10 of the Best Invoice Scanning Software in 2024

Accounting software has evolved a lot in the last few years with the introduction of AI technology (Ai), machine learning capabilities (ML), and optical character recognition (OCR). Software is getting smarter, faster, and more efficient.

This is great news for anyone excited about increasing business efficiencies and looking for a way to automate invoice scanning.

Invoice scanning technology is one of the most exciting developments to come along in recent years, because the manual data capture of invoices costs accounting departments a large amount of money, time and resources. Everyone, yes everyone wants to get rid of manual data capture and do something more useful with that time. But sincerely, not only that, data accuracy needs to improve and this is what invoice automation brings to the table.
In this article, we briefly examine the digital processing of invoices and then we take a look at the 10 best options for cutting down on invoice processing time, setting up an automated approval process (because this process is where all the backlogs are), and kissing paper invoices goodbye.

What is Invoice Scanning?

Let’s explain the concept of scanned invoices briefly.

Intelligent document processing software is used to scan and extract financial data from invoices, such as invoice number, vendor name, the total amount due, currency type, and invoice date. The invoice scanning process gets your paper documents into a digital format, which can then be used to extract data line by line. Your accounting software is then populated with the financial data. How?

The automation software is set up to seamlessly integrate with other systems, allowing the real-time tracking of documents and payments. [1]

So how should you go about choosing an automation tool? If you’re not sure where to start, keep reading the next section or skip straight to our recommendations.

Criteria for Selecting the Best Invoice Scanning Software

When choosing the best invoice scanning software for your business or organization, there are several criteria to consider. Consider the following factors:

Cost and Pricing Models

While choosing the cheapest option is tempting, it’s important to remember that this will likely not provide your organization with the same long-term results as a more expensive option. Instead, ensure you fully understand the pricing models available (e.g., pay per scan/monthly subscription) and which type best suits your needs.

It is also worth researching what additional fees might be included, such as customer support or maintenance fees. By taking into account both up-front costs and potential extra charges, you can ensure that you select an invoice scanning solution that is both cost-effective in the short term and appropriate for sustained use over time.

Features, Functionality & Usability

Features such as automated data capture and real-time updates can help streamline your accounts payable process and increase the accuracy of financial data. Additionally, you should look for a solution that offers intuitive user interfaces or features like drag-and-drop capabilities for easy use.

It is also important to ensure that the accounting system is compatible with current management systems so that all departments can easily access the necessary information. By considering all these components, you will be able to find invoice scanning software that is suited to meet your specific needs while still providing quality performance.

Automation & Integration Options

When selecting a solution, check what integration capabilities are available, as this can significantly improve efficiency and productivity in the accounts payable process.

Additionally, automation features such as rule-based custom workflow or AI-driven decision-making can help optimize processes even further without requiring manual intervention.

By properly evaluating these features and considering their implications for scalability and long-term use, you can decide which invoice scanning software is the best for your business.

Security and Compliance

Your invoice scanning software must meet all applicable data privacy regulations and industry-specific security protocols. Look for a solution that allows you to control user access, encrypts data in transit and at rest, implements two-factor authentication, and provides comprehensive audit trails of activity.

It is also vital to ensure the software vendor has an established compliance record with laws regarding GDPR, data management, and financial reporting. By carefully evaluating a solution’s security features before investing in it, you can be sure that your business remains compliant with current regulations and that your information is safe from external threats. [2]

Top 10 Invoice Scanning Software

There are dozens of software options, each offering its own features and capabilities. To help make the process easier, we have compiled this list of the top invoice scanning software on the market today. Whether you’re looking for an enterprise-level system or need something to start quickly. Read on to discover which solution is best for you.

1. Envoice

Overview & Features

As far as powerful and innovative invoice processing software goes, Envoice is our #1 choice.

