Categories   >   Invoice Automation Software
Last Reviewed: November 11th, 2024

Best Invoice Automation Software Of 2024

What is Invoice Automation Software?

Invoice automation software streamlines the often paper-heavy process of sending and receiving invoices. Imagine eliminating manual data entry, chasing down approvals, and late payment penalties. It tackles the challenges of inefficient invoice processing, saving time and reducing errors. Benefits include faster payments for vendors, improved cash flow for your business, and early payment discounts for taking advantage of vendor offers. Core functionalities encompass electronic invoicing, automatic data extraction from invoices, and workflow approvals. Emerging features leverage machine learning to identify errors and predict payment delays. Businesses of all sizes can benefit, but those with high invoice volume or complex approval processes see the greatest impact. While some solutions require a subscription fee, the efficiency gains, improved cash flow, and early payment opportunities make invoice automation software a valuable tool for any business. In essence, it automates the back-office tasks associated with invoices, freeing you up to focus on more strategic initiatives.

What Are The Key Benefits of Invoice Automation Software?

  • Faster Payment Processing
  • Reduced Errors & Manual Work
  • Improved Cash Flow Management
  • Early Payment Discounts Captured
  • Streamlined Approval Workflows
  • Enhanced Vendor Relationships
  • Reduced Risk of Fraud & Errors
  • Improved Visibility & Reporting
  • Focus on Strategic Business Growth
Read more

Overall

Based on the latest available data collected by SelectHub for 131 solutions, we determined the following solutions are the best Invoice Automation Software overall:

QuickBooks Online
QuickBooks Online
Start Price
$25
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked QuickBooks Online

QuickBooks Online remains a popular choice for many users, praised for its user-friendly interface and automated features. "It feels like Intuit took the complexity out of accounting and made it accessible even for someone like me with limited accounting experience," shared a small business owner. However, user reviews also highlight limitations, particularly around customization and cost. "I love the ease of use," stated a freelancer, "but the reporting options feel restrictive. I often have to export data and work with it in Excel to get the insights I need." This sentiment, coupled with complaints about the cost of add-ons like payroll, leads some users to compare QuickBooks Online to competitors. "Xero seems to offer more flexibility and advanced features," mentioned an accountant, "but the learning curve is steeper, and the monthly subscription is higher." Ultimately, the decision comes down to individual needs and priorities. For those seeking a balance of ease of use, automation, and affordability, QuickBooks Online continues to be a strong contender. However, users with more complex accounting needs or a desire for greater customization might find themselves looking towards competitors offering more robust features, even if it comes at a higher cost or with a steeper learning curve.

Pros & Cons

  • Easy to use: Intuitive interface and clear navigation make it accessible for users of various accounting experience levels.
  • Automated tasks: Streamlines workflows by automatically importing bank transactions, categorizing expenses, creating invoices, and sending reminders.
  • Real-time insights: Provides up-to-date financial information through customizable dashboards and reports, enabling informed decision-making.
  • Mobile accessibility: Access and manage finances anytime, anywhere with the mobile app.
  • Scalability: Grows with your business, offering different plans with varying features to accommodate evolving needs.
  • Integrations: Connects seamlessly with various business tools, such as bank accounts, payment gateways, and e-commerce platforms.
  • Payroll: Simplifies payroll processing, including tax calculations and direct deposits.
  • Limited customization: Lacks flexibility in customizing certain features, such as reports and chart of accounts, compared to some alternatives.
  • Costly add-ons: Essential features like payroll and advanced reporting often require additional fees, increasing the overall cost of ownership.
  • Customer support: Mixed reviews on the quality and availability of customer support, with some users reporting delays or difficulty reaching knowledgeable representatives.
  • Reporting restrictions: Certain financial reports and data exports have limitations, potentially requiring workarounds or manual adjustments.
  • Learning curve: While generally user-friendly, some features and functionalities may have a learning curve for those new to accounting software.
  • Occasional glitches: Users have reported occasional bugs or glitches that can disrupt workflows, requiring troubleshooting or waiting for fixes.

Key Features

  • Income and Expense Tracking: Import bank, credit card, PayPal, Square and other transactions as well as promptly sort them into the right tax categories with the income and expense tracking module. Users may also take pictures of receipts with their smartphones and link them directly to expenses. 
  • Invoicing: Trace invoice statuses, deliver payment reminders to patrons, immediately match payments to invoices, accept credit cards and complete free bank transfers directly from an invoice with the invoicing attribute. 
  • Estimations: Transform estimates into invoices, validate mobile signatures, review estimate statuses and modify estimates to align with business requirements via the estimations appliance. 
  • Reporting: Create a variety of reports, including product profit and loss, expense, balance sheet, inventory, enhanced sales, profitability and other reports, through this attribute. Users may also oversee crucial financial metrics including cash flow and revenue on one dashboard. 
  • Organize Receipts: Expeditiously arrange and associate expense receipts with transactions, keeping them all in one place. 
  • Inventory Tracking: Receive alerts when inventory is running low as well as monitor products and the cost of goods with the inventory tracking system. Users may even evaluate popular items, draft purchase orders and superintend vendors.  
Mint
Mint
Start Price
$0
Freemium, Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Mint

How much mulla can Mint really help you hold onto? User reviews from the past year paint a picture of a once-lauded budgeting app facing its final curtain call. Mint, known for its comprehensive financial tools, allowed users to aggregate their financial accounts, track budgets, receive bill reminders, and monitor credit scores, all for free. Users consistently praised Mint's user-friendly interface and lauded its ability to provide a holistic view of their finances, making it a breeze to track spending and identify areas for improvement, like curbing those impulse Amazon purchases. However, the app's once-sparkling reputation has been tarnished by an uptick in negative reviews, with users reporting frequent syncing issues and an onslaught of intrusive ads. While Mint's strengths, like its intuitive design and robust feature set, initially positioned it as a frontrunner in the budgeting app arena, these advantages are increasingly overshadowed by its shortcomings. The frequent syncing issues, in particular, are a major pain point for users, as they hinder the app's ability to provide accurate and up-to-date financial information. Imagine diligently tracking your spending, only to be thrown off by inaccurate account balances due to syncing errors - not exactly a recipe for financial peace of mind! Moreover, the influx of ads, while understandable for a free app, has reached a point where many users find them disruptive and excessive. Ultimately, while Mint might still hold some appeal for casual budgeters, its waning reliability and aggressive advertising strategy make it difficult to recommend wholeheartedly. The announcement of its shutdown in March 2024 further solidifies this stance. For those seeking a reliable and feature-rich budgeting companion, alternatives like YNAB (You Need A Budget) or Personal Budget might be a better fit. These apps, while not without their quirks, offer a more polished and reliable experience, ensuring your budgeting journey is smooth sailing rather than a bumpy ride.

