As businesses and accounting professionals tackle their finances, they have to deal with invoices.
Invoices and receipts come in all formats. The way it organizes information differs from one supplier, company, and service provider.
Luckily, in this blog, we’ll talk about what is the best invoice scanning software that you can have for your business and accounting practice.
1. DocuClipper
DocuClipper is a specialized web-based tool designed for scanning invoices into structured data formats such as Excel, CSV, and QBO with a remarkable accuracy rate of 97%.
Using advanced OCR data extraction technology with custom built algorithm for invoice data extraction, this invoice data extraction software is particularly adept at streamlining the invoice scanning process.
It allows for batch processing, enhancing the efficiency of file conversion, and API functions so you can easily integrate with prominent accounting platforms like QuickBooks, Xero, Sage, and other accounting and ERP software.
Pros
- Universal Invoice OCR Software: DocuClipper’s Invoice OCR algorithm effortlessly handles all invoice types, ensuring smooth processing no matter the source or layout.
- Highly Accurate: Ensures high accuracy in converting PDF invoices with results at 97% accuracy of extracting information from invoices.
- Integrations: DocuClipper seamlessly integrates with leading accounting software like QuickBooks, Excel, and Google Sheets, simplifying your financial workflows.
- Quick Processing: DocuClipper is capable of processing hundreds of invoices swiftly, often within a few seconds.
- Secure: Ensuring data security is a top priority for DocuClipper, which features SOC 2 compliance, utilizes Amazon’s secure servers, and protects data with AES 256-bit SSL encryption.
Cons
- Limited Financial Analysis: The software offers basic financial analysis tools, which may not meet the needs of businesses requiring more detailed financial insights.
Pricing
- DocuClipper Starter: $39.00 per month, $27 per month if paid annually. Ideal for small teams, this plan includes 200 pages per month, unlimited users, bank reconciliation, batch processing, accounting integrations, 30 days of data retention, and basic customer support.
- DocuClipper Professional: $74.00 per month, $52 per month if paid annually. Builds on the Starter plan by adding 500 pages per month, 1-year data retention, and transaction categorization.
- DocuClipper Business: $159.00 per month, $111.00 per month if paid annually. Designed for larger businesses, this plan expands further with 2,000 pages per month, 2 years of data retention, dedicated customer support, file inventory, transfer detection, flow of funds, dedicated queues, and API access.
- DocuClipper Enterprise: Contact for custom pricing. A fully customized solution for enterprise needs that includes a custom number of pages, 5 years of data retention, single sign-on, API keys & access, and dedicated queues.
2. AutoEntry
AutoEntry is a specialized data automation tool tailored for streamlining accounting processes by automating the extraction and publication of data to major accounting software platforms. It can also scan invoices for accounting use. This tool offers flexible access without the need for a contractual commitment, making it broadly accessible to businesses globally.
Pros
- Ease of Use: AutoEntry allows users to either scan or email their documents, such as receipts and invoices, or use its mobile app to quickly capture images.
- Mobile Accessibility: The mobile app enhances the convenience of AutoEntry, enabling users to capture invoices on the go and streamline their invoice data entry process.
- Scalability: From the outset, AutoEntry supports an unlimited number of companies and users, with all features immediately available.
Cons
- Integration Issues: Some users report challenges with integrating AutoEntry with accounting software platforms like Xero, particularly when publishing invoices.
- Customer Service: Customer support has been criticized for slow response times and unresolved issues related to billing, even after service cancellation.
- Software Reliability: Users have occasionally faced glitches and software disruptions that hinder AutoEntry’s performance and cause user frustration
Pricing
- Bronze: $15/month for 50 credits.
- Silver: $26/month for 100 credits.
- Gold: $48/month for 200 credits.
- Platinum: $112/month for 500 credits.
- Diamond: $315/month for 1500 credits.
- Sapphire: $494/month for 2500 credits.
Each plan offers unlimited cloud storage, unlimited users, and a partner portal for accountants and bookkeepers, with the flexibility to cancel up to 24 hours before the monthly renewal. A free trial is also available, allowing potential users to evaluate the service before committing.
3. Dext Prepare
Dext Prepare is a specialized platform designed to enhance the productivity and profitability of accountants and businesses through superior data management and insights. It offers robust tools that prepare, sort, and automatically publish invoices and receipts.
Pros
- User-Friendly Interface: Both the web platform and mobile app are intuitively designed, and complemented by comprehensive training resources to aid users.
- High Efficiency: The platform’s accurate data recognition and predefined supplier rules effectively streamline the review and posting of bulk expenses.
- Accessible to Non-Financial Users: Dext Prepare simplifies processes to minimize errors, making it easier for individuals without a financial background to manage accounting tasks.
