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.
Optical Character Recognition (OCR) is the technology to convert an image of text into machine-readable text. It is the underlying technology for various data extraction solutions including Intelligent Document Processing. However, OCR is not smart enough to figure out the context in a document - it works simply by distinguishing text pixels from the background and finding a pattern. This limitation could cause inaccuracy in captured data that could directly impact the output of your data extraction model.
Accounts payable is a key financial function for any business. Corporations can have thousands of suppliers; even for relatively smaller businesses, the number of suppliers could be in hundreds. All the invoices they receive from these suppliers come in multiple formats, layouts, and templates - some semi-structured, some unstructured. Therefore, firms expend time and resources to capture invoice information through manual data entry and verification of accounts payable. Manual data entry is not feasible in the long run, definitely not on a large scale. Before we talk about how intelligent invoicing solves the problems associated with manual invoicing, let’s discuss the challenges in much detail.
As most of an organization's information is available in an unstructured format, processing it requires an automated system that can handle documents with minimum human interaction. OCR is one such technology, but its scope is limited as it requires human interaction and is highly dependent on the layout and structure of the document to be processed.These limitations are overcome by Intelligent Data Extraction.Using artificial intelligence, the Intelligent Data Extraction technology extracts data from documents and transforms it into useful information through the extraction process. It functions as a singular tool for extracting information from any type of document and aids in optimizing company operations.