Despite dedicating a whole lot of resources to manual invoice processing for businesses, it could result in slower turn-around time, especially if the number of invoices processed per month is simply too high. There’s always the angle of ‘human error’ involved with manual document processing. So, if you’re trying to automate invoice scanning for your business but you cannot find a vendor to help you with, this article is for you.
In this article, we discuss the top rated automated accounts payable solutions in 2022, their features, pros, cons, and cost.
Let’s jump right into it:-
Automate your invoice processing with Docsumo, and reduce turnaround times significantly.
Doscumo’s automated invoice processing simplifies and automates a slew of tedious tasks involved with the invoicing cycle:
Docsumo scans documents using Optical Character Recognition on scanned documents and even text-based files in PDF format. Image pre-processing enables the software to cut out the noise in the scanned invoice, correct its contrast and straighten out the image (de-skewing).
The capability to extract tables as they are on the document makes the downstream processes smoother. This operation can be performed on PDF documents and converted into Excel or JSON formats for ease of perusal.
Docsumo filters allow for data to be extracted selectively. Filters are customizable. Similarly, the software provides presets to enable even the untrained staff to work with invoice processing by extracting header data like totals, date, number, etc.
The data that is extracted can be exported to any other software with the integration capabilities of Docsumo. Additionally, bulk document upload features come in handy when there is a lot to process in one go.
The software promises a reduction in turnaround time from hours to minutes, with a processing time of about 30 seconds. Additionally, you get a reduction in costs of up to 70% and 98% data accuracy with Docsumo.
While this software does offer a plethora of great features, the software doesn't read handwritten details.
Rossum is a software solution powered by artificial intelligence that helps you capture invoice data and process it in a matter of minutes.
The following key highlights of the Rossum invoice processing software set it apart from other similar platforms:
Following features of Rossum makes it one of the best choices for invoice processing software:-
Rossum offers Cloud access, counting out the need for maintenance expenses.
The capability to receive data from multiple channels makes this software a great choice for those who have an inflow of invoices through hundreds of different places.
Rossum invoice processing API is capable of learning from the observed patterns of scanning and invoice processing.
While most software requires users to set a template into which to extract data, Rossum doesn’t. This further reduces the turnaround times for invoice processing.
Rossum provides pricing on request
Rossum promises a significant reduction in accounts payable expenses by saving 90% of the time through improved invoice processing efficiency. Tracking time and monitoring business expenses, however, is currently out of the scope of this software.
Flexicapture is one of the leading names for automated invoice processing that completely eliminates manual data entry from the loop.
The following factors make Flexicapture a highly preferred software for businesses dealing with countless vendors.
These attractive features dedicated to accounts payable automation make Flexicapture a flexible and versatile invoice scanning software.
Create “project settings” that contain custom fields, rules, and settings according to the country for extracting data from purchase orders. The principle is the same as that used in invoice processing.
2. Multichannel inputs
Whether your document arrives via email, fax, or mail, Flexicapture allows hands-free transfer to electronic media and prompt sharing capabilities.
With use, the software understands the patterns and polishes the results by further improving the processes according to user preference.
Audit processes are simplified thanks to Flexicapture’s archive-ready file compression. It also helps reduce response times that surround the use of these documents. On the other hand, the software is technically complex and requires frequent and large updates.
Kofax software relies on the automation of invoice processing to deliver multifarious benefits to users.
Kofax brings the best of invoice automation to the table with the following highlights:
The factors that make Kofax a great invoice automation tool are listed below.
The artificial intelligence algorithm of Kofax is capable of filtering the right information and processing it according to the rules regardless of what format it receives the information in.
Stay on the data trail of each document through automated approval processes and rerouting for exceptions. Always know where a document is.
Kofax has functionalities to allow you to track the key performance indicators and tweak processes if necessary. Keep a track of the service level agreements of the associated documents to have transparency on workflows.
Kofax allows seamless integration with enterprise resource planning incumbents, enhancing ROI without needing to expend resources more than necessary.
Kofax helps break through the siloed nature of data in invoicing. The real-time processing power of the software makes it ideal for processing structured and unstructured data alike. However, users report fewer tools of configuration makes customizations limited.
Hyperscience is an intelligent documents processing software focused on accuracy.
Hyperscience is a unique document processing platform because of the following highlights:
The following features make it a great solution for all businesses:
The software is equipped with proprietary neural networks that help achieve up to 99.5% accuracy in data extraction, eliminating the need for human intervention.
TLS encryptions on all inbound and outbound data ensure protection against breaches or attacks. The software supports various authentication protocols for flexibility, like LDAP, SAML, and OIDC.
This unique feature allows the users to measure the processing efficiencies of the software. You can even measure manual document processing efficiency through this feature.
