Narrowing Costs for Invoice Data Extraction via Automation

Manual Invoice Extraction

Manual invoice extraction is the task of extracting data from an invoice with the help of a human data-entry operator. The operator would scan the entire invoice, pull out usable data, verify it with the existing database, and make entries into the final ledger for record keeping and further processing.

Why are Industries like Logistics Moving to Invoice Extraction Automation?

Any document including invoices comes from different geographies which includes multiple types such as commercial invoice, pro forma invoice, credit invoice, etc. It is especially the case with logistics.

Why is the Cost of Invoice Extraction such a Big Issue?

Invoice extraction is a critical part that helps accounts payable to function properly. Accounts payable requires data from invoices at each level to further process payments and save money with timely operations. However, it is not the only task that needs attention. It leads multiple companies dealing with heavy document processing to outsource invoice extraction to a third party or hire a dedicated team of data-entry specialists.

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