that suits your needs, consider these essential features:
- OCR Technology: Ensure it has advanced OCR capabilities to accurately convert scanned images into text.
- Data Extraction: Look for precise extraction of line items, totals, and tax information to ensure no details are missed.
- Customization: The ability to customize data fields and templates to fit your specific requirements is essential.
- User Interface: A user-friendly interface makes the software easy for your team to learn and operate.
- Security: Robust security features and regulatory compliance are crucial for protecting sensitive information.
- Integration: Seamless integration with your existing business systems, such as accounting and ERP software, is vital for smooth operations.
Invoice Parser vs Automated Invoice Extractor
As technology progresses, various types of invoice data extraction software emerge, each with different pros and cons. Here, we compare the two most commonly used tools: invoice parsers and automated invoice parsers.
An invoice parser requires manual setup, including creating templates or manually highlighting fields on each new invoice format, which can be time-consuming and requires expertise. In contrast, an automated invoice parser involves minimal setup. The software uses machine learning and OCR capabilities to automatically recognize and process various invoice formats.
Invoice parsers require a high level of user involvement, as users must manually mark data fields, which can be repetitive and time-consuming. Automated invoice parsers need low to no user involvement after initial setup, significantly reducing manual effort. While invoice parsers offer high customization, they are less scalable and slower due to their manual nature. Automated invoice parsers, however, are generally more accurate, scalable, faster, and more efficient, making them suitable for real-time processing and high-volume environments. Despite a similar initial cost, automated solutions can offer long-term savings by reducing manual labor and improving efficiency.
Conclusion
Choosing the right invoice parser can significantly streamline your financial processes, reduce manual data entry, and enhance accuracy.
Each of the invoice parsers listed here offers unique features and benefits, catering to different business needs and sizes. By automating invoice processing, you can save time, cut costs, and improve overall operational efficiency.
Evaluate your specific requirements, consider the pros and cons of each solution, and select the one that best fits your business to achieve optimal results in managing your financial documents.
FAQs about Best Invoice Parser
Here are some frequently asked questions about the best invoice parsers:
What is the best way to extract data from invoices?
Using advanced OCR (Optical Character Recognition) technology combined with AI-driven data extraction software is the most efficient way to extract data from invoices. These tools can automatically recognize and capture key information from various invoice formats.
How can an invoice parser benefit my business?
An invoice parser automates the extraction of data from invoices, reducing manual data entry errors, speeding up processing times, and enhancing overall efficiency. This leads to cost savings and improved accuracy in financial record-keeping.
Can an invoice parser integrate with my existing software?
Most modern invoice parsers offer integrations with popular accounting and ERP software, such as QuickBooks, Xero, Sage, and more. Always check the integration capabilities of the invoice parser before making a decision.
How long does it take to implement an invoice parser?
Implementation time varies based on the complexity of your requirements and the specific software chosen. Generally, it can take anywhere from a few hours to a few weeks to fully implement and customize an invoice parser to your needs.
Do invoice parsers require training to use?
While most invoice parsers are designed to be user-friendly, some level of training may be required to fully utilize all features and ensure accurate data extraction. Many providers offer tutorials, customer support, and onboarding services to help you get started.
