In this article, we will explore what invoice data extraction is and show you how to do invoice extraction easily using the Lido app. Read on to learn more!
Invoice data extraction is the process of automatically pulling key information, such as dates, amounts, and item descriptions, from digital or scanned invoice documents. This technique helps in organizing and managing financial records efficiently, reducing the need for manual data entry.
Example: For instance, a company receives hundreds of invoices each month. Using data extraction software, they can automatically capture relevant details like vendor names, invoice numbers, and payment due dates from these invoices, which will help streamline their accounts payable process.
To automate your invoice data extraction tasks, consider using Lido, a tool designed for efficiency. Get started by signing up at this for free: https://www.lido.app/go/signup.
Here's how to extract data using Lido's PDF extraction tool:
Log into your Lido account and head to the Files page. Click "New file" to create a spreadsheet that will organize the data extracted from your invoices.
In your new spreadsheet, navigate to the "File" menu at the top. Select "Import from PDF" from the dropdown, which allows for conversion of invoice data into a structured spreadsheet format.
Click on "Click to Upload" in the importer tool interface and choose the invoice from your computer or drag and drop the file directly.
After uploading the invoice, use the interface to pinpoint the exact data you want to extract. Adjust the selection box to cover all relevant parts of the invoice and press "Extract data" to begin the extraction process.
In the new window, ensure the extracted data from the invoice is complete and accurate. If the data includes both text and tables, the text will populate individual cells while tables are extracted in structured formats.
Click "Insert at active cell" to place the data in your spreadsheet. If additional data needs extraction, use "Back" to select more.
Check your Lido spreadsheet to ensure the data from the invoice appears correctly and is properly formatted. Confirm each piece of information is in the correct cell, aligned as in the original invoice. Save your work or continue editing as required.
Here, we will use Lido's special formula, IMPORTPDF, to extract all content from the provided PDF invoice. Please note that the IMPORTPDF formula does not work with scanned PDF documents. For extracting data from scanned PDF invoices, you can use the EXTRACTTABLESFROMPDF formula below.
First, sign into your Google Drive and upload the invoice by selecting "New" and then "File upload." This step is essential to enable Lido to access your file online. Make sure your invoice is in PDF.
Log into your Lido account and navigate to the Files page. Click "New file" to create a new spreadsheet. This is where you will organize the data extracted from your invoice.
In the Lido spreadsheet, add a new worksheet by clicking the plus (+) icon at the top left of the interface.
In cell A1, enter "=IMPORTPDF(" without the quotes.
Click on "Add Credential" and follow the instructions to connect the Google account where your invoice is stored. This link is necessary for Lido to access your document. Complete all required steps and grant Lido the necessary permissions.
After linking your account, press the comma key for the next formula parameter and click "Select a file" to choose your invoice from the file dialog.
Find and click on your uploaded PDF invoice in Google Drive to link it directly to the IMPORTPDF formula.
Finish the formula by typing ",Sheet1!B2)" to specify that the extracted data should populate starting at cell B2 in Sheet1. Press ENTER to apply the formula.
Right-click on cell A1 where the formula is entered and select "Run action" from the context menu. This action will start the data extraction from your PDF.
Go to Sheet1 and check the extracted data to ensure it is displayed accurately and corresponds correctly in the spreadsheet cells.
In this method, we will use Lido's specialized formula, EXTRACTTABLESFROMPDF, which is designed to extract all identifiable tables from a PDF file. This formula is especially useful for handling scanned documents.
Log into your Google Drive account and upload the PDF invoice you need to extract data from.
Go to the Files page on Lido and click the "New file" button located at the top right to prepare a spreadsheet for organizing the data from your PDF invoice.
Click the plus (+) icon near the top left corner next to your default sheet to insert a new worksheet.
In the new worksheet, navigate to cell A1 and type in "=EXTRACTTABLESFROMPDF(".
Press the "Add Credential" button to link your Google Drive with Lido. Follow the prompts to connect your account.
Hit the comma key to move to the next part of the formula and click "Select a file" to bring up the file selector.
Locate and select the PDF invoice you uploaded earlier to Google Drive. This links your PDF directly to the formula for data extraction.
End the formula by adding ",Sheet1!B2)" to designate cell B2 in Sheet1 as the start point for the data placement. Press ENTER to finish setting up the formula.
Right-click the three-dot menu in cell A1 and select "Run action" from the context menu.
Switch to Sheet1 to review the extracted data. Check that the tables have been precisely captured and accurately represent the information from your invoice. Note that only tabular data will be extracted.
We hope that you now have a better understanding of how to extract data from invoices.