Cons
- Limited Suitability for Large Businesses: This may not support multi-level approval of expense reports in receipts, which could be a drawback for larger entities.
- Processing Delays: Occasionally experiences delays in processing documents invoices and receipts.
- Customer Support and Billing Issues: Users have reported problems with misleading sales tactics, billing issues, and unresponsive customer service.
Pricing
Monthly or annual subscription options are available, with a 13% savings on annual subscriptions. Customizable plans tailored to specific business needs.
Typical pricing for a plan includes:
- $199.99/month (annual subscription billed monthly): 10 clients, unlimited users.
- $214.99/month (annual subscription billed monthly): Additional features and support.
4. Nanonets
Nanonets is an AI-driven automation platform tailored for streamlining complex business processes across various sectors such as finance, accounting, supply chain, operations, sales, HR, and beyond.
It provides a no-code approach that effectively transforms invoices and receipts from diverse sources like documents, emails, tickets, or databases into actionable insights, thus improving decision-making and operational efficiency.
The platform utilizes AI to extract and convert valuable information from invoices and receipts into practical insights.
Pros
- User Interface: The platform boasts a user-friendly, customizable interface complemented by responsive customer support, which collectively enhances the overall user experience.
- Adaptive Tools: Equipped to handle a broad array of document types and data, Nanonets features advanced zero-shot models and versatile data conversion capabilities.
- Efficient Learning Models: The AI’s self-learning feature facilitates continuous system enhancement, increasing efficiency progressively over time.
Cons
- Initial Setup Complexity: Setting up your account when dealing with invoices and receipts can be a stretch initially
- Minor Bugs: Some users encounter minor bugs and user interface issues
- Learning Curve: Learning to train custom models and familiarize oneself with the system can initially be demanding and somewhat non-intuitive, requiring a dedicated effort to fully leverage the platform’s capabilities.
Pricing
- Starter: Free sign-up with pay-as-you-go options. First 500 pages free, then $0.30 per page. Includes 3 starter workflows, limited fields, and auto-capture for tables (line items).
- Pro: $999 per month per workflow. Includes 10,000 pages per month, then $0.10 per page. Features include auto-capture line items, up to 20 fields, team member addition, custom OCR data capture AI, annotation services, and integration with platforms like MS Dynamics, Salesforce, and SAP.
- Enterprise: Custom pricing: contact sales for details.
5. DocParser
Docparser is a robust data extraction tool designed to automate the extraction of invoice data from diverse document formats such as PDFs, MS Word, DOCX, JPGs, TIFFs, and PNGs.
This platform simplifies document processing workflows, including invoices and receipts.
Docparser enables rapid and precise data extraction from customer details from sales invoices and shipping information from delivery receipts. Its intuitive interface and cloud-based processing make it highly accessible and scalable for companies of all sizes.
Pros
- Custom Parsing Rules: Users can create custom rules that tailor the parsing process to meet specific data extraction needs for invoices
- Easy Integration: Docparser offers seamless integration with a wide range of third-party tools such as Zapier, Google Sheets, and Microsoft Power Automate.
- Routing Functionality: Automatically routes incoming receipts to the appropriate set of rules for efficient processing.
Cons
- User Interface Complexity: Some users find the workflows for setting up parsing rules to be confusing and the user interface less intuitive.
- Cost Concerns: The cost per form may be perceived as high for some users.
- JSON Structuring Challenges: Users without a strong background in JSON may find it difficult to structure data.
Pricing
- Starter: $39.00 per month for 100 credits, perfect for individuals managing manual data extraction.
- Professional: $74.00 per month for 250 credits, includes additional features like multifactor authentication and team management.
- Business: $159.00 per month for 1,000 credits, tailored for automating entire business processes.
- Enterprise: Custom pricing options are available for users with larger and unlimited parsing needs, offering features like extended document retention and white-labeling licenses.
6. Klippa
Klippa is a comprehensive expense management solution designed to optimize the way businesses handle their expenses. It automates the submission and processing of business expenses, like invoices and receipts.
Pros
- Ease of Use: Klippa enables users to submit expenses through the web, mobile app, or even via email, simplifying the expense management process.
- Mobile Accessibility: The mobile app allows users to manage expenses on the go, enhancing flexibility and convenience.
- Language Flexible: Klippa is available in multiple languages including English, German, Dutch, French, Spanish, and Portuguese, making it versatile for international use.
Cons
- Learning Curve: Initially, users may need some time to get accustomed to setting up and training the model.
- Customization Limitations: The white label options do not allow extensive customization, such as changing color schemes.
- Technical Issues: Minor bugs and occasional processing delays can impact user experience, although these are typically resolved quickly.
Pricing
- Effective: €5.00 per month per active user. Ideal for those new to digital expense management, offering basic features such as OCR technology, various submission methods, and integration with accounting systems.
