Comparison of Invoice OCR APIs in 2023

This article includes a comprehensive guide to assist you in choosing the best invoice parsing provider for your needs among the numerous options available.

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Navigating the various invoice parsing providers and understanding their unique offerings can be challenging, but this guide aims to simplify the selection process and provide you with the information you need to make an informed decision, saving you time and effort:

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What is OCR Invoicing?

OCR invoicing refers to the process of using Optical Character Recognition (OCR) technology to automate the extraction of information from invoices.

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This technology scans and converts the text in an image or PDF of an invoice into machine-readable text, which can then be analyzed by software that uses pattern recognition and machine learning algorithms to identify and extract relevant information such as the invoice number, date, vendor name, items and prices listed on the invoice. 

Then, the extracted data can be exported to accounting or inventory management systems for further processing, reducing the need for manual data entry and increasing efficiency in accounting and financial operations.

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Invoice Parser API applications

You can use invoice parser in various applications:

• Automated data entry: OCR technology can be used to automatically extract data from invoices, such as invoice numbers, dates, and line item details, reducing the need for manual data entry.

• Invoice processing: OCR can be used to quickly process and validate invoices, flagging any errors or inconsistencies for review.

• Spend analysis: By extracting data from invoices, OCR can help organizations gain insights into their spending patterns, enabling them to make more informed decisions about their finances.

• Audit and compliance: OCR can be used to automatically extract data from invoices for compliance and audit purposes, helping organizations to stay compliant with government regulations and industry standards.

• Accounts payable automation: OCR technology can be used to automate the process of matching purchase orders and invoices, reducing the time and effort required to process payments.

• Archiving: OCR can be used to digitize invoices and other documents, making them easily searchable and retrievable, which can help with compliance and audits.

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Invoice Parser API use cases

Invoice parsing can be used in a wide range of companies and industries, some examples include:

• Finance and Accounting: Invoice parsing can be used to automate data entry and invoice processing in finance and accounting departments, helping to streamline the accounts payable process and improve accuracy.

• Supply Chain and Logistics: OCR technology can be used to automatically extract data from invoices related to shipments and deliveries, enabling companies to track and manage their supply chain.

• Retail and E-commerce: Invoice parsing can be used to automate the processing of vendor invoices, helping retailers to better manage their inventory and supply chain.

• Healthcare: Invoice parsing can be used to automate the processing of medical claims and invoices, helping healthcare providers to more efficiently manage their finances.

• Manufacturing and Construction: OCR technology can be used to automatically extract data from invoices related to materials and equipment, helping manufacturers and construction companies to track and manage their expenses.

• Government and Public Sector: Invoice parsing can be used to automate the processing of invoices and other financial documents, helping government organizations to more efficiently manage their finances.

• Services and Consulting: Invoice parsing can be used to automate the processing of invoices, helping professional services and consulting firms to more effectively manage their finances and billing.

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A well-supplied Invoice Parser market

There are many providers in the OCR invoicing market, both large and small, that offer various strengths and weaknesses: Base64, Microsoft, Affinda, Veryfi, Mindee, Google, Amazon, Rossum, Klippa, Natif AI, Sypht, Abbyy, Dataleon, Nanonets, etc. 

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How to choose the best Invoice Parser API?

It can be challenging to navigate the many invoice parser providers and understand their unique offerings.

That's why Eden AI's AI experts have created an ultimate guide to help you make an informed decision and save time when selecting a supplier. The guide is divided into four aspects:

• Field returned by the API: The types of fields returned by an invoice parser API can vary depending on the provider and the specific API. However, some common fields that are typically returned by invoice parser APIs include vendor, customer, payment, bank, delivery, and line item information. 
• File format supported: PDF, Microsoft Word (DOC and DOCX), Plain Text (TXT), HTML, XML, RTF, and many other specific formats.
• Language supported: It's important to consider the languages supported by the provider, as some have the ability to handle rare and exotic languages. 

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This guide was created by Eden AI's experts in collaboration with participating providers. It includes all of the necessary technical information for choosing an invoice parsing supplier. Eden AI maintains a neutral stance and does not have any interest in promoting one supplier over another.

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What features should you consider before parsing invoices?

Here are some examples of the types of information that can be extracted in an invoice parsing API response:

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Fields

The types of fields returned by an invoice parsing API can vary depending on the provider and the specific API. However, some common fields that are typically returned by invoice parsing APIs include:

• Vendor information: Extracts the vendor name, address, and contact information.
• Customer information: Extracts the customer name, address, and contact information.
• Invoice information: Extracts the invoice number, date, and due date.
• Line item information: Extracts the description, quantity, and unit price of each item on the invoice.
• Payment information: Extracts the total amount due, the currency, taxes, and the payment terms.

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Please note that the list of returned fields can vary between providers and different APIs. Some providers might have additional fields or different formats of data that are returned by the API.

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Invoice Parser API is available for every language.

Parse invoices from all over the world: Many invoice parser APIs support a wide range of languages.

Some providers may have a particular focus on certain regions or language groups, such as Asian languages, African languages, or European languages, while others may offer more comprehensive coverage. 

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Invoice Parser APIs supported formats 

Most of the invoice parser APIs support standard invoice file formats such as PDF, Microsoft Word (DOC and DOCX), Plain Text (TXT), HTML, XML, RTF.

For more specific use cases you might need to process your invoice with specific formats: ppt, odt, ods, jpg, rar, xlsx, tiff, gif, etc. 

It's important to note that some invoice parser APIs may have specific requirements for the formatting of these file types, such as the use of certain fonts or layout conventions, in order for the parsing process to be successful. 

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It's also possible that some APIs only support one format or a few of the above-mentioned formats.

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Benefits of parsing your invoices with Eden AI API

Using invoice parser with Eden AI API is quick and easy.

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Save time and cost

We offer a unified API for all providers: simple and standard to use, with a quick switch that allows you to have access to all the specific features very easily (invoice language/country automatic detection, multiple pages invoices, etc.).

Easy to integrate

The JSON output format is the same for all suppliers thanks to Eden AI's standardization work. The response elements are also standardized thanks to Eden AI's powerful matching algorithms.

Customization

With Eden AI you have the possibility to integrate a third-party platform: we can quickly develop connectors. To go further and customize your invoice parser request with specific fields to extract, check out our documentation.

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Interested in using Eden AI API?

Eden AI is the future of invoice parser usage in companies. Eden AI allows you to call multiple invoice parser APIs and handle all your document issues. You can use Eden AI invoice parser to access all the best APIs in the market with the same API. 

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The Eden AI team can help you with your invoice parser integration project. This can be done by:

• Organizing a product demo and a discussion to better understand your needs. You can book a time slot at this link: Contact

• Testing the public version of Eden AI for free: however, not all providers are available on this version. Some are only available on the Enterprise version.

• Benefiting from the support and advice of a team of experts to find the optimal combination of providers according to the specifics of your needs

• Having the possibility to integrate on a third-party platform: we can quickly develop connectors