With Envoice, you can quickly convert paper invoices into digital documents, from which financial data can be extracted and sent directly to your accounting system. This feature, called SmartExtract, comes standard with all Envoice subscriptions. For added accuracy, you can add ExtactExtract for $0.20 a document where you will get an extra layer of data extraction verification. This human-in-the-loop feature provides you with a 99.9% accuracy rate. That’s an outstanding result and the potential losses that result from human error are eliminated.

Envoice is cloud based and is fully integrated with popular accounting software such as QuickBooks Online, Sage, Xero, MS Dynamics 365, Erply Books and Briox, with other integrations coming soon. The system also integrates with One Drive and Dropbox for a complete file management solution. For payments it integrates with Wise Transfer.

Envoice features comprehensive security protocols, including secure data storage, two-factor authentication, and end-to-end encryption. Envoice also provides powerful tools for managing your vendors, tracking payments, and creating customized reports in real time.

Their mobile app allows your employees to scan their expense claims using their mobile phones and create expense reports for approval. How much time will that save your bookkeeper or accounting department?

SEE ALL FEATURES

Pricing

Envoice offers a variety of pricing plans to meet your needs. Their standard plan is designed for small businesses. The features include invoice scanning, automation, payment tracking, invoicing templates, and expense reporting for $7. Nope, that’s not a typo. You get all these powerful features for $7. This subscription allows you 30 documents for free and if you want to keep going you’ll pay $0.15 per additional document.

For larger organizations, their business plan provides access to basic features as well as advanced features such as approvals and travel requests for $14 monthly. Another benefit of this subscription is that you don’t pay for additional users!

You can try out Envoice’s powerful invoice scanning software for 14 days for FREE. There’s no obligation to buy anything after this time and they won’t ask you for your credit card details. You get all of the benefits without any risks and for 14 days you can really test it’s integration capabilities and its high degree of accuracy.

Yes! Where can I sign up for Envoice?

Not sure? You can read the inspiring stories of other customers and let Envoice’s work speak for itself.

READ TESTIMONIALS

2. Kofax [now Tungsten Automation]

Overview & Features

With Kofax, businesses can quickly digitize documents, automate manual processes, create custom integrations, and streamline the customer journey. Kofax offers a variety of products and services to help organizations manage their operations more effectively and efficiently. Kofax has been a trusted partner for many businesses looking to increase productivity and reduce costs.

Pricing

Their standard packages cover basic features such as document scanning and automated data processing, while their premium plans provide access to advanced features.

Additionally, Kofax has several add-on services, such as managed services and customer engagement solutions, that can be purchased separately.

3. Docsumo

Overview & Features

By leveraging advanced AI learning algorithms, Docsumo can quickly and accurately extract structured and unstructured data from documents and eliminate manual data entry processes. Docsumo provides an end-to-end solution for document processing needs, from automation of onboarding processes to invoice capture.

Pricing

They provide a custom pricing model with different plans to suit all businesses. Their starter plan costs $500 a month and is suitable for small teams who need basic document processing capabilities. In contrast, their professional plan offers more advanced features, such as bulk data extraction and workflow integration.

4. Nanonets

Overview & Features

With its user-friendly interface, you can quickly create deep learning models for image recognition, object detection, and more without any coding knowledge. Nanonets also provides APIs to integrate the machine learning models into your existing applications easily.

Finally, its visual dashboard allows you to monitor the accuracy of your models while also enabling you to track metrics such as training time and model size. With its comprehensive features, Nanonets is an ideal solution for anyone looking to build powerful AI-based applications.

Pricing

Nanonets offers a monthly fee of $999 or a per document fee of $.03.

5. Rossum

Overview & Features

Rossum is an AI platform that enables users to quickly extract data from documents of any type, providing accurate and efficient results. It uses artificial intelligence algorithms to automatically read and understand documents, allowing businesses to save time and money by eliminating the need for manual data entry.

Additionally, Rossum offers advanced features such as audit log tracking and document comparison, allowing businesses to ensure the accuracy of their processes.

