Are you fed up with unwanted errors and tedious invoice processing? Not anymore. With the evolution of artificial intelligence and machine learning, invoice processing can be automated, making your work easier and saving time. Nowadays, various invoice processing automation software programs can transform the way businesses handle invoices.
In this article, we will discuss the 12 Best Invoice Processing Automation Software, highlighting their key features and pricing.
What is an Invoice Processing Automation Software?
Invoice processing automation software is a platform that helps users streamline and automate their accounts payable or invoice processes. The software can extract data from the invoices, validate or approve them, and make the entry into the database automatically, reducing the need for manual intervention. Using such software, users can expedite invoice handling and get hassle-free record-keeping by integrating software with an ERP system.
Invoice processing software will reduce the margin of error in manual data entry, prevent duplication, and help detect fraudulent entries in no time. The automation also allows the review and approval of invoices instantly and improves performance by saving time and effort.
List of 12 Best Invoice Processing Automation Software
1. Yooz
Yooz tops the list of the best invoice processing automation software, which provides cloud-based services to automate the account payable process. You can automate your P2P process in real time, get quick approvals, and reduce costs by 80%. The software can be monitored via the Yooz website, iOS, or Android device.
Key Features:
- Approval process control
- Duplicate payment alert
- Integration with over 250 systems
- Automate Purchase-to-Pay Automation using workflows
- Fraud detection
- Multi-channel data capture
- Invoice processing
- PO reconciliation
- Vendor management
- Cash management
Pricing:
- Free: $0
- Gold Editing: Custom price
2. Stampli
Stampli is an automation-driven platform centered on accounts payable processes, making invoice capture, coding, and approvals a breeze. It also focuses on the procure-to-pay lifecycle, including direct payments, credit cards, an advanced management system, and more. Along with automation, this easy-to-navigate software allows in-product messaging and communication.
Key Features:
- Approval process control
- Duplicate payment alert
- AI copilot
- Unlimited multi-entity support
- Audit trails
- In-product messaging
- Simple approver experience
- Fraud detection
- Advanced vendor management
- Invoice processing
- Integrates with over 70 ERPs
Pricing:
The pricing information is not available publicly. Hence, you need to request a quote from Stampli for the pricing details.
3. MineralTree
MineralTree is an end-to-end AP automation and payment optimization software streamlining your account payable workflow. This cloud-based platform can process over 10,000 invoices a month, providing scalability for business growth. The AP solution speeds up the processing times, improves security, and reduces the cost.
Key Features:
- Approval process control
- Cash management
- Optimize payments
- Duplicate payment alert
- Fraud detection
- Two-way ERP sync
- Invoice processing
- Integration
Pricing:
A free demo is available, but the pricing information is not disclosed publicly, and you have to contact MineralTree for pricing plans.
4. Tipalti
Tipalit is a cloud-based invoice processing automation software, which provides end-to-end AP automation, global partner payments, procurement, and expense management. The automation makes the AP workflow fast and simple, allowing you to handle and record your invoices effortlessly. Tipalti scans, captures, matches, and processes invoice data, and it can also perform 2-way and 3-way matching of invoice documents.
Key Features:
- Approval process control
- Cash management
- Tiplati AI
- ERP Integrations
- Multi-entity
- Duplicate payment alert
- Electronic funds transfer
- Fraud detection
- Automated invoice processing
- PO reconciliation
- Self-billing module
- Global payments
- Legal compliance management
Pricing:
- Starter: $129/month
- Premium: Custom price
- Elite: Custom price
5. Sage Intacct
Sage Intacct provides AI-powered continuous accounting and ERP that allow you to customize workflows to meet your specific needs. Designed for small and mid-sized organizations, this software automates time-consuming accounting processes, saving you hours every week. From automated AP to a general ledger that detects anomalies for you with AI, Sage Intacct can be a great invoice processing automation software for any business.
Key Features:
- Real-time customizable reporting
- Approval workflows control
- Electronic funds transfer
- Cash flow and risk management
- Duplicate payment alert
- Dashboards
- Intelligent GL with Sage AI
- Time and expense management
- Project accounting
- Revenue management
Pricing:
Sage Intacct provides personalized pricing plans; hence, you need to contact them personally for price details.
6. Airbase
Airbase is procure-to-pay software that brings procurement, employees, and AP together in seamless harmony. The platform provides features like complex purchase orders, amortizations, FX payments, and international multi-subsidiary support. It can sync all vendor and payment details to your ERP for easy vendor management.
Key Features:
- Accounting automation
- Receipt management
- Advanced approvals and workflows
- Security and fraud detection
- Automatic audit trail
- Spend analytics
- Mobile app
- User management
- Multi-subsidiary support
- Vendor management
Pricing:
Airbase provides three plans: Standard, Premium, and Enterprise. To know the pricing plans, you need to contact them personally.
