Are you also among the 66% of businesses that are spending lengthy timelines to process a typical 500 monthly invoices? If yes, you know the drag this puts on your accounts payable team. Manually processing these invoices is slow, expensive, error-prone, and labor-intensive.
Fortunately, there’s a powerful solution – invoice scanning software!
Invoice scanning is one of the first steps in the Accounts Payable (AP) automation process. It’s essential for digitizing and streamlining invoice handling, which then feeds into AP software for automated approval workflows, matching (such as 2-way or 3-way matching), and payment processing. AP software integrates these functions to improve accuracy, reduce manual effort, and accelerate the entire invoice-to-payment cycle.
Utilizing advanced AI and OCR (Optical Character Recognition) technology, it significantly reduces manual effort. Using scanning technology, over 80% of work can be eliminated, and the invoices are processed with nearly flawless accuracy.
Thus, this blog post explores the top invoice scanning software solutions for you to make your invoice processing more efficient.
Invoice scanning software is a tool that automatically captures and extracts relevant data from paper invoices, scanned PDFs, or screenshots.
It eliminates the need to manually read invoice details by making scanned or image-based invoices searchable and accessible in digital systems. It uses OCR technology combined with machine learning algorithms to read and interpret the information quickly and accurately.
Here’s how invoice scanning software works:
This indexing makes it easy to retrieve, filter, or sort invoices later, even if you’re not using a full data extraction or accounting integration system.
Software | Key Features | Pros | Cons | Pricing |
---|---|---|---|---|
Dext | AI & OCR, mobile app | Fast, mobile-friendly | Occasional errors | From $30/month |
NetSuite | AI OCR, PO matching | Custom workflows | Complex setup | Quote-based |
AvidXchange | OCR + AI, approval routing | Easy payments | Limited API | Quote-based |
Medius | AI extraction, ERP integration | Cost-effective | Not for high volume | Quote-based |
Rillion | High accuracy, secure | No manual entry | Upfront cost | Quote-based |
Scan2Invoice | Fast scan-to-import, cloud | Easy setup | Some errors | From ₹475/month |
HighRadius | AI capture, ERP integration | Accurate, powerful | Steep learning curve | Quote-based |
We have a list of 7 invoice scanning software programs for you. Few are best for small businesses, and others are for large enterprises. As per your scalability needs, you can study them first and choose the one.
Dext is a user-friendly invoice automation tool also known for its speed and accuracy. Offering powerful automation, a mobile app, and integrations, this tool can save a lot of time. It’s perfect for businesses looking for a tool that can be used from anywhere.
Key Features of Dext:
Pros
Cons
Dext Plans and Pricing: Starts at $30/month for 5 users and up to 250 documents. Pricing increases based on additional users and document volume.
NetSuite is popular cloud-based ERP platform that also features invoice capturing. Designed to simplify accounts payable processes, it can capture, process, and approve vendor invoices directly within the platform. NetSuite uses AI and machine learning to enhance data accuracy and reduce manual effort in invoice management.
Oracle NetSuite ERP
Starting Price
Price on Request
Key Features of NetSuite:
Pros
Cons
Netsuite Plans and Pricing: Pricing is available on request at Techjockey.com
AvidXchange is another invoice scanning software using OCR and AI for invoice capture, approval, and payment workflows. Its cloud-based accessibility enables AP teams to manage invoices from anywhere.
Avidxchange
Starting Price
Price on Request
Key Features of AvidXchange:
Pros
Cons
AvidXchange Plans and Pricing: Pricing is available on request at Techjockey.com.
Medius is a modern invoice scanning software that captures data from invoices in various formats. It relies on advanced technologies like AI and machine learning for invoice capturing. Apart from this, it also offers integration into popular ERP systems.
Key Features of Medius:
Pros
Cons
Medius Plans and Pricing: Pricing is available on request on their website.
Rillion simplifies invoice scanning for businesses managing high volumes of invoices. Built with advanced OCR and AI technology, Rillion can extract relevant data from both paper and digital invoices. The platform is trusted by major financial institutions for its compliance with top-tier security standards.
Key Features of Rillion:
Pros
Cons
Rillion Plans and Pricing: Pricing is available on request at Techjockey.com.
Scan2Invoice is built specifically for small businesses and accounting professionals. This receipt scanning software helps users digitize and import invoices directly into their cloud-based accounting software. Ideal for desktop users and small teams, it delivers dependable automation at an affordable price.
Key Features of Scan2Invoice:
Pros
Cons
Scan2Invoice Plans and Pricing: Starts at INR 475/month for 50 documents and scales up to INR 4750/month for 2500 documents.
HighRadius is another AI-powered invoice scanning software. It captures invoices from multiple sources, extracts and validates the relevant information. HighRadius can connect with the major ERP systems. It supports faster approvals and accurate financial reporting for mid-sized to large enterprises.
Highradius
Starting Price
Price on Request
Key Features of HighRadius:
Pros
Cons
HighRadius Plans and Pricing: Pricing is available on request at Techjockey.com.
Conclusion
The large competitive business environment calls for automated tools for almost everything now. An invoice scanning software can also help businesses save huge amounts of time and streamline their financial flow.
All the invoice scanning solutions mentioned above can match your budget and are easy to use. If you need an advanced AI-powered solution, you can go for HighRadius or NetSuite.
The tools are more than just having OCR utilities! They are intelligent, can be integrated with other platforms, are time-saving, and promise accuracy.
Explore and find the perfect fit for your business.
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