What is invoice automation software?
Invoice automation software removes much of the manual labor involved with accounts receivable and payable processing. By automating your invoicing life cycle, you’ll reduce costs and increase efficiency. Many companies are turning to invoice automation software to remain competitive.
12 of the best invoice automation software
There’s a long list of providers offering invoice automation software. Narrowing down the choices can be a daunting task. Luckily, you don’t have to worry about that. After a lot of research, we’ve come back with 12 of the best invoice automation software companies.
You’ll find a quick introduction to each offering, feature list, pricing info if available, whether the company offers a free trial or demo, and in some cases, which devices the software will work on (i.e., desktop, mobile, web-only).
1. Resolve
Resolve helps B2B companies automate and manage the extension of credit to customers. By offering automated credit terms at the point of sale, Resolve customers can increase their average order size as well as increase repeat customers. There’s also a higher probability that old and new customers will convert into buyers.
Features include:
- Automated credit analysis
- Allow customers to apply for new credit at checkout
- Website integration using Resolve’s API
- Process orders manually as well
- Risk-free payment terms to your customers
- Instant deposit of funds into your account upon customer purchase
- Hands-off invoicing, billings, and collections
- Integrates with Magento2
Demo available upon request. Pricing information is not publicly available.
2. Yooz
Yooz is a cloud-based service that automates the accounts payable process. Specifically, it focuses on purchase to payment automation. It is designed for mid market companies with revenues between $30 million to $500 million and about 100 invoices per month.
Features include:
- Integrates with 200 financial management systems
- Approval Process Control
- Duplicate Payment Alert
- Fraud Detection
- Invoice Processing
- PO Reconciliation
- Vendor Management
- Cash Management
The system can be monitored through the Yooz website, iOS device, or Android device. It comes with a 15-day free trial. Yooz pricing is based on volume. At 100 invoices per month, the estimated annual cost is $2388.
3. Stampli
If you’re looking for some of the most AP automation control available in the industry, Stampli can deliver. It is focused on invoice approvals. It allows you to resolve invoice approval issues 5x faster. Stampli integrates with existing P2P processes and has support for both PO and non-PO purchases. It is geared towards companies with 200-20,000 invoices per month.
Features include:
- Approval Process Control
- Duplicate Payment Alert
- Fraud Detection
- Vendor Management
- Invoice Processing
Stampli is cloud-based and does not have a desktop or mobile interface, which means you’ll have to access it from a web browser. Pricing information is not publicly available.
4. Docuware
Docuware provides broad-based document management and workflow automation. This includes Invoice automation. Docuware will extract data from paper or electronic invoices, process them, and provide all relevant information needed for invoice approval. Docuware is focused on productivity and allows approval from mobile devices.
Features include:
- Collaboration Tools
- Compliance Tracking
- Document Archiving
- Document Indexing
- Document Retention
- Electronic Signature
- Optical Character Recognition
- File Type Conversion
- Offline Access
- Version Control
A free demo is available but public pricing information is not. Docuware is available via its website, iOS device, Android device, or as a Windows desktop installation.
5. DocuPhase
DocuPhase claims to lower AP processing by up to 93%. Docuphase AP services go well beyond invoice automation. They are a full accounting automation platform. DocuPhase will scan key components of an invoice and route them to the right people for approval.
Features include:
- PO automation and reconciliation
- Invoice process automation
- Automated data entry
- Automated 3-way match
- Automated GL coding
- Expense report processing
- Approval routing
- 1099 Preparation
- Aging Tracking
- Approval Process Control
- Check Writing
- Data Extraction
- Duplicate Payment Alert
- Electronic Funds Transfer
- Fraud Detection
- Recurring Payments
- Vendor Management
A free demo is available. Pricing information is not publicly available. DocuPhase can be installed on both Mac and Windows desktops, iOS devices, Android devices, and is available via a web browser.
