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The Importance of Invoice Scanning Software in Modern Business
In today’s fast-paced and data-driven business landscape, managing invoices manually can be a tedious and time-consuming task. With the increasing volume of invoices and bills, companies need to find efficient ways to digitize and manage their financial records to save time, reduce errors, and improve productivity.
Invoice scanning software is an essential tool for businesses of all sizes looking to streamline their invoice processing workflows. These software solutions automate the process of digitizing and organizing invoices, making the task of tracking and managing financial records much easier and more efficient.
However, choosing the best invoice scanning software for your business can be a daunting task, given the growing number of options available in the market. In this article, we will help you navigate this space and highlight the best-in-class invoice scanning solutions that can help your business thrive.
What is Invoice Scanning Software?
Before diving into the details, it’s essential to understand what invoice scanning software is and how it works. Invoice scanning software is an automated system that extracts data from paper or digital invoices and converts them into digital formats such as PDF or XML.
The software uses OCR (Optical Character Recognition) technology to scan and recognize the text from the invoices and extracts key data points such as vendor name, invoice number, date, and total amount. The extracted data is then stored in a digital database, making it easy to search, analyze, and organize for future use.
The Top Invoice Scanning Software in 2021
Here are the top invoice scanning software solutions that can help take your business to the next level:
Software Name |
Key Features |
Price |
Free Trial |
|---|---|---|---|
Hubdoc |
Automated data extraction, expense tracking, and real-time financial reporting |
$20/month (Starter) or $40/month (Advanced) |
14-day free trial |
Bill.com |
Automated data entry, payment processing, and invoice tracking |
$39/month (Essentials) or $69/month (Team) |
30-day free trial |
AvidXchange |
Automated invoice processing, payment approval, and supplier management |
Custom pricing based on company size |
N/A |
Expensify |
Receipt scanning, expense reporting, and credit card reconciliation |
$4.99/user/month (Team) or $9/user/month (Corporate) |
30-day free trial |
Receipt Bank |
Receipt and invoice scanning, data extraction, and real-time bookkeeping |
$12.50/user/month (Solo) or $24/user/month (Streamline) |
14-day free trial |
Frequently Asked Questions
1. What are the key benefits of using invoice scanning software?
Invoice scanning software can help businesses streamline their accounts payable processes, reduce errors, and improve efficiency. It can also help automate data entry, eliminate manual data entry errors, and provide real-time financial reporting and analytics.
2. Are there any downsides to using invoice scanning software?
While invoice scanning software can be an excellent tool for businesses, there are a few potential drawbacks to consider. The software can be expensive, and the accuracy of the OCR technology can vary based on the quality of the scanned document. It can also be challenging to integrate the software with existing accounting software and workflows.
3. What features should I look for in an invoice scanning software?
Key features to look for in an invoice scanning software include automated data extraction, OCR technology, expense tracking, and real-time financial reporting. You should also look for software that is easy to integrate with existing accounting software and workflows.
4. How can I ensure the accuracy of the data extracted by the software?
The accuracy of the OCR technology can vary based on the quality of the scanned document. However, most software solutions have built-in validation checks and allow you to manually review and edit the extracted data before saving it to your database.
5. Can invoice scanning software be integrated with other accounting software?
Yes, most invoice scanning software solutions can be integrated with popular accounting software such as QuickBooks, Xero, and Sage. Integration can help streamline your accounting workflows and reduce manual data entry errors.
6. What sets the best invoice scanning software apart from the rest?
The best invoice scanning software solutions typically offer a combination of automated data extraction, real-time financial reporting, and expense tracking features. They should also be easy to use, offer flexible pricing plans, and have excellent customer support.
7. How long does it take to implement invoice scanning software?
The implementation time for invoice scanning software can vary depending on the software solution and the complexity of your accounting workflows. However, most software solutions offer straightforward installation processes and can be up and running within a few hours.
The Best Invoice Scanning Software in Detail
1. Hubdoc
Hubdoc is an all-in-one document automation and management solution that can help streamline your accounts payable processes. The software uses OCR technology to extract data from invoices, receipts, and bills and automatically enters the data into your accounting software.
Hubdoc also offers real-time financial reporting and expense tracking features. You can easily monitor your payment history, track your expenses, and generate custom reports with just a few clicks. The software is easy to use and can be integrated with popular accounting software such as Xero, QuickBooks, and Bill.com.
With flexible pricing plans starting at $20/month, Hubdoc is an excellent option for small and mid-sized businesses looking to streamline their invoice processing workflows.
2. Bill.com
Bill.com is a popular invoice scanning software that offers automated data entry and payment processing features. The software uses OCR technology to extract data from invoices and automatically enters the data into your accounting software.
Bill.com also offers payment processing and tracking features, allowing you to easily manage your payment workflows from a single platform. You can also monitor your payment history and access real-time financial reporting and analytics.
With pricing plans starting at $39/month, Bill.com is an affordable and easy-to-use solution for small businesses looking to streamline their invoice processing workflows.
3. AvidXchange
AvidXchange is an enterprise-level invoice scanning software that offers a range of features, including automated invoice processing, payment approval, and supplier management. The software uses OCR technology to extract data from invoices and automatically enters the data into your accounting software.
AvidXchange also offers real-time financial reporting and analytics features, allowing you to monitor your payment history, track your expenses, and generate custom reports. The software is highly customizable and can be integrated with a range of accounting software, including Sage, QuickBooks, and Microsoft Dynamics.
With custom pricing plans based on company size, AvidXchange is an excellent choice for mid-sized to large businesses looking for an all-in-one invoice processing solution.
4. Expensify
Expensify is a popular invoice scanning software that offers advanced features such as receipt scanning, expense reporting, and credit card reconciliation. The software uses OCR technology to extract data from receipts and invoices and automatically enters the data into your accounting software.
Expensify also offers real-time expense tracking and analytics features, allowing you to monitor your expenses, track your receipts, and generate custom reports. The software is easy to use and can be integrated with popular accounting software such as QuickBooks and Xero.
With pricing plans starting at $4.99/user/month, Expensify is an affordable and user-friendly solution for small to mid-sized businesses looking to streamline their expense tracking workflows.
5. Receipt Bank
Receipt Bank is a popular invoice scanning software that offers features such as receipt and invoice scanning, data extraction, and real-time bookkeeping. The software uses OCR technology to extract data from receipts and invoices and automatically enters the data into your accounting software.
Receipt Bank also offers real-time expense tracking and bookkeeping features, allowing you to easily monitor your expenses, track your receipts, and generate custom reports. The software is easy to use and can be integrated with popular accounting software such as QuickBooks and Xero.
With pricing plans starting at $12.50/user/month, Receipt Bank is an affordable and user-friendly solution for small to mid-sized businesses looking to streamline their invoicing and expense tracking workflows.
Conclusion
Invoice scanning software is an essential tool for businesses looking to streamline their accounts payable processes, reduce errors, and improve efficiency. With the growing number of options available in the market, it can be challenging to choose the right solution for your business.
In this article, we have highlighted the top invoice scanning software solutions in 2021, including Hubdoc, Bill.com, AvidXchange, Expensify, and Receipt Bank. These software solutions offer a range of features such as automated data extraction, real-time financial reporting, and expense tracking, making them ideal for businesses of all sizes.
Whether you’re a small business owner or a finance professional, investing in the right invoice scanning software can help you save time, reduce errors, and improve productivity. We highly recommend exploring the options listed in this article and finding the one that best suits your needs.
Closing Disclaimer
The information provided in this article is for informational purposes only and should not be considered legal, accounting, or financial advice. We recommend consulting with a licensed professional before making any financial or business decisions.