- Premium (Most Popular): €6.00 per month per active user. Builds on the Effective plan by adding features like fraud detection, an account manager, and additional compliance tools.
- Custom: Tailored pricing. Offers a fully customized solution for businesses with specific needs, including advanced API access and custom service agreements.
7. Docsumo
Docsumo is a leading Intelligent Document Processing (IDP) solution for financial docs. Initially launched to automate invoice processing, Docsumo has since expanded to provide an end-to-end data extraction platform for the financial sector throughout the USA.
Pros
- Responsive Support: Docsumo is praised for its responsive, solution-oriented team and efficient onboarding process. The support staff is flexible.
- High Efficiency: Enhances invoice and receipt extraction processes with notable improvements in accuracy and speed, benefiting customer outcomes.
Cons
- Model Retraining: Minor changes in the process require retraining of models, which can take time.
- Timezone Challenges: Coordination across time zones can complicate scheduling meetings, although the team is flexible.
- Interface and System Limitations: Occasional formatting issues and system timeouts when handling large batches of files or running out of credits, which halts processing until credits are replenished.
- Data Conversion Limitations: Challenges in converting invoices with multiple accounts or when credits are depleted.
Pricing
- Start-ups and Businesses: $500+ per month. Includes APIs for invoices, purchase orders, ID cards, supports 3 users, machine learning, and Table Vision. Lacks email parsing, validation, custom ML training, table categorization, and document classification.
- Business: Custom Pricing: For specific data capture from documents like bank statements and insurance forms, supports 10 users, and includes email parsing, basic validation, and custom ML model training. Does not offer table categorization or document classification.
- Enterprise: Custom Pricing: Suited for extensive needs including multiple document types and custom workflows, supports unlimited users, advanced validation, analytics, table categorization, and document classification.
8. Tungsten Automation
Tungsten Network is a global e-invoicing platform that streamlines procure-to-pay processes, helping businesses process invoices efficiently, reduce operating costs, enhance cash flow, and minimize fraud risks. It can also read and extract invoice data.
Pros
- Automated Invoice Generation: Users can automatically generate and send invoices in various formats, simplifying the invoice management process.
- Cloud-Based: As a cloud-based platform, Tungsten allows for easy access and management of invoicing processes from anywhere.
Cons
- Connectivity Requirement: The platform’s performance is heavily dependent on stable internet connectivity.
- User Experience Issues: It has been reported as maintenance-intensive and troublesome to use. Users also find it to be coding-intensive and not very user-friendly, with limited capabilities in automating complex tasks beyond simple file transfers.
Pricing
- Power PDF Standard for Windows and Mac: $129
- Power PDF Advanced for Windows: $179
9. HyperScience
Hyperscience is a leading technology provider specializing in AI-driven back-office operations and intelligent document processing. The platform offers turnkey solutions with a focus on hyper-automation, delivering 99.5% accuracy and 98% automation rates.
It utilizes proprietary machine learning models to efficiently process generic content types, from structured invoices to receipts.
Pros
- Efficient Data Extraction: Known for its structured data extraction capabilities, Hyperscience offers high levels of automation and accuracy, particularly with fine-tuned production models.
- Document Mapping and Addition: New structured documents can be added quickly using only a blank sample, simplifying document library expansion.
- Handwritten Text Recognition: The platform is highly effective at deciphering handwritten invoices and receipts, a common requirement in the insurance sector
Cons
- Limited Document Types: Not designed for processing invoices and financial documents.
- Challenges with Semi-Structured Data: Semi-structured extraction can be cumbersome, often requiring human intervention for field classification and transcription, which can interrupt the extraction process.
- Sample Requirement for Training: Training in semi-structured extraction demands at least 400 samples, which can be difficult to obtain and slows down implementation.
- High Infrastructure Requirements: The platform demands high infrastructure and configuration for installation.
Pricing
Hyperscience Platform – Intelligent Document Processing (IDP) – SaaS
Platform Fee:
- 12 Months: $210,000
- 24 Months: $390,000
- 36 Months: $570,000
10. Hyland (OnBase)
Hyland, also known as OnBase, offers a comprehensive enterprise platform with turn-key industry and departmental solutions tailored to address specific business challenges.
Hyland AP automation efficiently captures invoices right at their origin, whether they are scanned or received electronically. Through intelligent capture, it automates the extraction of data from invoices, enabling quick processing and eliminating the need for manual data entry.
Pros
- User-Friendly Administration: Hyland OnBase is appreciated for its “clicks not code” approach, making it accessible for accountants when scanning invoices.
- Adaptability and Automation: The platform is highly configurable, supporting a wide range of uses, and has enabled the automation of several manual invoice processes.
Cons
- Outdated Configuration Interface: The configuration interface uses a thick client that needs updating and some configuration features are limited, which can increase manual tasks.