The software also claims to be capable of automating 95% of the whole job. However, users say that customer support can be better.
This application gets the Google benefit for invoice data capturing using AI.
Get access to all your tools on a single dashboard for invoice processing. Reduce errors and turnaround time with a unified console.
Validation empowered by Google Knowledge Graph enriches the captured data (phone numbers, email IDs, addresses, etc.) and makes it more useful.
ML algorithms learn faster by observing reviews and validations by humans. It improves accuracy.
The ease of use empowered by natural language processing and machine learning make this software highly efficient at what it does. However, one disadvantage of this software is low-contrast images.
Amazon Textract is a great tool for companies with complex data to be extracted from documents.
A few amazing aspects that make this software stand out are as follows.
Robust functionalities ensure that even the most basic of extraction operations are performed with exception efficiencies.
Amazon Textract is highly effective at reading and processing data like linked data items from forms, tables, and handwriting. The best part is that the data composition stays the same while extraction, ensuring full comprehensibility.
Given the complex nature of data in invoices and receipts, Textract employs machine learning to help understand the context of information being extracted. In cases of IDs, Textract eliminates the need for templates or configurations using the same context recognition principle.
In the form of “confidence thresholds”, Textract rates each document scanned based on the accuracy. These thresholds are customizable and can be designed to bring in human intervention in case the confidence threshold drops.
Amazon Web Services deploys the latest ML implements to help make the process more efficient. However, the difficulty in integration with third-party apps pushes it down in lists.
Nanonets empowers data processing activity with quick responses and AI.
This software is a singular solution for documents processing because of the following aspects.
Nanonets is a great basics-first software that simplifies the entire document processing ecosystem with the following features.
The “Extract only what you want” feature helps users cut on the superfluous data by enabling selective data capturing even from unstructured documents.
Nanonets framework includes seamless integrability with common channels like Dropbox, email, Sheets, and many more to enable multichannel support for document processing. No matter where your document is coming from, Nanonets can process it.
The most important advantage of using Nanonets is the AI capabilities of automating data validation based, learning from user actions, and putting it into context for future validation activities. However, it is only deployable over the internet. On-premises solutions are not available.
This is a great software to have for a business dealing with a wide variety of documents.
The following highlights make Docparser a high-utility tool for processing documents.
Docparser is a great document that is able to extract relevant information, regardless of the document type.
Suitable for eCommerce, wholesale, and retail businesses, the creation of an automated protocol for extracting data from purchase or sales orders can be concluded in a matter of minutes.
Contracts and invoices related to rents and leasing can be easily parsed using the PDF Parser solution by Docparser (this is an industry-leading solution), converting unstructured data into actionable information.
The ability to handle document variety makes Docparser the hands-down choice for businesses with a high volume of documents, like insurance companies. However, filtering and segregation seem to be an issue with this software.
Xtracta is known for facilitating scalability and integrability.
The following aspects make Xtracta an efficient solution for invoice processing.
Xtracta is known for simplified processes, set-and-forget functionality. Here is a list of some of the features.
In addition to processing unstructured documents, Xtracta is capable of working with photographs as well.
Configuration and templates are eliminated from the processing loop, owing to the AI capabilities that are capable of understanding data.
Quote available on request
This software allows users to set protocol for even the data that is missing from forms, making AI learn how to deal with it. However, since AI is involved, it takes time to get the software to work as you want it to.
Doscumo comes loaded with a pre-trained Invoice capture API which is highly customizable. With the help of machine learning algorithms, the API can be customized to extract specific data-fields for your specific needs. The API is template-agnostic so you don’t have to worry about retraining it for little changes in an invoice template.
There’s more to it:-
To add to it, Docsumo is scalable at any level - the software is integrable with ERPs with minimal initial setup required. Additionally, meaningful insights offered by Docsumo help accelerate decision-making.
Schedule a demo with us today to streamline your invoice scanning process end-to-end.
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.
In this blog, we gather collective insight into industry-best OCR software and draw a comparison. We're not trying to determine the best OCR solution in the industry but help you familiarize you with different features of most-popular automated data extraction solutions and help you find the most suitable one for you.
In this blog, we focus on invoice data capture using fast driven technologies like OCR and Artificial Intelligence and help businesses to find faster ways to capture data from invoices and reduce manual efforts. By the end of the article you’d be able to figure out the better algorithm to process invoice data.
Despite dedicating a whole lot of resources to manual data extraction for businesses, it could result in slower turn-around time, especially if the number of documents processed per month is simply too high. There’s always the angle of ‘human error’ involved with manual document processing. So, if you’re trying to automate data extraction for your business but you cannot find a vendor to help you with, this article is for you.