Accounts payable software is such a vast category that it contains any software that performs any of the tasks such as capturing, processing, and recording vendor invoices for transactions as-well-as services with trade credit terms, approvals, general ledger posting, document matching, bill payments, and more. In this article, we cover the best invoice automation software without limiting ourselves to a single category as mentioned above.
So, let’s get right into it:-
10 best invoice automation software in 2023
Without taking much of your time, here’s the list you’re looking for:-
Docsumo is an intelligent document processing solution that helps operation teams extract data accurately from any document, regardless of its layout with no manual setup. It enables your organization to intelligently capture information from a variety of invoices irrespective of their layouts and templates ensuring 99% accuracy. Docsumo comes with a pre-trained Invoice capture API that can be customized for any kind of invoice with little training. Users can also convert the extracted data into different formats such as excel/json/csv/txt and feed into their database or any third party software.
- Intelligent data capture and transfer
- Document fraud detection in real-time
- 3-way matching
- Data validation
- Accurate key-value pair and table extraction
- Cloud data protection
Three price segments -
- Growth - Ideal for business & startups that need to capture data from one or two document types. It starts at $500 per month.
- Business - Ideal for businesses to capture specific data points and train on data.
- Enterprise - Ideal for enterprises that wish to capture specific data points and train on their data.
Docsumo offers a 14-day free trial. Check it out!
- The API documentation needs to encompass more details.
- Inability to process handwritten documents.
Tipalti is a cloud-based integrated SaaS add-on software solution that helps automate accounts payable. This software appeals to a mid-market audience as-well-as small businesses. Tipalti streamlines supplier payment workflows, vendor onboarding, invoice collection, and legal compliance management. The tool lets users create payment reconciliation reports which can be linked directly to ERP management systems and the software also supports seamless third-party integrations.
- Self-service supplier onboarding
- Invoice automation
- Automated invoice approval workflows
- Several payment methods in a plethora of currencies
- Fraud reduction
- Tipalti Express - $299 a month
- Tipalti Pro - $447 a month
- Once you have paid the bill, there is no altering it, even to add a memo.
- Tipalti does not pull directly from your account, and you must make deposits individually.
- The platform must let clients see the memo without going all the way into the bill.
Rossum is an AI-powered, cloud-based invoice data capture platform that facilitates invoice data extraction while delivering 98% accuracy. Rossum AI features a highly customizable interface, automated cloud hosting, and powerful configuration tools for APIs which enterprises can leverage to cut down on their document processing, storage, and maintenance expenses. Rossum also provides users special training materials in the form of live classes, webinars, and user documentation so that beginners can get started and not experience trouble in navigating the software.
- Invoice data capture without setting up rules
- Swift deployment in your invoicing process within a couple of days.
- Seamlessly integrate Rossum through email, RPA, or API.
- Cloud data protection and data control.
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Extra charges for increased communication security.
4. ABBYY Flexicapture
ABBYY FlexiCapture is a robust data capture and document processing solution designed to convert streams of documents of any layout and complexity into business-ready data. It provides a paperless document capture experience, automatic document classification, and has a highly scalable architecture which means enterprises can streamline their core business processes whilst boosting organizational efficiency and cutting costs.
- Data Verification
- Document Imaging
- Forms Management
- Distributed Capture
- CRF Tracking
- $29.99 a month for 500 pages, with price proportionally increasing with the number of pages processed each month.
- Relatively more technical and complex to navigate.
- Massive updates that require reinstalling the software.
- Sometimes delivers slow results.
Kofax is an intelligent automation software platform that digitally transforms document-intensive workflows. Kofax Capture offers an excellent batch capture speed, OCR, scanner recognition, VRS functionality, as-well-as an extensive array of scanners with other Kofax tools. Kofax streamlines end-to-end business automation and provides RPA (Robotic process Automation) tools for speeding up document processing workflows. It uses zero-code deployment, lowers system disruptions, and is able to integrate data with legacy systems.
- Unified Design Environment
- Robot Lifecycle Management
- Built-In Analytics and Process Intelligence
- Cognitive Document Automation
- Capture data from multiple data sources
- $3,500 for 100,000 pages captured each year and 10,000 pages converted per year with an individual concurrent user.
- Lack of customization due to fewer configuration tools.
- Sluggish integration between the OS and the DB.
- The GUI requires improvements.
Xero is a cloud accounting platform that offers accounts payable and vendor payments. This cloud-based accounting software platform is ideal for small and medium-sized businesses. Xero also helps users connect their bank accounts, set up bank feeds, accept payments online, and do account reconciliations. Users can track their financial metrics, perform cash flow analysis, file GST returns, backup their original documents electronically, and do much more when it comes to running their business using its various tools.
- Simplistic UI provides a clear financial view.
- Seamless accessibility from anywhere.
- Automated daily bank feeds.
- Interactive credit control to manage outstanding sales invoices.
Xero offers three pricing segments -
- Early - $11 per month
- Growing - $32 per month
- Established - $62 per month
- Some features are complicated to understand and require experience.
