We tried every invoice capture software on the market to compile this list of the best capture software for invoice processing. Read on to learn more.
Here are the 10 best invoice scanning software that you can consider:
Lido is a cutting-edge invoice scanning application designed to streamline the processing and management of invoices with robust automation and AI technologies. It offers efficient and accurate data extraction, helping businesses enhance their invoicing workflows and reduce operational costs.
Key Features of Lido:
Nanonets uses advanced machine learning to automate data capture from various documents, including invoices. It's designed to reduce manual data entry and increase the accuracy of data extraction.
Key Features of Nanonets:
Docsumo simplifies the process of capturing data from invoices and financial documents, offering robust analytics to help businesses make informed decisions.
Key Features of Docsumo:
Kofax combines process automation with artificial intelligence to enhance the efficiency of invoice scanning and other document-related workflows.
Key Features of Kofax:
Rossum's cognitive data capture technology is specifically designed to understand complex structured and semi-structured documents like invoices.
Key Features of Rossum:
HyperScience employs machine learning to automate data entry tasks, specifically focusing on reducing human error and increasing processing speed.
Key Features of HyperScience:
Leveraging Google’s powerful AI capabilities, Google Document AI offers a highly scalable solution for transforming documents into structured, actionable data.
Key Features of Google Document AI:
Docparser boils down business documents to the essentials and converts them into actionable data, enhancing productivity across operations.
Key Features of Docparser:
Amazon Textract uses machine learning to automatically extract text and data from scanned documents without the need for manual code.
Key Features of Amazon Textract:
Xtracta provides technology that automates the capture of data from documents, including detailed information from invoices.
Key Features of Xtracta:
Here is a comparison of the best scanners for invoice processing that you can consider:
Invoice scanners can significantly enhance financial document management for businesses. Here are some of the most common benefits of using them:
Invoice scanners automate the entry of invoice data, speeding up the billing process. This reduces manual processing time and minimizes human error.
Automating invoice processing reduces labor costs and can help avoid late payment fees through timely processing.
Digital records are easier to manage and retrieve than paper files. This eliminates physical storage needs and reduces office clutter.
Scanners reduce data entry errors by accurately capturing invoice information.
Digitized invoices can be accessed quickly from anywhere, facilitating better workflow.
As business volume grows, an invoice scanner scales to handle increased loads without additional resources. This supports business expansion with minimal additional cost.
Digital record-keeping helps in maintaining compliance with tax and financial reporting regulations. It also simplifies audit processes.
When selecting invoice reading software, consider the following key features:
Ensures accurate text extraction from scanned or digital invoices. This feature is crucial for processing both printed and handwritten documents.
Handles various invoice formats like PDFs, images, and electronic documents. This flexibility ensures compatibility with different invoice sources.
Extracts key data fields such as date, amount, and vendor details with high precision. Accurate extraction minimizes manual data entry errors.
Easily integrates with existing accounting and ERP systems. This seamless integration enhances workflow efficiency.
Processes multiple invoices simultaneously to save time. Batch processing is ideal for businesses handling large volumes of invoices.
Simple and intuitive interface for ease of use by non-technical staff. A user-friendly design reduces the learning curve and increases productivity.
Allows custom templates and rules to fit specific business needs. Customization ensures the software adapts to unique invoicing requirements.
Ensures data encryption and secure storage of sensitive information. Robust security measures protect against data breaches and unauthorized access.
Invoice data capture software is a tool designed to automatically extract relevant information from invoices, such as vendor details, dates, and amounts, using technologies like OCR and machine learning. This tool makes the accounts payable process smoother by cutting down on manual data entry and increasing accuracy.
Example: SAP Concur Invoice uses OCR technology to extract data from scanned invoices, automatically filling in fields like product ID, vendor, and payment due amounts. This automation reduces errors and speeds up approval and payment processes in businesses.
We hope that our invoice capture software list has helped you choose a solution for your business. If you enjoyed this article, you might also like our article on the top 10 best invoice processing software in 2024 or our article about AI invoice processing. Think, we missed a software, we would love to hear your opinion!