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 invoice data extraction, we will use 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 from your invoices with Lido:
Sign in to your Lido account, go to the Files section, and select "New file" to create a spreadsheet. This will help you organize and analyze the data from your PDF invoices.
In your new spreadsheet, open the "PDF Tools" menu at the top. From the dropdown, select "PDF Data Extractor" to convert your invoice data into an organized spreadsheet format.
Click on"Click to Upload" in the file importer tool, then choose your invoice (in PDF format) from your computer or drag and drop it into the uploader. If you have multiple invoices, you can upload them all at once or add them individually later.
After uploading your invoice file, an interface will appear where you can select the specific data you want to extract.
In the Columns section, choose the data points to include. Some will be pre-filled automatically. You can add new columns using the text box or remove existing ones by clicking X on the tag.
Use the Extra Instructions section to refine the extraction with AI, but it's best to start without additional instructions to see what adjustments might be needed later.
Click Process All Files to run the extractor. The extracted invoice data should then appear in your spreadsheet.
Review the spreadsheet to ensure all data is accurate and complete. You can upload additional invoices and process them using the same settings in the modal. If any adjustments are needed, reset the file, update the instructions, and reprocess until the results are correct.
We hope that you now have a better understanding of how to extract data from invoices.