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What type of document parsers should you use?

What type of document parsers should you use

Document parsers are text analysis applications that have different subtypes. Text mining and summarization software tools use a variety of approaches to categorize and extract data from unstructured digital documents. For example, the automatic metadata extraction process includes document classification through indexing, keyword extraction, and structure analysis. This blog will explain the most common type of document parsers that you can use for your business.

Source: Oracle

Which document parser should you use?

Bank statement parser

Bank statement parser is a ready-to-use solution offering automatic processing of the broadest range of financial data from the world’s leading banks. The program helps run an independent accounting department by providing comprehensive bank statement information in a structured format without time-consuming configuration or integration tasks. It extracts your bank account details from the downloaded bank statement PDF file. In addition, the bank statement parser is flexible to handle different PDF files from other banks.

Source: Sap

Contract parser

A contract parser is a professional tool to generate contract documents programmatically. It processes natural language and extracts information from the structure of the resulting contract text. It’s also a web app service that extracts text and data from legal contracts such as agreement (contract), effective date, and parties.

Contract parser is an open-source library that extracts text and values from legal contracts such as agreement date, effective date, parties name or address, etc. It can also parse file attachments such as images and convert extracted text to plain English.

Payslip parser

Payslip parsing is a process of recognition, categorization, and verification. It recognizes different parts of payslips like income tax, insurance, and other deductions based on some rules and integration with government services to file forms and submit claims.

Payslip parser extracts pay information from payslips. A payslip is an input, and the program will print a report with salary details and record changes to previous payslips. 

It supports employee name, earnings/wage, employer names and addresses, deductions, rates, and taxes. In addition, it has tools for visual representation and formats CSV output (comma separated values) and HTML formats.

Expense parser

Expense parser is a small but powerful program for adding, editing, and analyzing your daily expenses. It has all you need to record all of your spending quickly and accurately. It’s super simple, yet it provides an extensive set of powerful features.

It’s a simple expense management tool that allows you to monitor your business. Expense parser solves the problem of double entry and endless fiddling with receipts. Instead, it retrieves transactions from your bank, categorizes them automatically, and matches them with receipts. The resulting data save in a database then formatted as an excel spreadsheet to make it easy to prepare taxes quickly and accurately.

Invoice parser

An invoice parser is a one-stop solution for extracting information from PDF invoices. It can extract invoice number, supplier name, invoice amount, tax amount, invoice date, due date, and line item amounts on invoices. These are stored in the CSV format of your choice and can subsequently save as CSV files that you can open with spreadsheet applications such as Microsoft excel. The program will also create spreadsheets containing this data for each invoice.

How to Use Invoice Parsing to Cut Costs

Invoice parser is an extension to google chrome and firefox that extracts data in invoices. This helpful extension can automatically detect invoices in many kinds of PDF files, such as commercial invoices, bills, or credit card statements.

Source: Google

Utility parser

Utility parser is a software program that extracts the name and prior amount paid from your utility bill. Allowing you to keep track of your usage and spot problems earlier and save text and value data from utility bills. The objective of utility parser is which business team can use to extract data from client’s monthly utility bills. The focus is on the client’s previously paid amounts.

Scanning your utility bills for errors and paying wrong amount can reduce your credit rating. Utility parser extracts supplier’s name, account number and the previously paid amount from a scanned bill and stores the values along with the date of the invoice in a spreadsheet file. The new paid amounts add to a separate column in a spreadsheet.

Driver license parser

Driver license parser allows you to extract names, DOB, and document ID. Government employees use this parsing to verify and enter driver license data into a database or simply by anyone who needs the same information for their purposes.

It verifies that the user has entered correct personal data into account-related databases. In addition, it can avoid storing incorrect personal data during account creation. For example, some banks ask their clients to enter their date of birth in various formats (mm dd yy instead of dd mmm yyyy). Driver license parser can help make sure that the data entered by new users do not result in account closure due to minor format errors.

Conclusion

The increase in electronic and digital documents requires versatile document parsers. Whereas spell-checking programs help keep records free from spelling and grammar mistakes. Document parsing software is essential for logical errors like paragraphing, punctuation, and identifying keywords. 

Businesses can benefit from both types of software, such as spell check to ensure professional documents and document parsing to provide vital information is not missed.

Visionify document parsing services are the most advanced solutions available today. Perhaps its most incredible power is to make seamless use of any parsing library you can provide. We allow you to parse your documents in various ways with complete confidence that they will be properly indexed and searchable. Call us to get a live demo of our document parsing services.

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