Top 8 Automated Invoice Processing Software for Your Business

Are you looking for the best automated invoice processing software for your business?

From many years, invoice processing has been a laborious and time-consuming process. Have you ever wondered what makes it rugged and time-consuming?

It’s because of manual invoice processing. 

Accounts Payable teams are responsible for invoice processing within a business. Manual invoice processing takes days and weeks because of manual data entry and workflow processes. But gone are the days when companies used to handle invoices manually because this is the digital transformation era.

Businesses opt for automated invoice processing software to optimize the workflows and business processes. This software eliminates the need for manual data entry, reduces the risk of errors, and frees up resources from repetitive tasks. Such software ensures the timely processing of invoices, allowing the accounting department to focus on more strategic activities.

Don’t worry; you’re also not late to look for it.

I have brought a list of the top automated invoice processing software for your business.

What is Invoice Processing Software?

Invoice processing software leverages technology to capture, review, approve, and manage invoice data. It is a tool that businesses use to automate the management of supplier invoices. 

By employing AI and machine learning, this software enhances accuracy, reduces the need for manual intervention, and simplifies the end-to-end invoice workflow.

8 Best Invoice Processing Software for Your Business

Here is a comprehensive list of 8 best invoice processing softwares for your business in 2024. 

#1. KlearStack

KlearStack is an intelligent document processing (IDP) and automated invoice processing software. It is a template-less solution, meaning you don’t have to create a new template whenever you receive a different or contemporary layout.

Built on high-end technologies, artificial intelligence (AI) and machine learning (ML), KlearStack can process invoices without human intervention. Along with invoices, it supports various other document types. Its model is so advanced that even if you give it a completely new document, it processes it with a significantly higher accuracy than other solutions.  

Software Name: KlearStack
Features	Template-Less Solution Line-Item Data Extraction Multi-Page Invoice Data Extraction Bulk Invoice Processing Integration Data Extraction Data Validation Document pre-processing Straight-Through-Processing (STP) Document Classification Multilingual Support 15+ document type support
Benefits	Achieve 99% Accuracy  90% Cost Cut Down 20x lower Set-Up Cost Time-Saving Reduced Errors No Human Intervention
Cons	Limited Integrations Smaller User Base
Pricing	KlearStack’s pricing varies between standard, premium and enterprise plans. Standard: 10,000 to 100,000 Pages/Year.  Premium: 100,000 Pages/Year.  Enterprise:1 Mn+

Request a FREE KlearStack demo!

#2. Sage Intacct

Sage Intacct is a cloud-based accounting and financial management software for businesses of any size. Since it is cloud-based software, accessing financial data from anywhere is possible.

It is the only financial management software endorsed by the AICPA (American Institute of Certified Public Accountants). With the help of Sage Intacct, you can easily automate your accounts payable and integrate the software with your system.

It enhances efficiency in financial processes and offers tailored solutions for businesses.

Software Name: Sage Intacct
Features	Intelligent General Ledger Cash Management Accounts Receivable Order Entry Accounts Payable  Purchasing Reporting and Dashboards
Benefits	Real-time multi-dimensional business visibility. Tailored reports and workflows. Automation saves times up to 66%. Accelerates finance team productivity by 40%.
Cons	Complex setup High pricing
Pricing	Sage Intacct’s price will vary based on your requirements and business. You can quote for pricing.
Deployment Type	Software as a Service (SaaS), Cloud, or Web-Based

#3. HyperScience

HyperScience is a technology company that develops automation software. It leverages industry-leading technologies such as Artificial Intelligence(AI) and Machine Learning(ML) to automate document processing and data entry tasks. Accounts payable invoice processing can help you process invoices in bulk with any format and layout. 

HyperSciene helps streamline and optimize business processes by automating repetitive tasks related to data extraction, document classification, and data validation.

Software Name: HyperScience
Features	Greater Configurability Continuos Improvement Human-in-the-loop Scalable Easy to Setup Flexible Deployment
Benefits	95% automation and over 99.5% accuracy Streamline process with the help of ML Reduce costs Process more data, faster Minimize mistakes Easy to use Vendor implementation team
Cons	Inefficient template creation Outdated look and feel Continuous changes due to its rapid product release cycle.
Pricing	Sage Intacct’s price will vary based on your requirements and business. You can quote for pricing.
Deployment Type	On-premise

#4. Tipalti

Tipalti is an invoice management & bill processing software. It offers you a complete, integrated processing for accounts payable. 

You can capture supplier invoices via email or web portal. With the help of this software, you can quickly eliminate data entry with OCR, match POs to invoices and receipts, route approvals intelligently, and schedule batch invoices for payment. 

Software Name: Tipalti
Features	Effortless Invoice Import Touchless invoice processing Coding & approval prediction Built-in communication hub Automated PO matching Unified with payment processing Automated supplier communications Seamless, real-time reconciliation & ERP integration
Benefits	Minimized delays, speedy approvals Eliminate overspending Send payments in 120 currencies in 196 countries Speed up financial close by 25%
Cons	Complex setup High-cost plans
Pricing	Tipaliti’s price starts from $299 to $447 per month.
Deployment Type	Software as a Service (SaaS), Cloud, or Web-Based

#5. Kofax AP Agility

Kofax AP agility is an automated accounts payable and invoice processing solution. It enables organizations to transform their accounts payable process digitally. With the help of Kofax AP Agility, businesses can capture data from invoices in 30+ languages. It can be easily integrated with your ERP systems.  