Pros & Cons

  • Free and Feature-Rich: Mint offers a robust set of budgeting tools at no cost, making it accessible to a wide range of users.
  • User-Friendly Design: The app is designed with an intuitive interface that's easy to navigate, even for those new to budgeting apps.
  • Real-Time Updates: Mint provides real-time updates on transactions and budget limits, helping users stay on top of their finances.
  • Customization Options: Users can customize budget categories and goals to align with their specific financial needs and priorities.
  • Intrusive Advertisements: The inclusion of ads in the free version can be distracting and disruptive for business users who require a focused environment.
  • Synchronization Issues: Occasional problems syncing with financial institutions can lead to inaccurate data and disrupt workflow, impacting financial analysis and decision-making.
  • Limited Customer Support: The lack of comprehensive customer support options can be problematic for businesses that require timely assistance with technical issues or have specific questions related to their business needs.

Key Features

  • Easy Setup: Sign up and connect financial accounts. Track bank, credit card loans and other investments. 
  • Secure Linking: Connect all financial accounts securely. 
  • Budget: Create a budget based on the historical patterns of average expenses. Spend cautiously and save more. Get a unique budget for each category and calculate funds for as many categories as they need. 
  • Tracking: Track all bills from one place, including credit cards to utility bills. Ensure bills get time with monthly reminders. Get alerts for low funds or unusual spending. 
  • Alerts: Get notified via email or text alerts for any unusual activity on the account, bills and low balances. Check for any suspicious spending. 
  • Free Credit Score: Get a free credit score minutes after identity verification without the need of a credit card. Verify the identity and check for credit scores and accounts at one place. Monitor credit daily and improve the score. 
  • Automatic Subscription Tracking: Check subscriptions in-app by connecting any bank or credit card. Get automatic notifications on price change and stay at the top of the spending. 
  • Categorization: Categorize and customize transactions with tags to keep track of the spending and proceed with insights. Check total spending across all the accounts at one place. 
  • Report: Get simple, customizable reports with the Trends feature. Generate different types of reports such as spending, income, net income, debts and net worth. Get investment information for performance, value, asset allocation and more. 
Xero
Xero
Start Price
$15
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Xero

Xero’s users say it’s easy to use and has good accounting and bookkeeping capabilities. Most found the price to be acceptable, with some complaints about issues they ran into while trying to switch to a lower pricing tier. More than 70% loved the customer service and felt their representatives were extremely helpful. It has a range of features including band feeds, invoice creation, integrations and reconciliation processes. The reconciliation was particularly popular with over 80% of reviewers who mentioned it describing positive experiences.
One issue with the system came in making updates to invoices after they’d been saved. Some users said they were sent prematurely to clients or claimed to have difficulties changing the data at a later date. Many also felt that the implementation process for the new platform was difficult, but that once they learned where things were they felt comfortable. This may be a good choice for small and medium businesses. Larger companies should consider a system that’s able to handle a higher volume.

Pros & Cons

  • Affordable: Of all the reviews that mentioned price, over 70% felt it was well within their price range and felt satisfied.
  • Good Customer Service: Over 70% of reviews that mentioned the customer support said they received excellent service, especially from their reps.
  • Excellent Functionality: In more than 50% of all reviews that mentioned features, users were happy with its capabilities. They especially like the integrations, reconciliation process, invoices and accounting functions.
  • Simple and intuitive interface: Xero's clean layout and straightforward navigation make it easy for users of all skill levels to manage their finances. In over 80% of reviews that mentioned the UI, users said it was easy to navigate.
  • Automated tasks: Xero automates repetitive tasks like invoicing, expense tracking, and bank reconciliation, saving users valuable time and reducing errors.
  • Mobile app for on-the-go access: Manage your finances and stay up-to-date on your business performance anytime, anywhere with Xero's mobile app.
  • Customizable reports and dashboards: Gain valuable insights into your cash flow, profitability, and other key financial metrics with Xero's customizable reports and dashboards.
  • Multi-user access and permissions: Collaborate with team members and advisors seamlessly with Xero's secure multi-user access and permission controls.
  • Limited inventory management: Xero lacks advanced inventory tracking features, making it less suitable for businesses with complex inventory needs.
  • Learning curve for complex features: While basic tasks are easy, some advanced features like multi-currency accounting can be challenging for non-accountants to navigate. Though the system was widely popular after implementation, users said it was old-fashioned and had a steep learning curve in 20% of reviews that mentioned the UI.
  • Higher cost for advanced features: Access to advanced features like payroll processing and multi-currency comes at a higher price point, potentially exceeding budgets for smaller businesses.
  • Limited phone support: Xero primarily relies on email and live chat for support, which may not be ideal for users seeking immediate assistance with critical issues.
  • Integration limitations: While offering many integrations, some key business tools may not have seamless integration with Xero, requiring workarounds or data duplication.
  • Invoices: While around 60% of users felt that the invoicing system worked well, around 40% said they had trouble making changes to them once they were saved.
  • Downgrading Issues: Around 20% of reviews that mentioned price said they had issues while trying to go to a lower pricing tier and often ended up paying a month or more at a higher rate.

Key Features

  • Payroll Processing: Provide payroll across 50 states. See when payments are due, track them and ensure on time payment. Analyze accounts payable with a quick view, schedule advanced payments and make batch payments.
  • Banking: Connect to the right bank to track and facilitate transactions daily. Keep an eye on the flow of money through a secure connection that goes directly into the solution.
  • Expense Management: Seamlessly track and manage expense claims. Access real-time data and reports that provide insight into patterns and trends. Record costs, see and approve claims, view overall spending and dole out reimbursements. Capture receipts to monitor employee spending and verify costs.
  • Project Management: Integrate with other workflows to facilitate financial project management. Provide a quote for client work before you begin to track time, costs, profitability and other variables for an accurate invoice.
  • Customer History: Use smart lists and contacts to contact details, emails, past sales, emails, invoices, past payments and more when working with a partner or client.
  • Mobile App: Let users track bank transactions, send invoices, access supplier details and more, from any mobile device.
  • Inventory Management: Undertake basic inventory management, including taking inventory, seeing what was bought or sold, look at reports on how well items are doing and get invoices and orders.
  • Gusto Integration: Calculate and pay taxes, deductions and employees through an integration with the accounting software Gusto. Simplify compliance and keep on top of industry updates.
  • Other Capabilities: Processes payment in multiple currencies, calculates sales taxes, tracks purchase orders, manages files and does several other administrative tasks.
Wave Accounting
Wave Accounting
Start Price
$20
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Wave Accounting

