Handling a mountain of utility bills every month is daunting, prone to human error, and leads to skyrocketing operational costs. Manually processing these documents drains valuable time and increases the risk of inaccuracies. This leads to customer dissatisfaction and financial discrepancies. Using automated software for data extraction from utility bills can solve these problems caused by manual data entry.
In this blog, we will explore how to extract data from utility bills such as energy bills, electricity bills, water bills, natural gas bills, internet bills and others. Lastly, we will understand the data extraction process from utility bills through a step-by-step guide using KlearStack.
Data Extraction from Utility Bills
Data extraction from utility bills involves taking information from the bills and feeding it into a system for further analysis. The first step in data extraction is to scan the utility bills and invoices, then extract the data and organize it into a structured form for processing and record-keeping.
Data extraction can be done by humans, known as manual data extraction. It can be done using automated data extraction software, known as automated data extraction.
Manual data extraction poses many challenges which are listed below:
Automated data extraction or bill scanning software provides a solution for all the problems associated with manual data entry. It uses advanced technologies such as Optical Character Recognition(OCR), Artificial Intelligence(AI), and Machine Learning(ML) to extract data from utility bills. These technologies automate the entire data extraction process, increasing speed and accuracy. This saves time and costs for the organization and boosts overall productivity.
Solve Utility Bill Data Extraction Issues with Automated Software or Bill Scanning Software
- Master Large Volumes of Documents: Automated software extracts data from large volumes of documents quickly and accurately, preventing backlogs and ensuring timely processing.
- Eliminate Human Errors: Automated systems minimize errors by accurately capturing details through advanced technology, significantly improving data reliability and reducing costly mistakes.
- Cut Down High Operational Costs: By handling tasks that would require multiple employees, automated software reduces labor costs and boosts efficiency, allowing you to allocate resources more effectively.
- No Compromise on Compliance: This software ensures accurate data capture and compliance with regulatory standards, reducing the risk of non-compliance penalties and errors.
- Speed Up Data Availability: Automated data extraction from bills speeds up processing, even from inconsistent formats, making data available quickly for timely decision-making.
- Simplify Data Integration: Automation seamlessly integrates extracted data with existing systems, ensuring consistency and eliminating the need for manual re-entry.
- Scalable Solutions for Growing Businesses: As your document volume increases, this scalable solution maintains efficiency and accuracy, supporting your business growth without compromising on performance.
- Reallocate Resources to High-Value Activities: Automation frees up resources for strategic activities, enhancing service quality and growth potential by allowing your team to focus on more impactful tasks.
- Secure Your Data with Automation: Automated processes enhance security by reducing risks associated with manual data handling and protecting sensitive information from breaches.
- Get Real-Time Insights for Strategic Decisions: Automation provides real-time data insights, enabling quick analysis and informed decision-making to drive your business forward.
Types of Utility Bills
Bill scanning software can convert all paper-based utility documents into digital formats, which are then scanned and processed. Data is extracted and organized into a structured format. After extracting the data, these documents are processed for review and payment approval.
Here are the most common types of bills that can be easily processed:
1. Utility Bills
- Electricity Bill: An electricity bill is a document received from an electric utility or service provider. It details the amount of electricity consumed, the rate charged, and the total amount due.
- Telephone Receipts: Telephone receipts are received from telephone service providers. They include detailed logs of calls made or received, the duration of each call, and the charges associated with them. Receipts can be for landline or mobile phone services.
- Postpaid Internet Invoices: Postpaid internet invoices are received from internet service providers for postpaid services. They show monthly usage, charges, additional taxes, and more. These invoices detail the cost of internet access based on usage and plan features.
- Gas Bills: Statements for natural gas consumption.
- Cable or Satellite TV Bills: Charges for television service.
- Solid Waste and Recycling Bills: Charges for waste management services.
- Invoices for Special Services: Charges for one-time or special utility services.
2. Water and Sewer Bills:
- Water Bill: A water bill is a statement received from a water utility provider. It outlines the quantity of water consumed, the rate charged, and the total amount due. It may also include other details such as the address, names, and taxes.