- No longer includes built-in payroll in any of its plans.
- Limited expense claims, projects, as-well-as multi-currency support.
- Does not offer a built-in ‘Debtor Chasing’ function.
7. Sage Intacct
Sage Intacct is a cloud-based ERP accounting software platform that is endorsed by the AICPA. It offers accounts payable software alongside automated payables workflows. Besides this, it features Salesforce integration, generates seamless data flows between CRMs and business financials, gives greater visibility into business operations, and creates customizable reports straight from its dashboard.
- Approval Process Control
- Cash Management
- Duplicate Payment Alert
- Electronic Funds Transfer
- ACH Payment Processing
- No capability to mass approve/post invoices from the Invoices screen.
- No tool for approval of Journal Entries or AP Payments at the summary level.
- The platform charges extra costs for core features rather than including all internal upgrades in the annual expenses.
8. Google Doc AI
Google Doc AI uses minimal human reviews for processing documents and automates data capture on a large scale. It uses deep self-learning deep algorithms to extract unstructured data and clean it up for faster AP processing. Google Doc AI can be used for automating invoice data extraction, adding metadata tags, entering payrolls, and reducing manual overheads.
It also helps in validating various AP documents and ensures that they satisfy different compliance requirements.
- Features ‘Human in the Loop’ AI feedback.
- Specialised parsers for processing invoices, receipts, etc.
- Processes and validates documents from a unified console.
- Pricing starts at $65 for AP data prediction services, $50 for parsing 1000 pages.
- There are document processing and content usage limits enforced by the platform.
- Lacks up-to-date documentation.
- Very hard for new users to customize existing AP libraries and accounts processing modules.
Hyperscience enables automation for back office operations and uses deep-learning algorithms to streamline enterprise AP workflows, helping organizations improve their overall client experience. Hyperscience can intelligently automate any document workflow, including invoice, payroll, KYC, and compliance policies processing. Its aim is to make processing mission-critical data in companies easier and the platform can be used with on-premise Cloud solutions, RESTful APIs, and SDKs, and more. Hyperscience also meets the highest security standards when it comes to data compliance and auditing and achieves over 80% out-of-the-box AP automation.
- Automates legacy AP systems
- Converts unstructured data into actionable insights for downstream processing
- Improves peer-to-peer collaboration and achieves over 80% AP automation
- Generates custom reports and offers AI data analytics,
Hyperscience has custom pricing plans based on enterprise requirements and has no fixed pricing
- Lack of good user support
- Requires customers to configure PDFs manually
10. Amazon Textract
Amazon Textract offers specialized support for extracting unstructured data from invoices, receipts, and processes them at scale. It can implement effective AP design rules, interpret vendor names from logos, and consolidate outputs from various accounts payable documents.
The platform can detect invoice names, numbers, headers, tables, and even line items, helping users to conduct the review of sensitive data by leveraging Amazon Augmented AI.
- Offers both text and tabular data extraction for AP documents.
- Secure and is easy to set up with Amazon AWS Services.
- Decodes handwritten invoices and scanned financial credentials.
- Suitable for AP downstream applications.
- Amazon Textract uses a pay-as-you-use pricing model and requires no minimum fees. Users pay $0.0015 per page upto the first 1 million pages and $0.0006 per page if processing more than 1 million pages.
- Does not integrate with third-party providers easily.
- Unable to extract data from custom fields.
- Limited language support.
- Lack of AP document fraud checks.
How to select an automated accounts payable solution for your business
Considering the myriad of options available in the market, choosing a good AP automation software can be difficult. To help you, we’ve listed out a few parameters to consider before investing in any of them:-
1. Define your AP size and structure
You should have a clear idea of your goals in mind before buying an automated accounting software solution.
The questions you need to ask yourself:-
- How many invoices do you process daily?
- What is the size of your current AP team and how much of their time goes into manual AP processes?
- Is your business looking for AP scanning software or data extraction, conversion, and analysis solution?
2. Map out system dependencies
Your AP software solution should be able to synchronize data between ERP systems, legacy platforms, and automated invoice processing solutions. Your accounts payable platform should integrate seamlessly with your current financial systems without any issues.
3. Consider your budget
If you can’t decide whether to invest in an enterprise AP solution,, it is best to choose accounts payable automation software that follow a pay-as-you-use pricing model. Look for vendors that provide AP workflows for process improvements and assist you in achieving end-to-end implementation by doing an audit of your current processes.
Why choose Docsumo?
Docsumo helps users to automate data extraction for invoices, receipts, and a variety of documents pre-trained APIs and intelligent data parsing rules.
The platform can be integrated with ERP systems, needs no manual setup, works with hundreds of invoice layouts, and has excellent customer support. What’s powerful about Docsumo is it can adapt to different document layouts, templates, and extract data from unstructured documents. Using Docsumo’s extraordinary data extraction abilities, businesses can also enjoy faster decision making since AI algorithms derive actionable insights from the extracted data.