Wave Accounting users appreciate its simplicity and affordability, making it a popular choice for freelancers and solopreneurs. The free plan covers essential features like invoicing, expense tracking, and basic reporting, catering to those with straightforward accounting needs. Users praise its intuitive interface and mobile app for on-the-go tracking, highlighting its convenience compared to clunky desktop software. However, Wave's limitations become apparent as businesses grow. Users cite frustrating reconciliation issues, limited reporting options, and the lack of advanced features like inventory management or payroll integrations. Compared to competitors like Quickbooks or Xero, Wave feels less capable of handling complex accounting workflows. While its automatic bank imports save time, the absence of phone support can be a dealbreaker for some users who need immediate help troubleshooting issues. Ultimately, Wave shines for its ease of use and zero-cost entry point, but its lack of scalability and robust features might necessitate switching to more powerful alternatives as businesses evolve. Choosing Wave comes down to prioritizing convenience and affordability over comprehensive functionality and expert support.

Pros & Cons

  • System Performance: Of the users who mentioned this solution's performance, precisely 65% said it's easy to use, documents all tasks performed and provides accurate information.
  • Modules: Approximately 57% of users who discussed this program's functionality said it has a variety of capabilities such as an assortment of reports, bank account synching and invoice reminders.
  • Cost: Of the users who mentioned this application's pricing, approximately 87% of users said they like the free version because it comes with plenty of appliances.
  • Frustrating reconciliation process: Users often describe matching transactions as difficult and time-consuming, leading to delayed reconciliation and potential errors.
  • Limited reporting options: Users express a desire for more robust and flexible reporting features, including better sorting, exporting, and preset date options for generating customized reports.
  • Lack of phone support: Wave relies primarily on email and online resources for support, which can be frustrating for users who prefer immediate assistance or have complex issues to resolve.
  • Occasional glitches and errors: Users have reported occasional software glitches, such as duplicated transactions or difficulties with bank syncing, which can disrupt workflows and create data inconsistencies.
  • No inventory management: Wave lacks full-fledged inventory tracking and management capabilities, making it unsuitable for businesses with complex inventory needs or those who sell directly through eCommerce platforms.

Key Features

  • Link Accounts and Credit Cards: Connect an unlimited amount of bank accounts and credit cards. Users may supervise multiple businesses with one account. 
  • Smooth Integrations: Integrate Shopify transactions and link with PayPal, Shoeboxed and Etsy accounts. 
  • Intricate Dashboards: Elaborate dashboards that display cash balances, invoice statuses, incomes, expenses and payments. This accessory also provides bill and invoice reminders. 
  • Export Various Reports: Export a variety of accounting reports such as profit and loss, sales tax, cash flow, comparative and others. 
  • Automatic Updates: Receive prompt updates and reminders on invoices, payments and payroll details. 
  • Evaluate High Volumes of Transactions: Process a bulk amount of transactions to ensure rapid bookkeeping practices. Users can also perform and accept transactions in foreign currencies and search for transactions based on descriptions. 
  • Double-Entry Accounting: Operate with double-entry accounting—a method that chronicles transactions in two or more accounts — that performs prompt exchange rate calculations and has a flexible sales tax module. 
  • Adaptable Expense and Income Categories: Use account IDs to create adjustable expense and income categories, sometimes called chart of accounts. There's also an unlimited income and expense tracking accessory. 
NetSuite Accounting
NetSuite Accounting
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked NetSuite Accounting

Netsuite Accounting is a thorough accounting ERP that superintends all bookkeeping tasks. Users are most fond of its performance with automatic updates, potent workflows and precise data collection as well as its string of features-including, tax management, general ledger, accounts payable and receivable, CRM, multicurrency and more-to boost productivity. It's also adjustable, so users may tailor it to meet their company needs. Although some users were disappointed with the system's sluggishness, occasional crashes and lack of budget estimating, fixed assets and support for .xlsx and .xls files, the majority find it an adequate bookkeeping software.

Pros & Cons

  • Overall Performance: Of the users who discussed the performance of this solution, 58% said it was outstanding because it has automatic updates, simplifies accounting tasks and provides accurate data.
  • Customizable: Precisely 68% of users who addressed this program's customization said it is easy to configure to their business needs.
  • Accessories: Of the users who mentioned this application's accessories, 52% said they are effective, praising specifically the customizable dashboard, search engine that saves searches and customizable accounting reports.
  • System Performance: Approximately 41% of the users who mentioned this program's overall performance said it was slow and experienced crashes.
  • Functionality: Of the users who discussed this solution's functionality, roughly 47% said it was lacking features including budget forecasting, fixed assets and support for .xlsx and .xls files.

Key Features

  • Manageable Ledger: Add custom impact lines to transactions like invoices and vendor bills throughout single or numerous bookkeeping journals, reducing time in bank reconciliation, period closes and audit processes. 
  • Arrange Accounts Receivable: Perform accurate tax calculations on invoices and promptly post order transactions to general and accounts receivable ledgers for immediate tax processing and billing. 
  • Spot Account Peculiarities: Adjust dashboards, reports and KPIs for current views on customer aging, invoice analyses, repeatable invoices, deferred revenues and exception reports that catch account anomalies. 
  • Supervise Taxes: Work with the exact tax rate every time with the tax management accessory. It automatically applies the correct tax rate to purchases and is equipped with tax calculations for more than 50 countries and currencies. 
  • Insightful Cash Management: Receive immediate understandings of global transactions throughout numerous bank accounts and credit cards. Users may also review and predict cash requirements, conduct automatic bank reconciliations, swiftly deposit payments and safely develop accounting entries. 
  • Control Payments: Review and manage payment types to boost payment control with the payment management module. This module accepts several credit and debit card types and other forms of electronic payment. 
BILL Spend & Expense
BILL Spend & Expense
Start Price
$0
Free
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked BILL Spend & Expense

BILL Spend & Expense has garnered positive feedback from users for its user-friendly interface and time-saving automation features. The software simplifies expense reporting by allowing employees to capture receipts and submit expenses directly through the mobile app. BILL Spend & Expense's budgeting tools enable businesses to allocate funds, track spending, and gain insights into their financial health. Users appreciate the real-time visibility into cash flow and the ability to integrate with popular accounting software like QuickBooks and Xero.

