Invoice data extraction is a critical part of bookkeeping if your objectives are automation, visibility and control of the company spend.
Data Extraction Services
|SmartExtraxt||Cognitive invoice data capture software that understands the information it is extracting. Applying machine learning technology, the SmartExtract learns how to recognise and capture relevant data in various document layouts. Data is captured within the seconds (up to few minutes) and has to be verified (corrected if necessary) by Envoice user before any of the automation tools can be applied.|
|Operator verification service on top of the SmartExtract. Envoice data extraction operators review, correct and confirm the data accuracy before the data is provided to customer. Processing of invoices with verified data can be fully automated. E.g. automated coding/recording, business controls and approval workflow can run immediately after verification of the invoice.|
SmartExtract is default data extraction feature on any Envoice subscription plan. ExactExtract in an option that can be added to any subscription plan.
Extracted Supplier/Vendor Data
|Company Name||Supplier name normalised - Company Ltd. (or Gmbh, OY, ...)|
|Tax Identification Number||e.g. VAT Number, GST Number, TIN|
|Payment Receiver||Provided if differs from supplier name|
|Bank Account Number||If no user preferences defined, account number of first bank on invoice is captured|
Extracted Invoice Data
|Invoice Type||Invoice or Credit Note|
|Invoice No||if missing, order no, booking no or invoice date is provided|
|Invoice Date||if missing, invoice receiving date provided|
|Due Date||Invoice date is provided, if due date is missing|
|Bank Reference Number||Payment Reference Number - can be used to identify the invoice for which the payment is made|
Description of the first line item (or general description of service)
|Line Items data
Optional service. Read more
|Total Net Amount||Split by tax rate|
Tax Rates & Amounts
(e.g. GST, VAT, TVA, etc.)
Tax amounts split by tax rate
Envoice verifies extracted tax amounts. If invoice issuer has summed line item tax amounts, the total tax amount may differ from tax calculated from total amount and tax rate. In such cases Envoice provides tax amounts and total amount presented on invoice but additional rounding line will be added.
Envoice may calculate document totals in ways that are slightly different to other applications.
If sum of tax amount and total net amount do not add up as Total amount, rounding as an line item is provided.
|Currency||If missing, 1. vendor local currency or 2. company account local currency is provided|
Line Item extraction
Line item extraction is additional service that can be enabled only if verified data extraction service ExactExtract enabled.
Line item extraction is per Supplier enableable service (Envoice user selectable on supplier's contact details). The data extracted and presented for line items depends on user preferences. If Item details view is enabled or not. Item view can be enabled globally as a company preference or just for selected vendors (Envoice user selectable on vendor's contact details)
|Quantity*||Item view only|
|Unit Price*||Item view only|
Item view only, will be matched to Units registry in Envoice company account