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:-
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.
Three price segments -
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.
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.
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.
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.
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.
Xero offers three pricing segments -
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.
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.
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.
Hyperscience has custom pricing plans based on enterprise requirements and has no fixed pricing
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.
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:-
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:-
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.
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.
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.
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
With an automated data extraction solution, loan documents can automatically be processed end-to-end without any human errors and delays. Automation in loan document processing prevents downtimes, eliminates data redundancy, and allows companies to respond faster to client queries. By combining machine learning with deep learning and OCR, companies can eliminate huge costs, derive actionable insights, and streamline loan processing and approvals through efficient data extraction and analysis.
Mortgage lenders receive multiple identity and income verification documents along with different forms from loan applicants in a variety of formats and styles. Traditional OCR solutions fail to extract data from these semi-structured documents and that’s why more and more lenders are adopting intelligent document processing solutions. IDP solutions not only extract data correctly, they are able to validate extracted data against predefined rules in order to improve accuracy.
Intelligent Document Processing is an automation technology that captures information from a myriad of documents and data sources, extract data, and organizes it for further processing. IDP solutions enable businesses to seamlessly integrate with core processes, eliminate manual labour, address challenges faced in reading different document layouts, and meeting legal & compliance requirements. Accurate data is the foundation of every organization, and IDP assists businesses in dealing with the complexity of processing huge volumes of documents, helping them automate manual data entry processes, and move away from traditional semi-automated OCR workflows.