While BILL Spend & Expense receives praise for its core functionalities, some users note that the customer support could be more responsive. Additionally, the software may not be as feature-rich as some of its competitors, such as Expensify or Zoho Expense, which offer more advanced reporting and customization options. However, BILL Spend & Expense's simplicity and ease of use make it an attractive choice for small and medium-sized businesses that prioritize streamlining expense management and budgeting processes. Its intuitive platform and automation capabilities cater to businesses seeking a hassle-free solution to track spending, control costs, and gain better financial control.

Pros & Cons

  • Virtual Cards: BILL Spend & Expense allows users to create virtual cards for specific vendors or employees, which helps to control spending and track expenses more effectively.
  • Budgeting Tools: The platform offers budgeting tools that enable users to set spending limits and track their progress against those limits, promoting better financial management.
  • Expense Tracking: BILL Spend & Expense simplifies expense tracking by automatically categorizing transactions and allowing users to attach receipts and notes to expenses.
  • Integrations: BILL Spend & Expense integrates with various accounting software programs, streamlining the process of reconciling expenses and keeping financial records up-to-date.
  • Mobile App: The BILL Spend & Expense mobile app provides users with convenient access to their accounts and expense management tools while on the go.
  • Limited Accounting Features: BILL Spend & Expense's strength lies in expense management, but it may lack advanced accounting features required by some businesses, such as accounts payable and accounts receivable management.
  • Integrations: While BILL Spend & Expense integrates with popular accounting software, the depth of integration and available features may vary. Users should ensure their accounting software is fully compatible with BILL Spend & Expense to avoid manual data entry or limitations.
  • Customer Support: Some users have reported challenges with BILL Spend & Expense's customer support, including long wait times and difficulty resolving complex issues. Consider the importance of responsive and effective customer support for your business needs.

Key Features

  • Virtual Card: Manage businesses and make purchases online with a virtual card that has a unique number for the company.  
  • Software Integration: Integrate with the software that a business is using without any manual recoding. Customize the program to match the charts of accounts, thereby saving significant time. 
  • Tracking and Managing Expenses: Track and manage out-of-pocket expenses alongside the card spend with real-time visibility in one place. 
  • Card and Software Together: Give companies control of their finances and budget. Create a card, choose a budget and set a limit. 
  • Earn Rewards: Earn rewards with every purchase which can include a gift card or cash back.  
  • Send and Request Money: Send or request money to and from cards. Set a schedule for when money gets sent to a particular card. 
  • Expense Automation: Control overspending and adjust spenders funds as needed. Get precoded and ready-to-upload expense sheets directly into the accounting system. 
  • Budget Management: Sync automatically with employee cards to provide real-time visibility and control spending. Manage the budget by team and add or remove members instantly. 
  • Subscription Management: Create and secure virtual card for each subscription. Freeze the card anytime to protect the business from fraud and overcharging. 
  • Invoice Automation: Automate invoices with push notifications and email reminders. Keep track of the invoice dashboard by status. 
Zoho Books
Zoho Books
Start Price
$9
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Zoho Books

Zoho Books lands a punch with its user-friendly interface and automation superpowers, even for accounting newbies. Invoicing, bank reconciliation, and reports become automatic allies, saving users precious time. Integration with the Zoho ecosystem and other popular tools keeps workflows in harmony. Plus, the mobile app lets you manage finances on the go, a big win for busy entrepreneurs. However, Zoho Books stumbles with transaction limits, potentially tripping up high-volume businesses. Inventory management feels like a lightweight sidekick compared to some competitors, lacking the muscle for complex needs. Unlocking automation's full potential requires coding know-how, leaving some users stranded. And while reports are generally reliable, occasional glitches necessitate a closer look. Managing multiple businesses under separate subscriptions can also add up cost-wise. So, how does Zoho Books stack up? Users often compare it to Quickbooks Online. Zoho shines with its intuitive interface and affordability, especially for solopreneurs and small teams. But Quickbooks packs a heavier punch in its inventory management and advanced reporting features, catering to larger businesses with complex needs. Zoho's seamless integrations and user-friendliness win hearts, while Quickbooks offers a more robust toolset for seasoned accountants. Ultimately, Zoho Books is a capable accounting sidekick for businesses starting their financial journey. Its ease of use, automation muscle, and affordable price tag make it a tempting choice. But for high-volume businesses or those with intricate inventory needs, other contenders might offer a more powerful punch.

Pros & Cons

  • Intuitive interface: Users consistently praise Zoho Books for its simple and easy-to-navigate interface, even for those without prior accounting experience.
  • Automation superpowers: Tasks like invoicing, payment reminders, bank reconciliation, and financial reporting become effortless with Zoho Books' automation features, saving users significant time and effort.
  • Seamless integrations: Zoho Books smoothly integrates with other Zoho apps, like CRM and Projects, as well as popular third-party tools, streamlining workflows and eliminating data silos.
  • Mobile accessibility: The user-friendly mobile app allows for on-the-go accounting, ensuring users can manage finances anytime, anywhere.
  • Value for money: Zoho Books is consistently praised for its affordable pricing plans, making it accessible to businesses of all sizes.
  • Customer service responsiveness: Users frequently highlight the prompt and helpful support provided by Zoho Books' customer service team.
  • Transaction limits: Users express frustration with the capped number of monthly transactions (5,000 on the highest plan), potentially hindering high-volume businesses.
  • Inventory management constraints: While Zoho Books offers inventory tracking, it lacks advanced features like sales analytics and in-depth item breakdowns, making it less suitable for businesses with complex inventory needs.
  • Coding requirements for automation: Unlocking the full potential of automation features often requires knowledge of coding (Deluge script), posing a challenge for non-technical users.
  • Occasional reporting issues: Some users report occasional glitches or inconsistencies in financial reports, necessitating careful review and potential manual adjustments.
  • Multiple subscriptions for multiple businesses: Managing multiple businesses requires separate subscriptions, which can become cost-prohibitive for users with several entities.

