What is Invoice Parser API?
The Invoice Parser, also called OCR Invoice API, can extract data from an invoice in a structured format comprising the customer's name, billing address, line items, quantities, prices, total amounts due, and other relevant information.
By combining Optical Character Recognition (OCR) technology with other advanced tools, including machine learning and natural language processing (NLP), Invoice Parser API can precisely collect data from various formats (PDF, scanned image, etc.), guaranteeing the significance of the extracted information, thus freeing up valuable time and resources for businesses.
Invoice Parsing APIs are frequently utilized in accounts payable departments to automate the invoice processing procedure and lessen the requirement for manual data input.
Top Open Source (Free) OCR Invoice Parser models on the market
For users seeking a cost-effective engine, opting for an open-source model is recommended. Here is the list of the best Invoice Parser Open Source Models:
1. InvoiceNet
Deep neural network to extract intelligent information from invoice documents.
2. invoice2data
Open Source Library that helps you in invoice parsing.
This is the veryfi open source Python model that helps in various OCR tasks. This can also be used for invoice parsing.
4. Invoiceable
Invoiceable is a free and open-sourced Flask application that uses AI, Tesseract OCR, and the open-sourced machine learning model to parse invoices, documents, résumés, and more.
Cons of Using Open Source AI Models
While open source models offer many advantages, they also have potential drawbacks and challenges. Here are some cons of using open source models:
Not Entirely Cost Free: Open-source models, while providing valuable resources to users, may not always be entirely free of cost. Users often need to bear hosting and server usage expenses, especially when dealing with large or resource-intensive data sets.
Lack of Support: Open source models may not have official support channels or dedicated customer support teams. If you encounter issues or need assistance, you might have to rely on community forums or the goodwill of volunteers, which can be less reliable than commercial support.
Limited Documentation: Some open source models may need more complete or better-maintained documentation. This can make it difficult for developers to understand how to use the model effectively, leading to frustration and wasted time.
Security Concerns: Security vulnerabilities can exist in open source models, and it may take longer for these issues to be addressed compared to commercially supported models. Users of open source models may need to monitor for security updates and patches actively.
Scalability and Performance: Open source models may not be as optimized for performance and scalability as commercial models. If your application requires high performance or needs to handle a large number of requests, you may need to invest more time in optimization.
Why choose Eden AI?
Given the potential costs and challenges related to open-source models, one cost-effective solution is to use APIs. Eden AI smoothens the incorporation and implementation of AI technologies with its API, connecting to multiple AI engines.
Eden AI presents a broad range of AI APIs on its platform, customized to suit your needs and financial limitations. These technologies include data parsing, language identification, sentiment analysis, logo recognition, question answering, data anonymization, speech recognition, and numerous other capabilities.
To get started, we offer free $10 credits for you to explore our APIs.
Access Invoice Parser providers with one API
Our standardized API enables you to integrate Invoice Parser APIs into your system with ease by utilizing various providers on Eden AI. Here is the list (in alphabetical order):
Affinda
AWS
Base64
Dataleon
Google Cloud
Klippa
Microsoft Azure
Mindee
Veryfi
1. Affinda- Available on Eden AI
Affinda provides an advanced solution capable of processing various invoice formats, such as PDF, JPG, and PNG. The Adaptive Recognition technology powering Affinda's invoice parser ensures automatic format adaptation, eliminating manual adjustments.
Notably, Visual AI is a remarkable feature, utilizing machine learning algorithms to acquire knowledge from errors and recognize crucial fields across multiple invoice layouts.
2. AWS- Available on Eden AI
AWS offers a highly advanced Invoice Parser via the Amazon Textract API, which employs sophisticated machine learning algorithms to interpret the context of invoices accurately, regardless of their varying formats and layouts.
Additionally, Amazon Textract can recognize crucial vendor names, even if they are not explicitly labeled. As an illustration, it can detect the vendor name on an invoice even if it is solely included within a logo. Additionally, Amazon Textract makes it easy for you to consolidate input from diverse invoices that use different words for the same concept.
