Having your own startup or business or running one is a dream most people aspire to follow nowadays. However, running a company on your own means you need to wear all hats. That includes accounts, processing invoices and handling the accounts payable department.
Following up on pending payments, creating invoices, and sending invoices to clients, the process is quite a tiresome one and if you are new to all of this, it can be quite overwhelming to deal with on daily basis. Hence, the need for invoice processing software.
Artificial Intelligence (AI) and automation have allowed technology to be a solution to make the life of entrepreneurs and accounts departments easy. Manual ways can be replaced with the help of ever-evolving technology and become a huge boon for organisations, small, medium or large. Automated invoice processing software can play a revolutionary role for organizations.
Manual processing has two key issues: cost and errors. Since data entry work is done manually, chances of wrong entries either in amount, name of the vendor or any other detail can be entered wrongly and may lead to more time consumption. Cost of labour also is more here as the bigger the size of the firm and volume of transactions, the more people are required for processing invoices.
According to research conducted in 2021 by the Institute of Finance and Management, companies with the lowest maturity level of automation paid $6.20 per invoice without automation. On the other hand, companies that had the most optimum maturity level of automation, paid about $1.83 per invoice only, nearly 5x less than what was paid by companies who did not have invoice automation in place.
The above data emphasizes the need for having an automated invoice processing software.
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5 Invoice Processing Softwares To Evaluate
1. KlearStack AI
KlearStack is a state-of-the-art invoice processing software that leverages AI and smart OCR to extract, classify and process documents without the need for manual intervention. The end-to-end automation takes place through an additional level of maturity of Straight Through Processing (STP). Not only data extraction and document classification but data validation also takes place. Various data points are validated based on the validation criteria entered and invoices are processed accordingly.
KlearStack AI can offer up to 90% accuracy while extracting data from documents. Data extraction is possible from handwritten as well as other electronic printed documents.
2. Invoicera
Invoicera is an invoice processing software that can create tailor-made solutions as per the needs of the organization. It enables organizations to automate trading processes and communication with online invoicing, time tracking, workflows, recurring bills and so on.
Invoicera has more than 15 features that will also with various financial activities that are part of your business. Invoices can be delivered in more than 15 languages and it also supports different payment gateways to accept online payments.
3. Zoho Subscriptions
Cloud-based invoice processing software automation service, Zoho Subscriptions is essentially billing software. With Zoho Subscriptions, organizations can automate recurring invoices, send tax-compliant invoices and manage subscriptions. Zoho subscription has a mobile application on iOS and Android devices and staff members can process invoices from any and all types of devices.
4. Coupa
Following the eco-friendly path of going paperless, Coupa is a highly competent invoice processing software. It eliminates the requirement for physical documents completely for the accounts payable department of the organization. This is possible through automation and it improves efficiency, reduces errors and enhances the invoice compliance work. Per invoice, costs are also reduced drastically and automatically match and pay bills to the right expense accounts.
5. Kofax
Kofax is automated invoice processing software that emphasizes boosting productivity and speeding up the process by providing capture and workflow solutions. This reduces the cost of processing invoices and saves the hassle of reallocating staff members during peak business season.
Kofax’s invoice processing software also has a provision to tackle challenges like delayed payments and lost invoices. The software is very easy to implement and the advanced solution can be changed according to various needs of the organizations. It uses AI to improve the efficiency and accuracy to process invoices.
6. Concur Invoice
Concur automates the accounts payable system and can be operated on the cloud itself. This allows the entire team to monitor and track the status of which invoices have been processed and which are still pending. The invoice processing system is tax compliant as well.
What Makes KlearStack Standout
KlearStack AI can is an invoice processing software that can automate your accounts payable department entirely and release the pressure the team needs to go through. Invoices, receipts, and other non-accounts payable documents such as loan documents, bills of lading and so on. This means that KlearStack AI can come in handy to automate not just the accounts payable team but also other departments that have to deal with stacks of physical documents.
Apart from the features and functionality, KlearStack can provide dedicated assistance to support incase your employees need help with troubleshooting.
KlearStack AI is a solution that has been trusted by many. If you would like to explore or get more in-depth understanding, schedule a demo with our experts.