Key Features

  • Sales Order: Tailor sales orders with company logos, fonts and colors with the sales order idiosyncrasy. Users may transform approved estimates into sales orders and invoices in just a few clicks. Users may also pinpoint their best clients and merchandise with real-time reports from their transaction histories. 
  • Purchase Orders: Trace all items purchased and mutual prices set by vendors with the purchase order management appliance. Print, copy and share purchase orders through emails to work together with clients, partners, internal stakeholders and more to swiftly complete tasks. 
  • Online Payments: Pick the best payment portal —including Stripe, PayPal, Worldpay and more — to collect payments from customers promptly. Users may also enable recurring transactions to receive payments at weekly, monthly or yearly intervals automatically.  
  • Reporting: Evaluate total receivables, sales, top expenses and more KPIs with the reporting module's dashboard. Obtain reports like profit and loss, balance sheets, cash flow statements and more to dive into data and make wiser decisions. 
  • Automation: Deliver instant payment reminders, save client information for future automatic billing and recurring invoices and immediately send out transactions with Zoho Books' automation tools. 
  • Documents: Chronicle document details and shift them into invoices, expenses, bills, sales orders or purchase orders with the document management accessory. Users may match documents to bank feeds or previously-made transactions for proof of commerce for their archives.  
  • Mobile-Friendly: Deliver invoices, estimates and account statements to patrons and track miles traveled with the iOS app. The Android app enables users to take pictures of receipts and attach them to recorded expenses in addition to overseeing earned revenue and gathered fees. 
Deltek Vision
Deltek Vision
Start Price
$1,000
Monthly
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request Pricing Request Demo

Why We Picked Deltek Vision

Deltek Vision provides a robust suite of enterprise planning tools that most users find intuitive and accessible. Its features support critical management tasks like timesheets and reporting that help users create reports and streamline their processes. It can be customized easily to suit business needs. However, support falls short of expectations as turnaround time is high, and support isn’t included as a part of the package.

Pros & Cons

  • User Friendly: The system is easy-to-use and intuitive, as noted by approximately 73% of users who mention the system’s usability.
  • Customizations: About 100% of users noted that this system is customizable according to their business requirements.
  • Timesheets: Nearly 94% of the users who mentioned its timesheets feature were impressed by it and said that it was easy to use.
  • Reporting: About 83% of the users who mentioned its reporting feature said that it greatly enhanced their productivity.
  • Learning Curve: Almost 90% of users who mentioned learning how to use the product claimed that the software was not easy to learn and they needed more training and documentation to become power users.
  • User Interface: The user interface misses the mark and can be difficult to navigate, according to 78% of reviewers who mentioned the interface.

Key Features

  • Project and Financial Accounting: Helps professional services firms manage financial performance by integrating project control. Its general ledger tracks profitability and identifies issues for corrective action.  
    • Integrates seamlessly and ensures effortless cost-sharing.  
    • Includes a suite of financial tools like accounts receivable and payable, overhead allocation, multi-currency and multi-company support, revenue recognition and financial and project reporting.  
    •  Enables users to maintain a comprehensive audit trail and internal control.  
  • Project and Resource Management: Ensure that people with the right skills are assigned to the right projects.  
    • Lets users make better decisions and ensures projects are on time and within budget.  
    •  Allows users to automate scheduling, budgeting, resource allocation and forecasting.
    •  Provides expense reports and timesheet entries that enter actual costs into the project tracking sheet to produce a rolling forecast.  
  • Client Relationships Management: Provides the tools required to win new contracts and strengthen existing partnerships by automating the entire project life cycle.  
    •  Automates contact and client management, marketing campaigns, business development, opportunity and activity tracking.  
    •  Facilitates collaboration by integrating with MS Outlook.  
    •  Makes a central source of information available to everyone in the firm to leverage collective knowledge.  
  • Business Intelligence: Turns key business data into actionable information and provides a comprehensive understanding of operational and strategic indicators.  
    •  Identifies and analyzes trends in specific markets, geographies and disciplines to identify future risks and opportunities.  
    •  Create filters by pointing and clicking. Filtering features include side-by-side comparison, dashboard metrics and interactive drill down into single transactions.  
    •  Supports a drag-and-drop dashboard tool that can be configured easily.  
  • Project Reports: Supports interactive reports allowing users to analyze and access data. Manages aspects like opportunity tracking, resource utilization, project analysis and important financial metrics.  
    •  Reports tailored according to users’ needs can be generated.  
    •  Supports 200 standard reports.  
    •  Supports a flexible reporting framework that configures, previews, prints and shares reports.  
Sage Intacct
Sage Intacct
Start Price
$10,000
Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Why We Picked Sage Intacct

Sage Intacct user reviews paint a picture of a powerful, customizable accounting software ideal for mid-sized, growing businesses. Users praise its real-time reporting, cloud-based accessibility, and ability to handle complex financial structures. Compared to competitors, Intacct shines in scalability and customization, effortlessly adapting to multi-entity operations and unique accounting needs. This agility is crucial for dynamic businesses operating in diverse markets. However, its strengths come with caveats. Intacct's feature-rich nature can be daunting for beginners, requiring dedicated training and technical know-how. Additionally, its subscription-based pricing can be prohibitive for smaller companies or those with simpler accounting requirements. The limited mobile functionality and lack of built-in payroll are also shortcomings some users find frustrating. Overall, Sage Intacct earns its positive reviews by empowering businesses with robust functionalities and seamless scalability. However, its complexity and premium cost may leave smaller players or those needing basic accounting solutions searching for a more accessible, budget-friendly alternative.

Pros & Cons

  • Intuitive User Interface: Precisely 65% of users stated it has an intuitive and user-friendly interface with a manageable learning curve.
  • Configurable: Approximately 90% of users conveyed that the product is customizable to fit their organization's needs.
  • Competent Performance: The quality, scalability and overall performance are favorable to 94% of users.
  • An Assortment of Features: According to 54% of users, the product has a wide range of features including accounts payable and receivable, bank reconciliation, time tracking, 1099 forms and more.
  • Ideal Integrations: Merges with various third-party systems such as Salesforce, Nexonia, Expensify, Bill.com and more, as stated by 94% of users.
  • Dawdling Customer Support: Of the users who discussed customer support, roughly 64% said it was lagging in resources and took a long time to get in touch with them.
  • Lagging Search Tool: Approximately 45% of users said the search and reporting tools aren't as effective as some of the software's other idiosyncrasies.
  • High Cost: Subscription-based pricing, often exceeding the budgets of smaller businesses or those with simpler accounting needs.
  • Steep Learning Curve: Feature-rich interface can feel overwhelming for beginners, requiring initial training and time investment.
  • Limited Mobile Functionality: Mobile app lacks access to many core features, hindering on-the-go workflow for some users.
  • Customization Complexity: Advanced customization options often require technical expertise or paid consultations.
  • Integration Gaps: While offering major integrations, it may lack connections to specific niche software used by some businesses.
  • No Built-in Payroll: Requires integrating a separate payroll solution, adding complexity and additional costs.

