In large organizations, it can become very difficult to keep track of documents in bulk. There’s no denying that it is definitely easier to find any required paperwork when integrated with the ease of technology. A simple ‘find and replace’ can do wonders for efficiency at the workplace. However, that still requires a certain amount of human effort, which, needless to say may also be eliminated using the appropriate technology. By this, we mean document extraction software which can also be modified to be used as invoice capture software.
When external vendors and suppliers send in their invoices, they can sometimes get mixed up or lost in correspondence. Extracting data from these invoices becomes yet another task for the employee alongside keeping track of which file has come from where. Matching the invoices with a purchase order is tricky, because some suppliers may not have purchase orders issued for them. Thus, invoice process automation, also known as invoice capture software, an AI tool, is incredibly helpful here.
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Why Invoice Capture Software?
In today’s world, with the digitization of office efficiency tools, the question to be asked is: why not invoice capture software? Fully integrated with ML-backed AI, it significantly reduces manual efforts, thus making room for employees in your HR and Accounts departments to focus on the kind of matters that generally can’t be handled with efficiency tech, such as the management of this very technology.
Additionally, it is also great for morale because it restricts the time required by employees to be spent on tedious and often monotonous tasks. If there is a tool to make your life easier, it is only obvious for you to make the best use of it.
Top 4 Invoice Capture Software to Maximize Efficiency at the Workplace
Below, we have compiled a list of the 4 best invoice capture software in the market to make your life at work simpler.
Docsumo offers both automated invoice scanning as well as automated invoice processing. It provides companies with the service of data extraction from documents integrated with continually developing machine learning processes.
All it requires from you is that you to upload your received invoices to the database enabled for Docsumo. These may be unstructured documents like internal reimbursement bills, or even compiled versions in databases like MS Excel, CSV, or others. Post this, processing invoices and making payments becomes nothing more than a piece of cake.
Pricing: Pay as you go based on how many documents are processed per month.
- Growth model: $500 (annual upfront $5000 which is reduced 20%) for 500+ documents per month.
- Business model: $2000 (annual upfront $20000 which is reduced by 20%) for 2000+ documents per month.
- Enterprise model: $5000 (annual upfront $50000 which is reduced by 20%) for 5000+ documents per month.
2. Amazon Textract
Alongside Amazon’s varied range of services, the tech giant also provides invoice data extraction services. What the software does is that it makes note of the required information from the invoices without you needing to configure anything for yourself. The algorithm functions such that you don’t need a specific template for the software to read it either.
Textract also provides the added benefit of identifying vendors using identifying factors like logos if required. It then compiles the data into simplified lists that are convertible to Excel sheets and the like.
Pricing: Differs by region.
Medius is another great invoice automation tool that helps you sort all relevant vendor/supplier-related finances into easy-to-read PDFs and Excel sheets. By integrating itself with your ERP or back-office system, this software makes invoice processing simple and much less time-consuming.
With a fabulous graphical interface as compared to most other systems. Medius also provides several avenues for training its customers, including both in-person as well as live online training.
Pricing: Available via quote.
KlearStack provides document processing that can be applied to invoice capture. Based on AI, backed by continually training machine learning, the software is highly accurate and significantly reduces the time that your accounts team needs to spend on invoice processing. Data entry from unstructured documents is often one of the biggest downturns of productivity in the workplace.
KlearStack document extraction services can process all kinds of images, PDFs, CSV files, and much more. The service is not only limited to invoices, bills and receipts, but also insurance policies, identity cards, and a plethora of other documents.
Available plans (pricing available via quote):
- Standard: 10000 to 100000 pages per year
- Premium: 100000 to 1 million pages per year
- Enterprise: Over a million pages per year
All in all, alongside the myriad of tools that exist to make office life easier via digitalization and automation processes, invoice automation is one of the most commonly used ones. It is, in fact, one of the first efficiency tools that firms consider availing. This is because our teams need more time and mental space to be able to carry out other tasks that require significantly more human intervention.
Thus, if the system to figure out invoice processing can be made easier, it is the very first thing that management considers. Consider the invoice capture software that we have mentioned above for easing the system of processing bills from your vendors.