7. Melio
Melio is a platform that gives you control over your payment process, allowing you to schedule free ACH bank transfers or pay by card. The software can help you effortlessly scan bills and import them to your Gmail or Melio account. Features like approval workflows, recurring payments, and combined payments can improve your efficiency and save you hours every month.
Key Features:
- Account payable
- Account receivable
- Secure payments
- Security
- Integration
- Cross-border payments
- Payment splitting
- Automate workflows
Pricing:
This platform is free to use, but you have to pay charges for using some specific services.
8. Bill
Bill is your financial operations platform that automates accounts payable and accounts receivable. This all-in-one software allows you to create and pay bills, send invoices, manage expenses, control budgets, and access the credit your business needs to grow. It is a cloud-based software that uses AI and machine learning to improve invoice processing and management.
Key Features:
- Accounts payable
- 2-way invoice sync
- Accounts receivable
- Accountant console
- Pay by card
- ACH payments
- International payments
- Invoicing
- Approvals
- Integrations
- Controls
- Cash flow forecasting
- Security
- Fraud detection
- Vendor management
- Duplicate payment alert
Pricing:
- For Businesses:
- Essentials: $45/month
- Team: $55/month
- Corporate: $79/month
- Enterprise: Custom price
- For Accountants:
- AP and AR Partner: $49/month
- Spend and Expense Partner: $0
9. Rho
Manage your spending, cash, and invoices with Rho, an all-in-one finance platform that automates payables, expenses, and treasury easily. With Rho, you can process thousands of invoices in minutes, eliminate manual data entry, and strengthen vendor relationships for business growth and scalability. It is designed to support growth-stage startups and 200+ employee multi-entity businesses.
Key Features:
- Business checking and savings accounts
- Corporate credit cards
- Expense management
- AP automation
- Invoice processing
- Fee-free payments
- Real-time reconciliation
- Vendor management
- Treasury management
- Integrations
Pricing:
Rho is a free platform with no user or account fee. However, it charges a fee for some specific services.
10. Kofax
Kofax is a cloud-based invoice management system that uses OCR and allows invoices to be submitted, received, reviewed, exchanged, or approved, regardless of the input channel. This software provides pre-built dashboards for real-time processing visibility. Also, the platform can integrate with other systems and allow users to collaborate to resolve exceptions and approvals quickly.
Key Features:
- Invoice processing speed
- Robotic process automation
- Zero code deployment
- Built-in analytics and process intelligence
- Unified design environment
- Capture data from multiple data sources
- Workflow automation
- Electronic invoicing
- Purpose-built AI
- ERP integration
Pricing:
To learn about their pricing plans, please book your call to get a specific quote because the pricing information is not disclosed publicly.
11. Coupa
Coupa is an AI-driven business spend management platform that offers leading-edge solutions for procurement, invoicing, expenses, and payments. With automation, machine learning, dashboards, 2-way and 3-way matching, and zero-code customization, you can improve business efficiency, collaboration, and growth.
Key Features:
- OCR
- Automated approvals
- AP automation
- Treasury management
- Supply chain collaboration
- Supply chain design and planning
- Source-to-pay
- Source-to-contract
- Procure-to-pay
- Procure-to-order
Pricing:
Contact Coupa’s sales team to get their pricing details.
12. Rossum
Rossum is an AI-first, cloud-native platform that will automate your entire transactional document process from end to end. You can eliminate manual tasks, streamline processes, and seamlessly integrate Rossum into your ERP system.
Key Features:
- Account payable
- AI
- End-to-end automation
- Supply chain management
- Order management
- User interface
- Quality assurance
- Integrations
Pricing:
- Starter: $18000/year
- Business: Custom price
- Enterprise: Custom price
- Ultimate: Custom price
Wrapping Up
We’ve explored the 12 best invoice processing automation software programs available on the market, each designed with a user-friendly interface and robust features to simplify invoice management and processing. Using these tools, you can reduce manual data entry, minimize errors, and accelerate the payment process. However, choosing software isn’t easy, as you need to do proper research and check if it aligns with your business needs. Automating invoice processing saves time and money while also improving accuracy and compliance.
Frequently Asked Questions (FAQs)
What are the benefits of using invoice processing automation software?
Here are some benefits of using invoice processing automation software:
- Time and cost savings
- Improves accuracy
- Less manual intervention
- Eliminate invoice processing errors
- Automate record-keeping
- Approval routing
- Fraud detection
- Highly scalable
- Rapid processing
- Enhanced security
How does automated invoice processing work?
An automated invoice processing software allows you to scan and record your invoices in no time. When an invoice arrives, the software scans it, and the details are stored in the system. After that, the invoice is converted into a text-searchable document that is mapped by an automated management system, so that it can be registered in your ERP. All the details are now fed into the system and can be shared with the concerned parties for review and approval.
Which common technology is used by invoice processing automation software?
Nowadays, most invoice processing automation software uses optical character recognition to extract data and artificial intelligence and machine learning to approve, categorize, record, and process information.
Read More: Best Email Marketing Tools