Key Features

  • General Ledger: Contains pre-built dimensions such as customer, location, department, warehouse and class. It also allows users to add their own dimensions. Required dimension values can be inputted so that certain values are mandatory for entries to post to designated accounts. 
  • Accounts Payable: This feature lets users set spending limits and define workflows and approvals. Users can easily view AP liabilities as well as check and bill register reports in real time. Users can automate ACH, check and credit card payments through the Vendor Payment Services function, which is built on the American Express Global Commercial Services infrastructure. 
  • Accounts Receivable: The program enables customers to generate recurring invoices and to attach customer information to transactions. It integrates with other business processes to centralize sales orders, quotes and invoices. Configurable dashboards and other visualizations are included in this function and allow users to look at data points such as deferred revenue and customer aging. 
  • Purchasing: Allows users to analyze costs and monitor budget vs. actual information through dashboards and reporting tools. These dashboards are role-based for security and ease of access and also contain budget performance information, price break monitoring and purchase quote functionality. The feature gives users more control over the entirety of the procure-to-pay process. 
  • Order Management: Users can leverage point-and-click functionality to set up individualized workflows and pricing requirements in the order management system. The program can be easily connected to Salesforce CRM, which allows users to share order status and pricing data across a business and reduce duplicate data entry. The solution includes sales tax and regulatory compliance through integration with Avalara. Order fulfillment rates, inventory quantities and sales data can be viewed in real time through this feature. 
  • Cash Management: Includes a live view of funds and cash flows through all associated credit cards, savings accounts and checking accounts. The management of cash across multiple locations is also supported. The system enables the application of payments to accounts that aren’t associated with an invoice and the recording of POS payments that aren’t connected to a specific customer. 
  • Reporting and Dashboards: This program can track both financial and operational data such as SaaS metrics, machine availability, etc. The system also has the ability to discover trends, drill down to source transactions and look at roll-up figures for multiple locations or entities. The solution includes more than 150 financial reports along with the ability to develop customized reports based on business needs. 
  • Digital Board Book: Produces metrics such as Annual or Monthly Recurring Revenue (ARR or MRR), churn, Committed Monthly Recurring Revenue (CMRR), Customer Acquisition Cost (CAC) and Customer Lifetime Value (CLTV). This analysis is conducted in real time using transactional data obtained from Sage Intacct and Salesforce. 
SAP S/4 HANA Finance
SAP S/4 HANA Finance
Start Price
$25,000
Per User, Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked SAP S/4 HANA Finance

User reviews of SAP S/4 HANA Finance paint a contrasting picture, highlighting both its game-changing potential and the challenges companies face during implementation. On the one hand, users rave about its real-time data access, enabling instant financial insights and faster, data-driven decisions. Imagine analyzing cash flow trends within seconds instead of waiting hours for reports to process. Automation features like auto-generated journal entries and invoice approvals liberate accountants from tedious tasks, freeing them for strategic analysis and collaboration. However, the transition to S/4 HANA can be a bumpy ride. The initial investment, encompassing licensing, consulting, and infrastructure upgrades, can be daunting, especially for smaller businesses. Additionally, the new interface and functionalities require user training and adaptation, potentially disrupting workflows during implementation. Unlike some competitors offering highly customizable solutions, S/4 HANA's pre-configured modules may not perfectly suit every specific accounting need, necessitating workarounds or third-party add-ons, further inflating costs. Integration challenges add to the complexity. Connecting S/4 HANA with legacy systems or specialized applications can be a technical hurdle, requiring expertise and potentially delaying implementation. Data migration can be another headache, as moving large datasets to the new system can be time-consuming and error-prone, demanding careful planning and data validation. So, how does S/4 HANA stack up against the competition? While solutions like Oracle NetSuite or Microsoft Dynamics 365 may be more affordable and customizable for smaller businesses, they lack the real-time data capabilities and industry-specific depth of S/4 HANA. For larger enterprises with complex financial needs and a long-term vision, S/4 HANA's advanced functionalities, scalability, and potential for long-term ROI outweigh the initial challenges. Ultimately, the decision boils down to a company's specific needs, budget, and risk tolerance.

Pros & Cons

  • Real-time insights: Gain instant access to financial data for faster, data-driven decisions. Imagine drilling down into account details or cash flow trends within seconds, no more waiting for reports to process.
  • Simplified processes: Automate routine tasks like reconciliations and journal entries, freeing up valuable time for more strategic work. Think automated invoice approvals or system-generated closing checklists.
  • Improved reporting: Generate granular, customizable reports with deeper financial insights. Easily create ad-hoc reports or visualize trends to proactively identify and address issues.
  • Enhanced collaboration: Share real-time financial data and collaborate seamlessly with colleagues across departments. Picture a single, unified platform for finance, sales, and operations to work together.
  • Mobile accessibility: Access financial information and perform key tasks from anywhere, anytime. Approve invoices while on the go or monitor key metrics remotely.
  • High implementation cost: Initial investment, including licensing, consulting, and infrastructure upgrades, can be significant, especially for smaller businesses.
  • Steeper learning curve: New interface and functionalities require user training and adaptation, potentially disrupting workflows in the short term.
  • Limited customization options: Pre-configured solutions may not fully address every specific accounting need, requiring workarounds or third-party add-ons.
  • Integration challenges: Connecting with legacy systems or specialized applications can be complex, requiring technical expertise and potentially delaying implementation.
  • Potential data migration issues: Moving large datasets to the new system can be time-consuming and prone to errors, requiring careful planning and data validation.

Key Features

  • Research & Development:  SAP S/4HANA Finance enables multidiscipline product definition, what-if analysis and iterative design processes. 
  • Real-Time Financing:  Users get real-time oversight into finance processes and finance/management accounting results. This feature makes business and financial planning a breeze with prediction, simulation and what-if analysis.  
  • Marketing Analysis:  This feature allows planning and execution of personalized email campaigns and campaign performance analysis. Users can also consolidate customer information into one enriched view and leverage advanced analytics to gain insights.  
  • Snapshot Manufacturing: This system gives users enterprise-wide visibility across supply, production, inventory and demand. This feature also provides faster execution of more current and accurate views of material quantities. 
  • Supply Chain Management: Real-time and adaptive freight planning, truck visibility, and warehouse automation are provided within the system. Users can sense short-term demand and respond quickly with fast planning, replanning and simulation. 
  • Accessible Sales Data: Users have access to product catalogs, inventory and pricing to create sales quotes and fulfill sales orders in real-time. This feature also manages accounts, opportunities and other activities while leveraging advanced analytics to gain insights.