6. Proactis
Proactis targets Fortune 100 or mid-market companies. It provides full AP-automation services. Proactis also helps companies streamline their source-to-pay processes.
Features include:
- Reduce Invoice Errors
- Speed Up Invoice Matching And Approval
- Enable Early Payment Revenues
- Better Cash Flow
- Duplicate Payment Alert
- PO Reconciliation
- Vendor Management
A free demo is available. Pricing information is not publicly available. Proactis can be installed on Windows desktops, iOS devices, Android devices and is available via a web browser.
7. MineralTree
MineralTree is an end-to-end automation solution for invoice processing. This includes entry to payment collection (accounts payable). MineralTree claims that it can reduce costs by up to 75%. MineralTree is targeted at mid-sized companies.
Features include:
- Approval Process Control
- Cash Management
- Check Writing
- Duplicate Payment Alert
- Fraud Detection
- Invoice Processing
- Vendor Management
A free demo is available. Pricing information is not publicly available. MineralTree is available via a web browser only.
8. Beanworks
Beanworks targets companies with volume between 50 - 10,000+ invoices monthly. It is able to work with small to enterprise-size companies. Beanworks is accounts payable focused but helps streamline the full invoice life-cycle. It also helps teams work remotely.
Features include:
- Aging Tracking
- Approval Process Control
- Cash Management
- Check Writing
- Data Extraction
- Duplicate Payment Alert
- Electronic Funds Transfer
- Fraud Detection
- Invoice Processing
- PO Reconciliation
- Vendor Management
A free trial is available. Pricing information is not publicly available. Beanworks is available via a web browser, iOS, and Android.
9. Tipalti
Focused on simplifying and automating complex accounts payable for larger firms. Specifically, those with invoice-based supplier and vendor payments. Tipalti claims to reduce 80% of the workload in managing the entire global supplier payment operations.
Features include:
- Approval Process Control
- Cash Management
- Check Writing
- Duplicate Payment Alert
- Electronic Funds Transfer
- Fraud Detection
- Invoice Processing
- PO Reconciliation
- Vendor Management
A free trial is available. Pricing information is not publicly available. Tipalti is available via a web browser, iOS, and Android.
10. Bill.com
Bill.com automates accounts payable and accounts receivable. It reduces errors in the process by utilizing artificial intelligence (AI) and machine learning. The more you use the system, the more it will learn your behaviors, which helps improve the overall efficiency of bill management.
Features include:
- Approval Process Control
- Cash Management
- Check Writing
- Duplicate Payment Alert
- Electronic Funds Transfer
- Fraud Detection
- Invoice Processing
- PO Reconciliation
- Recurring Payments
- Vendor Management
A free trial is available. Pricing starts at $39 per user/month. Bill.com is available via a web browser, iOS, and Android.
11. Spendesk
Spendesk is a spend management solutions service. They also do accounting automation.
Features include:
- Automate VAT extraction
- Automate expense account allocation
- Receipt reconciliation
- Reduce closing time
- Prepare and export payments in 2 steps
- Export to popular apps such as Xero, Datev, Netsuite, and Sage
A free demo is available. Pricing information is not publicly available.
12. Sage Intacct
Sage Intacct is a full suite of accounting and financial management software. It is a popular best-in-class cloud ERP software. Its target audience is small and mid-sized organizations. Sage Intacct is able to do in-depth analysis and has lots of functionality for tackling complex tasks.
Features include:
- Approval Process Control
- Cash Management
- Check Writing
- Duplicate Payment Alert
- Vendor Management
A free demo is available. Pricing information is not publicly available. It is available via a web browser.
Conclusion
In today’s fast-moving, technologically-driven business environment, whether to automate your invoice life-cycle is no longer the question. It’s become more about when and who. Most of your competitors have probably already answered both of those questions.
Choosing an invoice automation software provider isn’t a quick decision. It takes time to do the proper research and speak with potentials. Hopefully, the list we’ve provided in this article helps you get a little further along in the decision-making process.