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 | |
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| Pricing | KlearStack’s pricing varies between standard, premium and enterprise plans.
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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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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 | |
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| Pricing | Nanonets has 2 types of pricing model:
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| 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.
FAQs
Invoice processing software automates tasks involved in handling invoices, reducing manual effort, improving accuracy, and expediting payment processes, resulting in streamlined accounts payable workflows.
Invoice automation software utilizes advanced technologies like AI and OCR to automate the entire invoicing process. It includes data extraction, validation, approval workflows, and integration with accounting systems for seamless operations.
To automate invoicing, choose an invoice automation software that suits your needs. Set up data extraction rules, approval workflows, and integrate with your accounting system for a seamless, error-free process.
When it comes to creating invoices, consider specialized options like KlearStack, Docsumo, and Tipalti. KlearStack offers AI-driven automation, while Docsumo provides OCR technology. Tipalti stands out with its global payment capabilities. You are suggested to evaluate these based on your unique business needs.