- Complex Maintenance: OnBase can be challenging to upgrade, often requiring extensive planning and troubleshooting.
- Reliability Issues: Users may experience disruptions, particularly when internet connectivity is unstable, causing the application to close unexpectedly during uploads or imports.
Pricing
Hyland OnBase does not publicly disclose its pricing information. Interested parties are encouraged to contact Hyland directly for detailed pricing based on specific business needs and configurations.
11. Medius
Medius specializes in automating every aspect of spend management, from sourcing to payment, significantly reducing manual tasks and accelerating invoice processing. The platform offers scanning for varied receipt formats.
Key features include rapid implementation, user-friendly interfaces, and insightful analytics that drive continuous improvements and offer the fastest speed-to-value.
Pros
- Cost Control: Medius enhances visibility into spending by category, cost center, and project, enabling better financial record keeping, re-forecasting, and budgeting. It also reduces common errors such as duplicate POs, incorrect pricing, and budget overruns.
- Ease of Use: The platform is noted for its simplicity, especially in processing and managing invoices, which is straightforward for both processing staff and managers.
Cons
- Limited Support for Prepayment Invoices: Currently, Medius does not support prepayment invoices, although improvements are expected in this area.
- Complexity in Customization: Users find the multitude of categories in administration overwhelming and challenging to understand for business rule customization.
- Technical Issues: There are occasional technical glitches such as goods receipts not automatically updating, requiring manual refreshes or support tickets.
- Usability Issues: Some system setups are not intuitive and require support to navigate. The platform can slow down with larger document sizes and lacks a mobile solution for document approval workflows.
- System Organization: The dashboard and system can appear cluttered with multiple versions of invalidated documents, and the audit trail for deleted invoices is difficult to trace.
Pricing
Pricing details are not publicly available; interested parties need to contact Medius directly for a quote.
What is Invoice Scanning Software?
Invoice scanning software helps extract and organize data from various invoice formats, simplifying accounts payable management.
The main benefit is that it automatically captures information with the highest accuracy and speed, thus reducing errors and saving time.
The software can handle multiple invoice types, making it easy to integrate with accounting systems. This streamlines financial record-keeping and improves overall efficiency.
Why is Invoice Scanning Software Important?
Invoice scanning software offers significant benefits for businesses aiming to streamline financial operations:
- Saves Time: It automates the data entry process, allowing staff to focus on more strategic and value-added tasks instead of manual data input.
- Cuts Costs: By reducing the need for manual processing, it decreases labor costs and minimizes the likelihood of expensive errors.
- Increases Accuracy: The software ensures high accuracy in data extraction, significantly reducing discrepancies in financial records.
- Eliminates Hassle: It removes the tedious, error-prone task of manual data entry, simplifying accounts payable workflows.
- Enhances Integration: Equipped with API systems, it seamlessly connects with existing accounting software, ensuring efficient data flow and real-time financial management across platforms.
How to Choose Invoice Scanning Software
Choosing the right invoice scanning software involves several straightforward steps:
- Assess Necessity: Begin by determining if your team actually needs invoice scanning software. Discuss its potential to improve efficiency and accuracy in financial operations.
- Evaluate Costs: Consider what you stand to lose without automation. Compare this against the cost of potential software options to ensure a favorable cost-benefit ratio.
- Analyze Features: Look at the features of each software. Ensure they align with your needs without being excessive. Avoid paying for unnecessary functionalities.
- Conduct a Trial: Implement a test run with the software. During this phase, engage with the customer support team to evaluate their responsiveness and helpfulness.
- Integration and Implementation: If the trial proves successful, proceed with integrating the software into your existing systems. Ensure it syncs well and enhances your current processes.
Why DocuClipper As Your Invoice Scanning Software?
DocuClipper stands out as an optimal choice for invoice scanning software due to its high accuracy and speed. It is incredibly cost-effective, with prices as low as $0.08 per invoice.
It also easily converts PDF invoices into Excel, CSV, and QBO formats that are assessed easier along with API systems that can easily be linked with accounting software such as Xero, Sage, and QuickBooks. (Learn more about importing invoices into QuickBooks)
Capable of processing hundreds of invoices within seconds, DocuClipper ensures your financial operations are both swift and precise. This efficiency transforms how businesses manage their invoicing, making it an excellent investment for those looking to enhance their financial workflows without breaking the bank.
Conclusion
In conclusion, finding the right invoice scanning software is key for improving your business finances. This blog has reviewed the top 10 software choices for 2024, each designed to meet different needs.
Whether you’re looking for affordability, easy setup, or excellent customer support, there’s an option that fits. Choosing the right software helps you handle invoices more efficiently, saving time and reducing errors. Ultimately, this investment can streamline your operations and give your business a competitive advantage.