Pricing

Offers a variety of pricing plans ranging from free trials to enterprise-level solutions. Their pricing depends on two factors – the volume of documents you are receiving and the specific mix of features you are interested in. You need to fill out a request form to discuss pricing.

6. Hyperscience

Overview & Features

This cloud-based invoice processing automation platform enables organizations to reduce manual data entry tasks and speed up document processing. It uses machine learning to accurately capture, validate, and extract data from any document, allowing businesses to gain valuable real-time insights.

Pricing

Hyperscience offers a range of pricing plans to fit businesses of any size. The most basic plan starts at $500/month and includes up to 1 million documents processed per month.

7. Google Document AI

Overview & Features

Google Document AI is a suite of machine learning tools designed to help organizations intelligently manage documents. It enables users to find, extract, and automatically classify information from large quantities of documents in real-time. With Google Document AI, users can quickly identify meaningful patterns and relationships between documents, scan invoices, automate tedious tasks such as tagging and clustering documents, and gain valuable insights into their data.

The platform also has powerful features such as encryption for sensitive data, secure document processing and sharing, and connecting with other Google Cloud services.

Pricing

Google Document AI offers flexible pricing plans to meet the needs of all organizations. The price is $1.50 per 1,000 pages, with additional charges for storage and processing documents. Enterprise-level customers may qualify for custom pricing, including discounts on certain services.

8. Amazon Textract

Overview & Features

Amazon Textract is a cloud-based machine learning service that enables organizations to quickly and accurately extract data from documents. It automatically identifies form fields, text, and tables in documents such as PDF documents, scanned documents, and images.

It also supports complex layouts such as invoice data, contracts, and claim forms. Amazon Textract uses Optical Character Recognition (OCR) to detect characters in input images and transform them into machine-readable text.

Pricing

Amazon Textract offers pay-as-you-go pricing with no upfront costs. The service is billed based on the number of documents processed, with quantities ranging from a few thousand per month to millions. Additional charges for data extraction, translations, custom machine-learning models, and other services may apply. Discounts are available for long-term commitments or high-volume usage.

9. Xtracta

Overview & Features

With Xtracta, you can easily create accurate digital records for quick retrieval and analysis. The software is designed for scalability, allowing it to grow with your business as needed. In addition, Xtracta provides real-time insights through its integrated analytics suite, giving you a powerful insight into your operations and enabling you to make better decisions quickly.

Pricing

Prices vary depending on features and the type of document you need to scan. Additionally, Xtracta offers discounts for volume orders and a free trial period so you can test the software before committing to a purchase.

10. Docparser

Overview & Features

Docparser is packed with features that make extracting data from digital documents easy. It supports all major document types, including PDF, Word Docs, and more, and can accurately recognize and extract data fields from even the most complex invoice document.
It also offers powerful automation tools for the bulk processing of data and an API for custom integration. Finally, Docparser provides an intuitive dashboard to review extracted data and monitor extraction results.

Pricing

Docparser offers a range of pricing plans to fit different budgets and business needs. Its basic plan starts at $39 per month, with discounts available for larger organizations needing more advanced features. The Professional plan includes additional features, such as custom output formats and API access, and is available for $99 per month.

Takeaway

With this best-in-class list of invoicing scanning software, you can start getting your house in order immediately. There is no real excuse for dealing with manual data entry, errors, piles of paper, and a backlog in approval processes. These software choices make it easy for you to move your business into the era of digitization within a very short time with their seamless integration features, advanced OCR technology, cloud access and document storage capabilities.

If you still don’t know what you want to do then, go with our top recommendations and give their free trial a go.

#1 – Envoice – It’s powerful, easy to integrate, has a high level of extraction accuracy and integrates easily with popular accounting, file management and storage apps. Not to mention the price.

You have every reason to make that switch before the close of business today.

Article Sources:
1 – https://www.investopedia.com
2 – https://gdpr.eu/