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PDF.co's document parser simplifies the extraction of specific text, like invoice numbers, from numerous documents efficiently. It supports file formats such as CSV, XML, and JSON for output or allows for the extracted text to be reused in other documents. The tool is applicable to various document types, including purchase orders and insurance code requests. The tutorial also introduces the PDF.co online template editor, where users can create, edit, and save templates for PDF or image files. A sample Google invoice is used to demonstrate the process, highlighting features like language settings and document organization.