- Sewer Bills: Sewer bills are received from sewer service providers. They detail waste-water management and sewer services and may include information such as maintenance fees and applicable taxes.
3. Insurance & Loan Premiums:
- These documents are usually received as statements or invoices for insurance premiums and loan payments. They detail the amount due, payment schedule, and coverage or loan terms.
4. Machine Maintenance Bill:
- These documents detail the maintenance services performed on machinery or equipment. They include charges for labor, parts, and additional services provided to ensure the proper functioning of the equipment.
5. Homeowner Association(HOA) Bill:
- HOA bills are paid by homeowners, to homeowner associations to maintain, improve and renovate their residential property or premises. Homeowner associations are run by a board of directors who are the residents of the subdivision, community and the nearby building.
All the bills listed above can be easily processed using data extraction tools like KlearStack. Important data from the key fields of utility bills can be effortlessly extracted to structure the information. KlearStack’s APIs are designed to flag errors during document processing, alerting users to any anomalies, missing details, or discrepancies.
9 Steps Guide to Extract Data from Utility Bills & Invoices
KlearStack is a template-free utility data extraction software that uses advanced technologies to process utility bills, and structure the data in the desired format. It saves thousands of hours, and delivers output with up to 99% accuracy. Here is a step-by-step guide to extract data using KlearStack:
Why KlearStack is best at Data Extraction of Utility Bills?
KlearStack makes use of OCR, ML, and AI to provide an excellent solution for data extraction from utility bills and invoices. It accurately collects and enters all the information with high precision. These features of KlearStack make data extraction seamless:
- Template-less Solution: KlearStack is a utility data extraction software with a template-less solution, allowing it to accurately extract data from any new utility document layout without requiring model retraining. It handles varied designs and adjusts to new layouts, saving time and resources.
- Multi-lingual Support: KlearStack supports data extraction in 50 languages, including English, German, Hindi, Marathi, French, Chinese, and Japanese. This feature is crucial for businesses with overseas suppliers, ensuring efficient document processing across language barriers.
- Bulk Purchase Order Processing: This feature allows multiple bills to be processed simultaneously, increasing overall speed and efficiency, and enabling a large number of documents to be processed quickly.
- Line-item Data Extraction: KlearStack accurately extracts crucial line items from utility bills, such as product descriptions, quantities, unit prices, and total amounts. This is essential for analysis and general management.
- Multi-page Data Extraction: KlearStack supports precise data extraction across all pages of multi-page documents, ensuring no critical information is overlooked.
- Self-Learning Algorithm: KlearStack’s AI continuously improves its accuracy over time by learning from the data it processes, reducing the need for constant manual intervention.
- Seamless ERP Integration: KlearStack easily integrates with existing ERP and accounting systems, allowing extracted and validated data to be directly transferred into financial management systems, boosting productivity and efficiency.
- Document Classification: KlearStack categorizes documents based on their content, identifying them as purchase orders, invoices, receipts, or other relevant categories, improving document organization and streamlining departmental processes.
- Automated Document splitting: This feature allows the separation of one document from others attached to it, making it easier to analyze data from each page.
- Rich Document Audit Engine: KlearStack’s audit engine allows users to set rules for checking extracted data. Data that meets these rules is processed further, while discrepancies are flagged for review.
- Rules-based workflows: KlearStack routes data or documents to the appropriate team or member based on predefined criteria, such as total amount or supplier name, automating the process and eliminating the need for human intervention.
Experience Hassle-Free Data Extraction of Utility Bills with KlearStack!
KlearStack is advanced data extraction software designed to handle vast amounts of data from loads of documents. Our solution includes automation techniques to ensure efficient and accurate data handling. We provide comprehensive data extraction and integration solutions—all in one tool.
Stay ahead with the latest trends and techniques in data extraction. Book a DEMO Call now to troubleshoot your problems and increase efficiency by 500%, while saving 80% on document data entry and auditing costs.
