Invoice Parser can extract data from an invoice in a structured format, including customer name, billing address, line items, quantities, prices, total amounts due, and more. By integrating Optical Character Recognition (OCR) technology with other advanced technologies, such as machine learning and natural language processing (NLP), Invoice Parser API can accurately extract data from a variety of formats (PDF, scanned image, etc.) while ensuring that the extracted information is relevant, saving businesses time and effort.
Invoice Parsing APIs are commonly used in accounts payable departments to automate the process of invoice processing and reduce the need for manual data entry.
OCR Invoice technology offers a powerful solution for extracting data from invoices and using it to automate the creation of legal documents. This versatile technology has the potential to streamline a wide range of tasks across different industries, including Finance, Accounting, Retail, and Supply Chain Management, among others, based on their specific needs.
By implementing Invoice Parsing API, businesses can significantly reduce the time and resources required for manual data entry and document creation. This, in turn, can improve overall efficiency, reduce errors and boost productivity.
While comparing Invoice Parser APIs, it is crucial to consider different aspects, among others, cost security and privacy. Invoice Parser experts at Eden AI tested, compared, and used many Invoice Parser APIs of the market. Here are some actors that perform well (in alphabetical order):
Affinda offers an innovative solution that can handle a wide range of invoice formats, including PDF, JPG, and PNG. Affinda's invoice parser is powered by Adaptive Recognition, which means it can adapt to new formats automatically, eliminating the need for manual adaptation.
One of its standout features is Visual AI, as it uses machine learning algorithms to learn from mistakes and identify key fields across a wide variety of invoice layouts.
AWS provides a sophisticated Invoice Parser through Amazon Textract API, which leverages advanced machine learning algorithms to understand the context of invoices, even for various formats and layouts. Moreover, Amazon Textract can identify vendor names that are critical for your workflows even if it's not explicitly labeled. For example, it can find the vendor name on an invoice even if it's only indicated within a logo. Additionally, Amazon Textract makes it easy for you to consolidate input from diverse invoices that use different words for the same concept.
This API uses advanced machine learning and NLP algorithms to extract and decode critical data from invoices (invoice number, date, total amount, vendor information, etc.) with speed and high accuracy. Base64’s solution has the ability to handle complex invoices with multiple line items and varying formats, including scanned PDFs, images, and emails. In addition, their solution is highly customizable and can be easily integrated into existing software systems, requiring no hardware or templates.
With their innovative technology, Dataleon can extract data in real-time from various invoice formats, including PDF, paper, and printed invoices. Using deep learning technology, the API can easily convert unstructured invoice data into structured data such as supplier names and addresses, as well as important dates or invoice amount. In addition, Dataleon's Invoice Parser API is designed to extract data in multiple languages, including Latin and European languages.
Google Cloud provides a solution that can extract text and values from invoices, including header and line item fields. By using advanced machine learning models, the technology ensures that extracted data is accurate and reliable. Additionally, the API is highly scalable, meaning it can handle large volumes of invoices with ease.
The API extracts key information from invoices, such as vendor name, invoice number, date, line items, and total amount, with high accuracy using advanced machine learning algorithms. Klippa’s solution stands out for its ability to handle complex invoices with multiple pages and tables, making it an ideal solution for companies that deal with a high volume of invoices. Additionally, Klippa offers flexible pricing plans and customizable features, allowing businesses to tailor the API to their specific needs.
Azure's Invoice Parser API, powered by the Form Recognizer model, is a robust and reliable solution. The API uses advanced OCR capabilities to accurately extract key fields and line items from invoices in various formats and quality, including phone-captured images, scanned documents, and digital PDFs. The API also supports utility bills, sales orders and purchase orders.
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Mindee provides an Invoice Parser API that combine state-of-the-art deep learning techniques in computer vision and NLP. One of the main benefits of Mindee's solution is its lightning-fast speed, enabling real-time data extraction through a continuously optimized inference pipeline.
Rossum offers a comprehensive solution for Invoice Parsing. The API is capable of automating all document processing tasks, including duplicate management, rotations, and pagination while adapting to layout changes, saving time and improving extraction results. With Rossum's AI, businesses can extract data from any type of invoice, even those it has never seen before, and in any language that uses a Latin script. The AI is self-learning, continuously improving its accuracy through pre-trained models and continuous training protocols.
Verify offers several benefits for their Invoice Parser. The API has been pre-trained on hundreds of millions of documents to provide highly accurate results. Verify's OCR technology is also blazing fast, allowing for speedy processing of invoices, bills of lading, POs, and other documents. Moreover, the API is SOC2 Type2 & FedRAMP secure, ensuring enterprise-grade security.
For all companies who use Invoice Parser in their software: cost and performance are real concerns. The Invoice Parser market is quite dense and all those providers have their benefits and weaknesses.
Performances of Invoice Parsers vary according to the specificity of data used by each AI engine for their model training.
Invoice Parser APIs perform differently depending on the language of the text. Different specificities exist:
When testing multiple OCR Invoice APIs, you will find that providers' accuracy can be different according to text quality. For example, some Invoice Parsing APIs may perform better with handwriting text while others may perform better with digital text.
Companies and developers from a wide range of industries (Social Media, Retail, Health, Finances, Law, etc.) use Eden AI’s unique API to easily integrate Invoice Parser tasks in their cloud-based applications, without having to build their own solutions.
Eden AI offers multiple AI APIs on its platform amongst several technologies: Text-to-Speech, Language Detection, Sentiment Analysis, Receipt Parser, Question Answering, Data Anonymization, Speech Recognition, and so forth.
We want our users to have access to multiple Invoice Parser engines and manage them in one place so they can reach high performance, optimize cost and cover all their needs. There are many reasons for using multiple APIs :
Eden AI is the future of AI usage in companies: our app allows you to call multiple AI APIs.
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You can see Eden AI documentation here.
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