Invoice data extraction is a critical part of bookkeeping if your objectives are automation, visibility and control of the company spend. Envoice offers two different data extraction services where one is managed by our machine learning system and the second option adds a human touch to the extracted data.
Data Extraction Services
| SmartExtraxt | SmartExtract uses machine learning to intelligently read and understand your invoices, no matter the layout. It captures the relevant data in just a few seconds to a couple of minutes. Once it's done, you simply review and verify the information before applying any of your automation tools |
| ExactExtract | For an extra layer of accuracy, you can add human verification to SmartExtract. Our team will review, correct, and confirm the extracted data before it reaches your dashboard. Because the data is already double-checked, you can completely automate your next steps, letting your coding, business controls, and approval workflows trigger immediately. |
Note:
SmartExtract is default data extraction feature on any Envoice subscription plan.
ExactExtract in an option that can be added to any subscription plan.
To check what which Data Extraction service you are currently using go to Settings and view your Subscription information from there.
Extracted supplier/vendor data
| Company Name | Supplier name normalized - Company Ltd. (or Gmbh, OY, ...) |
| Company Address | |
| Company Country | |
| Registration Number | |
| 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 |
| BIC/SWIFT |
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 |
| Invoice Description | Description of the first line item is replaced with "Service / Goos" |
|
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. |
| Total Amount |
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 can be enabled as per Supplier based service (user configurable 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 configurable on vendor's contact details)
| Description | |
| Quantity* | Item view only |
| Unit Price* | Item view only |
| Unit* | Item view only, will be matched to Units registry in Envoice company account |
| Amount | |
| Tax Rate |