COMPARE THE BEST Invoice Automation Software

Select up to 2 Products from the list below to compare

 
Product
Score
i
SelectHub’s Analyst Rating is based on data from our 400+ point analysis of Invoice Automation Software, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
QuickBooks Online
$25
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
QuickBooks Online
Mint
$0
Freemium, Monthly
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Mint
Xero
$15
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Xero
Wave Accounting
$20
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Wave Accounting
NetSuite Accounting
Undisclosed
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
NetSuite Accounting
BILL Spend & Expense
$0
Free
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
BILL Spend & Expense
Zoho Books
$9
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Zoho Books
Deltek Vision
$1,000
Monthly
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Deltek Vision
Sage Intacct
$10,000
Annually
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Sage Intacct
SAP S/4 HANA Finance
$25,000
Per User, Annually
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
SAP S/4 HANA Finance

All Invoice Automation Software (131 found)

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SutiExpense

by SutiSoft
SutiExpense
Sutiexpense is an AI-powered accounting program that automates the financial reporting procedure and locates fraud. Machine learning enables it to monitor spending trends and catching irregularities.Some noteworthy modules include travel booking, receipt processing, approvals and workflow, budget controls and expense reporting.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Accounting Seed

by Accounting Seed
Accounting Seed
Accounting Seed streamlines financial processes for mid-sized to enterprise businesses, particularly those in professional services, non-profits, and project-based industries. Built on the Salesforce platform, it leverages CRM integration and robust customization options to cater to specific needs. Key benefits include automated workflows, multi-currency support, and real-time financial reporting. Popular features range from billing and revenue recognition to inventory management and project accounting. User reviews praise its intuitive interface, scalability, and reporting capabilities. Pricing follows a tiered subscription model based on user count and desired functionality. While considered a premium solution, its feature set and integration capabilities often outweigh the cost for businesses seeking a comprehensive financial management system. Pros Easy to use interface Robust reporting features Seamless Salesforce integration Customizable dashboards Strong customer support Cons Limited customization options Occasional bugs or glitches Steeper learning curve for some features Can be slow at times No mobile app
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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YayPay

by YayPay
YayPay
YayPay is a smart accounts receivable management software that uses machine learning to boost AR collection and allow businesses to focus on what matters. From the brand Quadeint’s Intelligence Automation, it organizes cash experience for the finance departments and automates back-office operations. With cloud-based dashboards, it manages and provides real-time data. It improves cash flow management by providing insights into customer’s behavior through predictive analysis. The secure online portal gives customers the freedom to access their accounts and pay anytime, anywhere they want. It automates collection tasks and collection management and saves payer’s information in one place. Users can check for average day sales outstanding, cash collection, invoices, opened reminders and the collection’s effectiveness through the dashboard in real time.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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ProLease

by MRI Software Company
ProLease
ProLease by MRI is a lease and property management solution that helps track, access and consolidate all property related documents in a single location. It is designed for multi-location profiles and offers lease management, lease accounting, equipment lease, maintenance management and project management. It also has multilingual and multi-currency features to manage global lease portfolios.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
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Deployment
Cloud On-Premise
Platform
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Datacor ERP

by Datacor
Datacor ERP
Datacor ERP (formerly Chempax) is a comprehensive solution designed for process manufacturers and chemical distributors. It facilitates centralized inventory management and procurement, business intelligence, manufacturing, accounting, customer relationship management and more. It helps users streamline operations in every department, maintain data integrity and develop efficient business processes to boost productivity. With a straightforward implementation process devoid of programming, users can leverage the solution to make smart business decisions and drive change.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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e-conomic

by Visma e-conomic
e-conomic
E-conomic is a multilingual, cloud-based software solution that offers free economic administrators to accountants and bookkeepers. Its functionalities and payment terms are available in modules and add-ons, allowing users to adjust them according to requirements. The program ensures easy client sorting to enable accountants to customize reports by industry. Integrations include CRM, inventory management and payroll modules via API configuration.
User Sentiment User satisfaction level icon: fair
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Sparkrock

by Sparkrock
Sparkrock
Sparkrock's Finance and Procurement is a cloud-based program built on Microsoft to streamlines accuracy, efficiency and visibility throughout every stage of the financial and reporting stages. It also collaborates with certified public accountants (CPA) and HR consultants to aid users in sales, onboarding, implementation, customer success and more.General ledger, cash management, accounts payable and receivable, purchasing and inventory management are some of its top functionalities.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Manager

by Manager
Manager
Manager, a cloud-based accounting software, streamlines financial tasks for small and medium-sized businesses. Its intuitive interface simplifies bookkeeping, from recording transactions and managing accounts payable/receivable to generating reports and filing taxes. Geared towards entrepreneurs and accountants, Manager empowers users with control and flexibility. Key benefits include automated data entry, real-time financial insights, and robust inventory management. Popular features like bank reconciliation and custom reports enhance efficiency and decision-making. Compared to similar products, Manager boasts user-friendliness, affordability (starting at around $15 per month per user), and a supportive online community. While it may lack advanced features of enterprise-level software, Manager excels as a user-centric accounting solution for growing businesses. Pros: Easy to use Affordable Real-time insights Mobile access Active community Cons: Limited reports No payroll integration Basic inventory management Learning curve for taxes Limited customer support
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Vista by Viewpoint

by Viewpoint Construction Software
Vista by Viewpoint
Vista by Viewpoint is a construction accounting solution. It is integrated and can be scaled and configured according to the requirements of the business. It reports time-critical financial data to decision makers and connects field personnel, office staff and extended teams seamlessly. It makes it easy for managers to view the real-time status of the current project. It maintains RFIs and critical tasks from all stakeholders while managing risk and tracking revenue. Its support team helps migrate from outdated software platforms by helping at every stage of deployment.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$1,000 or more
Company Size
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Deployment
Cloud On-Premise
Platform
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Tagetik

by Tagetik Software
Tagetik
Tagetik is a broad all-in-one financial ERP with various modules such as budgeting, planning and forecasting, financial reporting, disclosure management, compliance regulatory reporting and more.It runs on a unified apparatus that fuses finances and operations while facilitating consolidations and closes, scheduling, analytics and documentation, disclosures and compliance. Its deployments include cloud and on-premise.
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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IBM Planning Analytics

by IBM
IBM Planning Analytics
IBM Planning Analytics is a multidimensional in-memory database for analytics and planning. Part of the IBM Analytics Suite and powered by TM1, it provides forecasting, budgeting and reporting at an enterprise scale through data compression. With all data connected to a central hub, it enables collaborative planning with workflow approvals and review protocols in place. Enterprises perform OLAP analysis faster through in-memory technology.Integrating with Microsoft Excel, it gives businesses the ease and familiarity of working with spreadsheets with the power of an enterprise database. With automated time-series modeling, it enables self-service predictive analysis. The vendor offers a 30-day free trial.
Cost Breakdown
$500 - $1,000
Company Size
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Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Workday Financial Management

