What is an invoice data capture?

Invoice data capture refers to the process of extracting relevant information from invoices and digitizing it for use in a digital database or accounting software. This process is often automated using software that employs optical character recognition (OCR) technology to scan invoices and extract data such as vendor name, invoice number, date, and amount. By automating this process, organizations can reduce manual data entry, minimize errors, and streamline their invoice processing cycle. Invoice data capture can be a key component of accounts payable automation, enabling greater efficiency and cost savings.