5 Best Automated Invoice Processing Software In 2020

Running a business can be exciting and fascinating in itself for enterprise owners. But let’s face it. When it comes to the accounting and invoicing part, many people find it hectic and burdensome.

I mean, just look at the process; it involves creating invoices, sending them out to the customers, and then maintaining follow-ups for the pending payments. Generally, this can eat up a lot of time, especially if it’s done manually.

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Undoubtedly, the utilization of technology can reduce all this hassle. AI and automation have changed the way of doing things. Traditional ways are becoming obsolete.

Dave Waters put it very aptly –
“The world is changing whether you like it or not. Get involved or get left behind.”

Manually invoice processing is not only time consuming, but it is also prone to miscalculations and errors. Invoice processing software will eliminate all these shortcomings, and it will streamline the whole invoicing process.

However, even if you have made up your mind to implement an invoice automation software, another headache pops up as to which software to purchase? There is a plethora of invoicing and accounting software available in the market.

Well, to alleviate your problem, we have selected some of the best invoice processing software that will make it a bit easier for you to arrive at a decision.

5 Best Automated Invoice Processing Software 

1. Invoicera

Invoicera is online invoicing software that provides customized solutions as per your specific business’ needs. It allows you to automate your trading processes and communication with online invoicing, recurring billing, workflows, time tracking, and more.

Invoicera boasts 15+ features that will also help you with other financial activities involved in your business. You can deliver invoices in 15 languages, and it supports 30 payment gateways to accept online payments. Not only this, but Invoicera also allows numerous enterprise integrations.

Some stand out features of Invoicera include :

• Multi-business: This feature allows you to control different types of business through a single account.
• Custom workflow: You can create a custom workflow with an appropriate invoicing solution. A sleek invoicing process will definitely reduce payment delays and disputes.

2. Zoho Subscriptions

Zoho Subscriptions is cloud-based invoice automation and subscription billing software. Operate your customers’ subscription billing cycle by automating recurring invoices, managing subscriptions, and sending GST compliant invoices.
Moreover, Zoho Subscriptions has a dedicated app for android and iOS platforms so you can process and manage your invoicing on the go.

Some stand out features of Zoho Subscriptions include:

• Subscription and billing automation: This allows you to create webhooks so that you can receive information regarding payments, invoices, subscriptions, etc. And you can set up your own workflow to get notified with a customized email for a variety of scenarios like subscription expiration, trial expiration, payment initiation, and more. You can monitor all your business expenditures and get the idea of how much you’re spending, where you’re spending it, and when to let your customers have the accessibility from anywhere through the Zoho app.
• Customer Portal: This means your customers will have the ability to self-service. They can view invoices and make pending payments. They can also check their active plans or cancel a subscription.

Also, Read: How Customer Analytics in Billing Software Helps You Understand Customer Behavior

3. Coupa

Coupa is a competent invoice processing software that eliminates the need for paperwork for your accounts payable department through automation. It helps you increase your invoice compliance and improve the efficiency of the overall financial work.

With Coupa, you can reduce your cost per invoice as it automatically pays and bills the matched invoices to the correct expense accounts.

Some stand out features of Coupa include:

• Multi-level validation: This lets you set invoice matching tolerance levels, which means reviewers are involved only when it’s necessary. This also eliminates the process of manual follow up as reviewers receive automated invoicing reminders, and they can approve that from mobile devices.
• Spend Guard: Powered by Coupa community, leverage the benefits of AI and machine learning to detect invoicing frauds automatically with Spean Guard.
• Global Compliance: If your business has a presence in more than one country, then keeping up with the legalities and regulations can be tricky, and dealing with customers and suppliers across borders might be confusing. Coupa will automatically verify country-specific requirements for you before processing an invoice.

4. Kofax

Kofax is an invoice automation software that optimizes productivity and accelerates your invoice processing by providing capture and workflow solutions. It reduces invoice processing costs with early payment discounts and reallocating staff.

Kofax’s invoice processing software also lets you deal with late payments and lost invoices. It is an easy-to-install and state-of-the-art solution that will adapt according to your business needs. In addition, it also uses AI technology to constantly improve its speed and accuracy.

Some stand out features of Kofax Includes:

• Business system integration: Kofax allows certified integrations for SAP and Oracle e-business suites. This means integration with your ERP and accounting software is simple and fast.
• Auto Sorting: You can quickly determine the invoice type i.e., purchase order, general expense, bill, credit note, etc.
• Any Invoice Format: Whether your invoice is a PDF or XML or fax, it doesn’t matter. Kofax supports all invoice formats and allows you to automatically extract, verify, and transfer data into your ERP.

5. Concur Invoice

Concur Invoice allows you to automate your accounts payable system while operating through the cloud so you can have a clear view of your cash flow. You will not only get GST compliant invoices, but you will also have real-time visibility into the financial aspect of your business.

Concus provides more simplicity and visibility in every step of the invoicing process.

Some stand out features of concurring invoice include:

• Synchronization: Concur seamlessly integrates with any ERP or accounting tools and connects with systems from other providers across the procure-to-pay lifecycle.
• PO matching: Having this feature means you can prevent your business from being overcharged. This provides automatic two and three-way matching, so chances of anything getting overlooked are eliminated, and discrepancies can be identified and resolved easily.
• Insights: Concur Invoice can generate predefined reports, dashboards, and key metrics so that you can have a bird’s eye view of your spending. This will eventually help you make data-driven decisions and boost your ability to manage the cash flow.

Conclusion

With that being said, it is obvious that picking an invoice automation software isn’t a cakewalk. And that is because every business or organization has different requirements according to their specific industry.

So, the business leaders should always keep this thing in mind prior to buying any software. The above-mentioned list will certainly help you out in comparing different software and choose a software that fits best according to your needs.