3. Base64- Available on Eden AI
This application applies advanced machine learning and NLP algorithms to extract critical invoice data, such as invoice numbers, dates, total amounts and vendor information, with remarkable speed and accuracy.
Base64's software includes the ability to manage intricate invoices with multiple line items and a range of formats, including scanned PDF documents, images and emails. Additionally, their adaptable solution can be effortlessly integrated into existing software systems and requires no hardware or templates.
4. Dataleon- Available on Eden AI
Dataleon's cutting-edge technology enables data extraction from a wide range of invoice formats, including PDF, paper, and printed copies, in real time. By utilizing advanced deep learning techniques, our API smoothly converts unstructured invoice data into organized information, such as supplier names, addresses, and other critical details, including dates and invoice amounts. Moreover, our API facilitates extraction in multiple languages, including Latin and European languages, thanks to Dataleon's intelligently designed Invoice Parser.
5. Google Cloud- Available on Eden AI
Google Cloud offers a cutting-edge solution that extracts text and values from invoices, including header and line item fields. By utilizing advanced machine learning models, this technology guarantees the precise and trustworthy extraction of data. Furthermore, the API is exceptionally scalable, effortlessly handling substantial volumes of invoices.
6. Klippa- Available on Eden AI
The API extracts essential details from invoices including vendor details, invoice number, date, line items, and total amount, with exemplary precision utilizing advanced machine learning algorithms. Klippa's solution sets itself apart by being proficient in managing intricate invoices with multiple pages and tables, making it an optimal choice for businesses processing a high volume of invoices. Additionally, Klippa offers flexible pricing plans and customizable features, allowing businesses to tailor the API to their specific needs.
7. Microsoft Azure- Available on Eden AI
Azure's Invoice Parser API, fuelled by the Form Recogniser model, is a robust and dependable solution. The API utilizes advanced OCR capabilities to precisely extract vital fields and line items from invoices in various formats and quality, such as phone-captured images, scanned documents, and digital PDFs. The API also enables support for utility bills, sales orders, and purchase orders.
8. Mindee- Available on Eden AI
Mindee provides an Invoice Parser API that combines cutting-edge deep learning techniques in computer vision and NLP. A significant advantage of Mindee's solution is its outstanding processing speed, allowing for real-time data extraction via a continuously optimized inference pipeline.
9. Veryfi- Available on Eden AI
Verify provides numerous benefits through its Invoice Parser. The API has been trained on hundreds of millions of documents, which enables it to offer highly precise results. In addition, Verify's OCR technology is incredibly fast and can process invoices, bills of lading, POs, and other documents quickly. Furthermore, the API is secure as it conforms to the SOC2 Type2 & FedRAMP standards, ensuring enterprise-grade security.
Pricing Structure for OCR Invoice Parser API Providers
Eden AI offers a user-friendly platform for evaluating pricing information from diverse API providers and monitoring price changes over time. As a result, keeping up-to-date with the latest pricing is crucial. The pricing chart below outlines the rates for smaller quantities for November 2023, as well as you can get discounts for potentially large volumes.
Check the current prices on Eden AI
How Eden AI can help you?
Eden AI is the future of AI usage in companies: our app allows you to call multiple AI APIs.
Centralized and fully monitored billing on Eden AI for Invoice Parser APIs
Unified API for all providers: simple and standard to use, quick switch between providers, access to the specific features of each provider
Standardized response format: 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.
The best Artificial Intelligence APIs in the market are available: big cloud providers (Google, AWS, Microsoft, and more specialized engines)
Data protection: Eden AI will not store or use any data. Possibility to filter to use only GDPR engines.
You can see Eden AI documentation here.
Next step in your project
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 understand your needs better. You can book a time slot on this link: Contact
By 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.
By 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.