Accounts Payable teams process invoices every day. As your company grows, so does the volume of invoices that need to be processed – and that’s what automated invoice processing software is all about.
Automated invoice processing software is here to lighten the workload for AP teams across the globe. Not only does it save your employees time – it also reduces costs and helps you avoid manual entry errors, late payments, late deliveries and much more.
In this article, we’ll cover what invoice processing automation is. To help you choose the right software for your business, we’ve also included an overview of 5 of the best automated invoice processing software solutions on the market in 2024.
What is automated invoice processing?
Automated invoice processing refers to the use of technologies such as artificial intelligence (AI) and machine learning (ML) to automatically read, analyse and capture invoice data.
Once the invoice data is captured, it’s uploaded to an Accounts Payable (AP) system and matched with the relevant purchase orders and receipts. Once this is done, the payment is approved and delivered.
More and more companies are turning to automated invoice processing software to streamline their invoicing process.
Not only does it lighten the workload for their AP teams: it also reduces the risk of errors associated with manual data entry.
Fewer entry errors mean notable cost savings, as companies no longer need to worry about late payments, fines and other costs associated with entry errors. In short, automated invoice processing software brings significant benefits to companies of all sizes.
5 best automated invoice processing solutions of 2024
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If you’ve yet to choose the right automated invoice processing solution for your business, fret not – we’re here to help you find it. Below, you’ll find our list of 5 of the top solutions on the market in 2024.
1. Pleo
With more than 1,480 five star reviews, Pleo is Europe’s most loved and trusted spend management platform. Among its products, Pleo offers an end-to-end automated invoice processing solution.
Pleo’s automated accounts payable solution allows you to easily capture, process, approve, pay and bookkeep your invoices – all in one place. The solution saves you time on tedious tasks, automates approval processes and tracks invoices in real time. This simplifies e-invoicing for everyone – finance teams, bookkeepers and employees alike.
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Best for |
Pros |
Cons |
Pricing |
|---|---|---|---|
|
Startups, small businesses and larger businesses |
User-friendly interface Real-time tracking and easy categorisation of expenses OCR technology for invoice scanning and automatic data population Seamless integration with business software |
Cost linked to number of users Invoicing less comprehensive than focused solutions |
Offers three pricing plans (Start, Growth and Scale) based on the number of users and the features included |
2. Docsumo
Docsumo is an intelligent document processing solution that offers automated invoice processing and allows your organisation to capture information from any format of invoices.
The solution’s pre-trained invoice capture API can be customised to capture any type of invoice. Docsumo also allows users to convert the extracted data into different formats and feed the data into their database or any third-party software.
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Best for |
Pros |
Cons |
Pricing |
|---|---|---|---|
|
SMEs and larger companies in industries that deal with large volumes of diverse document types |
OCR technology and machine learning for high-accuracy data extraction Customisable workflows for specific business needs |
Complex learning curve Time-consuming set-up process surrounding customisable workflows and integrations Inability to process handwritten documents |
Offers a free 14-day trial and three pricing plans (Growth, Business and Enterprise) based on the number of users and the features included |
3. Rossum
Rossum is a cloud-based, AI-powered document processing platform. Its invoice data capture solution combines advanced data extraction capabilities with a complete low-code automation platform.
Rossum’s automated invoice processing ensures all invoices are processed fast, accurately and according to predetermined policies, reducing the risk of error, fraud and non-compliance.
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Best for |
Pros |
Cons |
Pricing |
|---|---|---|---|
|
Medium to large enterprises |
Intuitive interface and easy navigation AI-driven accurate data extraction Scalability and efficient handling of large volumes of documents |
Extra charges for increased communication security May require additional customisation for specific industry needs Can be expensive for small businesses |
Offers a free 14-day trial and a free demo; price on request |
4. Sage Intacct
Sage Intacct is a cloud-based ERP accounting platform that offers accounts payable software alongside automated accounts payable workflows.
Sage Intacct’s comprehensive invoice capture solution integrates with Salesforce, generates seamless data flows between CRMs and business financials and creates customisable reports directly from its dashboard.
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Best for |
Pros |
Cons |
Pricing |
|---|---|---|---|
|
Small to medium-sized businesses and mid-market companies |
Comprehensive financial management system Intuitive and easy to use with minimal training required Robust reporting and dashboard capabilities |
Limited customisation compared to other solutions Integration with non-native systems may require additional effort and resources Charges extra costs for core features |
Price on request |
5. Yooz
Yooz is a cloud-based AP-automation service designed for mid-market companies looking to process around 100 invoices per month.
Using AI, RPA and deep learning technologies, Yooz delivers strong and easy-to-use automated invoice processing, savings, speed, and security.
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Best for |
Pros |
Cons |
Pricing |
|---|---|---|---|
|
SMEs and mid-sized companies |
Simple setup and user-friendly interface Competitive pricing model Integrations for many accounting and ERP systems |
Limited scalability for large enterprises Fewer advanced features than more comprehensive solutions Limited customisation features |
Offers a free 15-day trial and a subscription based on the volume of documents processed |
How to choose the right automated invoice processing solution for your business
There are many automated invoice processing solutions on the market – but not all solutions are the right fit for your business.
Here are some key elements to consider when choosing your invoice processing software:
- Business needs: Are you looking for basic automated invoice processing, or do you need additional features and advanced customisation? Determine your specific business needs before you make your choice.
- Ease of use: A user-friendly interface saves you time and reduces the learning curve. Look for a software that is easy to use, and preferably a solution that is accessible across different devices and platforms.
- Integration potential: Without the right integrations, you may not get the value from the automated invoice processing software that you seek. Look for a solution that integrates with your existing tools – e.g. your CRM system and accounting software – to ensure a seamless workflow.
- Security and support: Protecting sensitive data and financial information is important. Before committing to an automated invoice processing solution, verify the software’s security measures.
- Budget and value: Make sure you get the value you seek for your investment. Compare the solution’s pricing model with the value and features offered, and evaluate the potential benefits against the cost.
