Top 8 Automated Invoice Processing Software for Your Business

Top 8 Automated Invoice Processing Software for Your Business

(Last Updated On: January 16, 2024)

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 9 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 Invoice Processing Software

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
  1. Template-Less Solution
  2. Line-Item Data Extraction
  3. Multi-Page Invoice Data Extraction
  4. Bulk Invoice Processing
  5. Integration
  6. Data Extraction
  7. Data Validation
  8. Document pre-processing
  9. Straight-Through-Processing (STP)
  10. Document Classification
  11. Multilingual Support
  12. 15+ document type support
Benefits
  1. Achieve 99% Accuracy 
  2. 90% Cost Cut Down
  3. 20x lower Set-Up Cost
  4. Time-Saving
  5. Reduced Errors
  6. No Human Intervention
Cons
  1. Limited Integrations
  2. Smaller User Base
Pricing  KlearStack’s pricing varies between standard, premium and enterprise plans.

  1. Standard: 10,000 to 100,000 Pages/Year. 
  2. Premium: 100,000 Pages/Year. 
  3. Enterprise:1 Mn+

Request a FREE KlearStack demo!

#2. Sage Intacct

Sage Intacct Invoice Processing Software

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
  1. Intelligent General Ledger
  2. Cash Management
  3. Accounts Receivable
  4. Order Entry
  5. Accounts Payable 
  6. Purchasing
  7. Reporting and Dashboards
Benefits
  1. Real-time multi-dimensional business visibility.
  2. Tailored reports and workflows.
  3. Automation saves times up to 66%.
  4. Accelerates finance team productivity by 40%.
Cons
  1. Complex setup
  2. 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 Invoice Processing Software

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
  1. Greater Configurability
  2. Continuos Improvement
  3. Human-in-the-loop
  4. Scalable
  5. Easy to Setup
  6. Flexible Deployment
Benefits
  1. 95% automation and over 99.5% accuracy
  2. Streamline process with the help of ML
  3. Reduce costs
  4. Process more data, faster
  5. Minimize mistakes
  6. Easy to use
  7. Vendor implementation team
Cons
  1. Inefficient template creation
  2. Outdated look and feel
  3. 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 Invoice Processing Software

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
  1. Effortless Invoice Import
  2. Touchless invoice processing
  3. Coding & approval prediction
  4. Built-in communication hub
  5. Automated PO matching
  6. Unified with payment processing
  7. Automated supplier communications
  8. Seamless, real-time reconciliation & ERP integration
Benefits
  1. Minimized delays, speedy approvals
  2. Eliminate overspending
  3. Send payments in 120 currencies in 196 countries
  4. Speed up financial close by 25%
Cons
  1. Complex setup
  2. 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 Invoice Processing Software

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

#6. Stampli

Stampli Invoice Processing Software

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

#7. Xero

Xero Invoice Processing Software

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
  1. Accounts payable
  2. Accounts receivable
  3. Cash management 
  4. Bank reconciliation
  5. Expense management
  6. Time tracking 
  7. Fixed asset management 
  8. Multi-currency support
  9. Multi-division support 
  10. Regulations compliance 
  11. Electronic tax filing 
  12. Self-service portal 
  13. Global Financial Support
Benefits
  1. Automate tasks like invoicing and reporting.
  2. Get a full picture of your business with up-to-date financial data.
  3. Make end-of-year tax returns easy.
Cons
  1. 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 Invoice Processing Software

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
  1. E-receipt import 
  2. Approval process control 
  3. Multi-currency
  4. Receipt management
  5. Reimbursement management 
  6. Integrated travel, expense and ERP data 
  7. TMC data integration 
  8. Spend control 
Benefits
  1. Control costs by getting ahead of vendor spending
  2. Increase compliance and reduce fraud 
  3. Give employees mobile tools so they can work anywhere 
  4. Capture data and make better business decisions
Cons
  1. Technical issues
  2. 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 Invoice Processing Software

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
  1. Customizable Document data extraction
  2. Approval flows 
  3. Custom data validations 
  4. Lots of integrations and workflows
Benefits
  1. Automate Accounts Payable Processes
  2. Reduce Errors
  3. Save Time and Money
  4. 95% Accuracy
Cons
  1. Technical Issues
Pricing  Nanonets has 2 types of pricing model: 

  1. Pro: $499/month/model
  2. 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.

FAQs

What is invoice processing software?

Invoice processing software automates tasks involved in handling invoices, reducing manual effort, improving accuracy, and expediting payment processes, resulting in streamlined accounts payable workflows.

What is invoice automation software?

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.

How do I automate my invoicing?

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.

Which software is best for making invoice?

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.

Best Invoice Processing Software for Your Business

1. KlearStack AI

KlearStack employs AI-driven OCR and IDP to extract data from invoices seamlessly. It gives you the flexibility to digitize, classify, and process both structured and unstructured documents, regardless of layout, format, or type. 

Features

  • Template-less solution
  • Line-item data extraction
  • Multi-page invoice data extraction
  • Bulk invoice processing

Benefits:

  • 99% accuracy 
  • 90% Cost cut down,
  • 20x lower set-up cost
  • 300% lower TCO 

Cons:

Limited integrations, smaller user base

Pricing:

Pricing varies between standard, premium and enterprise plans. 