While it offers powerful capabilities, its price and potential customization requirements should be considered. 

Software Name: Kofax AP Agility
Features	AP Document Intelligence Cloud Choice Extensive role-based user management Supports single or multiple ERPs Leverages TotalAgility work queue AP workflows Organizational and business unit hierarchies General Ledger (GL) Integrated actionable analytics
Benefits	Improved information visibility Operational excellence Improved supplier relations Financial agility
Cons	Expensive Potential customization
Pricing	Quote for a pricing
Deployment Type	Web-based, Software as a Service (SaaS), Cloud

#6. Stampli

Stampli is an accounts payable(AP) automation and invoice management software. It is specially designed for AP teams that want to leverage automation but don’t want to rework their ERP.

Stampli can be easily integrated with 70+ ERPs and your accounting system.

Software Name: Stampli
Features	Activity Dashboard  Third Party Integrations  API  Reporting & Statistics Reporting/Analytics  Data Import/Export  Alerts/Notifications  Compliance Management
Benefits	No need to rework your ERP or change your AP processes. Smart AI to assist you. Stampli deploys in days, not months, with minimal user training. Stampli offers integrated payments, credit cards, vendor management and more.
Cons	Technical Issues Slow  Not User Friendly  Expense Report Issues  Uploading Issues
Pricing	Stampli’s pricing model is usage-based.
Deployment Type	Software as a Service (SaaS), Cloud, or Web-Based

#7. Xero

Xero is an online accounting software. It is easy to use for your small business. You can manage all your finances, control cash flow, and integrate with apps all in one place.

Software Name: Xero
Features	Accounts payable Accounts receivable Cash management  Bank reconciliation Expense management Time tracking  Fixed asset management  Multi-currency support Multi-division support  Regulations compliance  Electronic tax filing  Self-service portal  Global Financial Support
Benefits	Automate tasks like invoicing and reporting. Get a full picture of your business with up-to-date financial data. Make end-of-year tax returns easy.
Cons	Limited advanced automation features.
Pricing	Xero’s price plans range from $9.75(Early), $24.05 (Growing), $35 (Established) per month.
Deployment Type	Software as a Service (SaaS), Cloud, or Web-Based

#8. SAP Concur

SAP Concur is an invoice management solution. SAP Concur provides tools for invoice creation, submission, and tracking. It helps automate the accounts payable invoicing process and facilitates faster approval and payment cycles.

SAP Concur helps save time, reduce errors and enhance visibility and control over an organization’s spending. 

Software Name: SAP Concur
Features	E-receipt import  Approval process control  Multi-currency Receipt management Reimbursement management  Integrated travel, expense and ERP data  TMC data integration  Spend control
Benefits	Control costs by getting ahead of vendor spending Increase compliance and reduce fraud  Give employees mobile tools so they can work anywhere  Capture data and make better business decisions
Cons	Technical issues slow
Pricing	Ask for SAP Concur’s price plans.
Deployment Type	Software as a Service (SaaS), Cloud, or Web-Based

Added 1 BONUS invoice processing software

#9. Nanonets

Nanonets is an intelligent document processing(IDP) solution that is an easy-to-use invoice processing software. It uses high-accuracy OCR to scan the document and extract data from it. 

The tool can be integrated easily to import files from Gmail, Dropbox, Drive, SharePoint, etc. 

Software Name: Nanonets
Features	Customizable Document data extraction Approval flows  Custom data validations  Lots of integrations and workflows
Benefits	Automate Accounts Payable Processes Reduce Errors Save Time and Money 95% Accuracy
Cons	Technical Issues
Pricing	Nanonets has 2 types of pricing model:  Pro: $499/month/model Enterprise: Custom.
Deployment Type	On-premise, Software as a Service (SaaS), Cloud, or Web-Based

How to Choose an Automated Invoice Processing Software for Your Business?

• Before selecting automated invoice processing software, ask essential questions:
  • What are your needs? 
  • How complex is your workflow? 
  • Do you require integration or customization?
     
• Next, evaluate following things 
  • Scalability
  • Cost
  • Trial Options
  • Reviews
  • Future Plans
  • ROI
  • Training
  • Flexibility. 

Aligning these factors with your requirements. This will help you choose the optimal solution, driving efficiency and growth for your business.

Why Choose KlearStack?

If you’re seeking an automated invoice processing solution that truly stands out, KlearStack is your answer. 

Imagine having a tool that effortlessly takes care of data extraction from invoices. No matter how complex or varied the invoice layout, KlearStack’s smart algorithms ensure that every piece of important data is accurately captured, classified, and processed. 

This means fewer errors and more time saved for your team. Not only that, KlearStack keeps you updated in real-time, ensuring accuracy and quicker decision-making.

By choosing KlearStack, you’re not just getting a tool; you’re unlocking a more streamlined invoicing process, boosting accuracy, and freeing up your valuable resources for strategic endeavors. 

Request a free demo and elevate your invoicing process with KlearStack.

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