  • Standard: 10,000 to 100,000 Pages/Year. 
  • Premium: 100,000 Pages/Year. 
  • Enterprise:1 Mn+

Easy setup, cancel anytime. Choose your plan.

You can even book KlearStack’s FREE Demo here.

2. Docsumo

With Docsumo, you can digitize invoices in 1 click, with 99% accuracy. Make your team 10X times efficient, classify multi-format invoices, reduce risk by identifying duplicates and validate them 2-way/3-way.

Features:

  • Single API call
  • Timely payments
  • Imtelligent expense classification

Benefits:

  • <30 sec reduced invoice processing time.
  • 65% cost reduction.
  • 10x increased efficiency
  • 99% plus reduced errors.
  • Smart AI algorithms.

Cons:

Limited reporting, learning curve

Pricing:

Pricing starts from $500 per month.

3. Tipalti

Tipalti is an invoice management & bill processing system. It offers you a complete, integrated processing for accounts payable. You can capture supplier invoices via email or web portal. Eliminate data entry with OCR, match POs to invoices and receipts, route approvals intelligently, schedule batch invoices for payment.

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:

Pricing starts from $299 to $447 per month

4. Rossum

Rossum is an end-to-end automation with intelligent document processing. It is a built in cloud to streamline your invoice processing and save your team’s resources for more strategic tasks. 

Features:

  • Accounts Payable
  • Onboarding/KYC
  • Supply Chain Management
  • Quality Assurance
  • Order Management

Benefits:

  • Reduce manual workload upto 82%
  • Extract data across all formats
  • Automate Communication
  • Filter out spam
  • Flexible queuing system

Cons:

Limited user interface, potential customization

Pricing:

Custom pricing plans are available.

5. ABBY Flexicapture

ABBY Flexicapture is a document processing with automated data capture and extraction. 

It brings together NLP, machine learning, and advanced recognition capabilities to a single, enterprise-scale document capture platform. It can handle every type of document for you.

Features:

  • Automated document entry
  • Automatic document classification
  • Recognition
  • Data extraction
  • Verification
  • Data export
  • Web-based administration and monitoring console

Benefits:

  • Faster, straight through processing
  • Smooth transactions, smart decisions, rapid action
  • Control, predictability, and compliance
  • Intelligent data extraction
  • Data validation and control

Cons:

High initial cost, complexity

Pricing:

Pricing starts from $29.99 a month for 500 pages

6. Kofax

Kofax offers intelligent automation with streamlined workflows. It optimizes processes and ensures efficient operations. 

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

Features

  • Intelligent Automation
  • Financial Process Automation
  • Document Automation & security
  • Document Productivity

Benefits:

Process efficiency, optimized workflows.

Cons:

Expensive, potential customization

Pricing:

Pricing starts from $3,500 for 100,000 pages per year

7. Xero

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

Features:

  • Everything in one place.
  • Connect to your bank.
  • Collaborate online in real time.
  • Customize to suit your needs.

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:

Plans range from $9.75(Early), $24.05 (Growing), $35 (Established) per month.

8. Sage Intacct

Sage Intacct is an advanced financial management platform for professionals with a growing business. It enhances efficiency in financial processes and offers tailored solutions for businesses. 

Features: 

  • Dashboard and reporting
  • Dimensions
  • Intelligent general ledger
  • Accounts receivable
  • Account payable
  • Intelligent GL

Benefits:

  • Accelerates productivity by 40% or more.
  • Save time upto 66%
  • Trusted by over 20,000 businesses
  • Highest customer satisfaction in mid market accounting industry

Cons:

Complex setup, higher pricing

Pricing:

Custom pricing plans are available.

What Makes KlearStack Standout

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 scalability, cost, trial options, reviews, future plans, ROI, training, and flexibility. 

Aligning these factors with your requirements ensures 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.

Benefits of Automated Invoice Processing

Automated invoice processing minimizes errors, accelerates approvals, cuts labor costs, prevents duplicates, enhances relationships, and ensures timely payments, securing discounts and optimizing efficiency.

  • Reduced Errors: Automation minimizes manual entry errors, enhancing accuracy.
  • Faster Approvals: Automation accelerates approval processes and reduces processing times.
  • Cost Savings: Reduced labor costs and eliminated manual expenses (postage, paper, etc.).
  • Prevent Duplicate Payments: Automation reduces the chances of duplicate invoices and payments.
  • Enhanced Relationships: Staff focuses on strategic tasks, improving vendor relations with a transparent process.
  • Timely Payments: Automation secures early-payment discounts and prevents late payments.

Conclusion

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. 

Start a free trial today and elevate your invoicing process with KlearStack.

FAQs

  1. What is invoice processing software?Invoice processing software automates tasks involved in handling invoices, reducing manual effort, improving accuracy, and expediting payment processes, resulting in streamlined accounts payable workflows.
  2. What is invoice automation software?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.
  3. How do I automate my invoicing?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.
  4. Which Software is best for making invoice?
    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. Evaluate these based on your unique business needs.
Ashutosh Saitwal
Ashutosh Saitwal
www.klearstack.com/

Ashutosh is the founder and director of the award winning KlearStack AI platform. You can catch him speaking at NASSCOM events around the world where he speaks and is an evangelist for RPA, AI, Machine Learning and Intelligent Document Processing.