by Workday, Inc
Workday Financial Management
Workday Financial Management is a cloud-based accounting software designed for mid-sized and large enterprises. It automates core financial processes like record-to-report, procurement, and expense management, aiming to streamline operations and improve data visibility. Its strengths lie in its user-friendly interface, real-time reporting capabilities, and global compliance support. However, its subscription-based pricing model can be costlier than traditional on-premise solutions. Users praise its intuitive design and powerful analytics, but some note occasional integration issues and a steeper learning curve compared to simpler systems. Overall, Workday Financial Management is a robust option for companies seeking a modern, scalable accounting platform with a focus on automation and global reach, but its premium pricing might not suit smaller businesses or those with less complex financial needs. Pros User-friendly interface Real-time reporting Global compliance support Scalable for growth Integrates with other Workday apps Cons Higher subscription costs Steeper learning curve Occasional integration issues Limited customization options Reporting can be complex
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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NetSuite OneWorld

by NetSuite, Inc.
NetSuite OneWorld
NetSuite OneWorld s a scalable global business management ERP that provides real-time data on multinational and multi-subsidiary procedures. It aids global businesses in enhancing their productivity with the flexibility to aid particular corporate and subsidiary requirements. Financial and accounting regulations, audit and compliance reporting, real-time analytics, order management, billing and timesheet management are some of its most notable features.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Penta Construction

by Penta Technologies
Penta Construction
Penta Technologies is a construction accounting and operations tool that incorporates industry best practices by providing standardized processes. It is available for commercial and industrial contracting, field service and engineering firms. It brings accounting and project management together. It simplifies inter multi-company management and makes collecting field data easier. It also provides daily analytics to decision makers. It is also available on mobile for more efficient and flexible field data collection. It has cloud hosting capabilities, which gives teams the ability to access data on their devices. Users also benefit from 24/7 data security features.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Multiview ERP

by Multiview Financial
Multiview ERP
Multiview ERP consists of bookkeeping, BI, BA and inventory management in one centralized location. It offers visibility throughout diverse departments, regions and product lines.General ledger, document management, automated workflows, purchase and work orders, accounts payable and receivable are some of its top modules.
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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KashFlow

by KashFlow Software
KashFlow
Kashflow is a cost and time-efficient online accounting and payroll software that helps businesses control finances and streamlines workplace management on a consolidated platform. Approve payrolls, assess employee performance, create documents, calculate income and expenses, monitor staff contributions, update records and more on a cloud-based system. Offers self-service for employees to access payslips and other individual data across different locales. Bookkeeping integration provides access to profit and loss accounts and crucial financial reports. An easy-to-use calendar helps track staff holidays and issue payments based on company pay rates.
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Blue Link ERP

by Blue Link
Blue Link ERP
Blue Link ERP is a cloud-based Enterprise Resource Planning (ERP) software designed to streamline and integrate key business processes for small and medium-sized distributors and wholesalers. Its comprehensive features encompass inventory management, accounting, order processing, warehouse management, customer relationship management (CRM), and business intelligence. Blue Link ERP is particularly well-suited for businesses that manage complex inventory operations, multiple sales channels, and require robust reporting capabilities. Users often highlight its user-friendly interface, strong inventory control features, and ability to automate time-consuming tasks as key benefits. Compared to similar products, Blue Link ERP is often praised for its industry-specific functionality and value for price. Pricing is subscription-based, typically charged monthly per user, and varies depending on the specific features and modules required. Pros User-friendly interface Robust inventory control Strong reporting features Industry-specific functionality Value for price Cons Limited customization options Occasional technical glitches Steeper learning curve for some modules Reporting customization challenges Limited integrations with 3rd party apps
User Sentiment User satisfaction level icon: good
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Sage 100 Cloud

by Sage Group
Sage 100 Cloud
Sage 100cloud is a cloud manufacturing ERP that extends security and compliance to its users. It's scalable and is equipped with configurable settings that meet varying business requirements. Production management, tailored scripting, inventory requirements planning and analytics just a handful of Sage 100cloud's fundamental accessories.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$10 - $100
Company Size
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Deployment
Cloud On-Premise
Platform
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Traverse Software

by Open System Technologies
Traverse Software
Traverse Software by Open Systems Adaptable Solutions (OSAS) comes with accounting, distribution, manufacturing and reporting functionalities to streamline business operations. It adapts without adjusting the source code, studies complex data for smarter business choices, provides accurate insights to finance new business opportunities and extends robust reporting.Accounts receivable and payable, bank reconciliation, inventory, warehouse management, bill of materials (BOM), requirements planning, and interactive views are some of its top features.
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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TRXio

by Cairnstack Software LLC
TRXio
TRXio is an asset tracking and management platform that is available as a cloud-based solution for businesses of any size. Provides real-time tracking of inventory, shipments, purchases and product usage throughout the warehouse or storage facility. Designed to organize inventory and create a consistent storage process, helps clients save money and improve employee accountability.By drilling down into daily inventory processes, TRXio can help cut down on manual tasks while discovering where an operation is having issues. Discover where employee time is being lost while optimizing included workflows to strengthen weak points.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
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Buyer's Guide

Automated Invoicing Is All About Saving Time And Boosting The Bottom Line 

By Simran Yadav, Technical Content Writer at SelectHub

Invoice Automation Software BG Intro

We understand how challenging it can be for the financial department to receive invoices in different formats, especially with the fluctuating peaks and valleys of the season. Manual entry not only wastes time otherwise spent on core objectives, but it’s also prone to errors. Enter invoice automation software, which makes payment processing an easy task with few clicks.

The software extracts data from the invoices entering the system and pushes them into the ERP for quick and error-free payment processing. In this guide, we’ll lay out various invoice automation software options so you can select the right one for your business. Read on to learn about the benefits, features, software comparison, latest trends and more to make a well-informed decision.

Executive Summary

  • Invoice automation software saves time, minimizes errors, boosts controls and transparency and increases employee profitability.
  • Once you have assessed your needs, IT requirements and budget, implementing invoice automation software becomes easy and the bottom line reflects the benefits.
  • The best solutions have features required to accelerate cash flow and make the business more efficient.
  • It’s crucial to stay updated with the latest trends affecting invoice automation to maintain relevance and a competitive edge.
  • Be particular about the invoice automation software you want for your company and ask as many questions as possible to narrow your search.

What This Guide Covers:

What is Invoice Automation Software?

Invoice automation software extracts data from invoices, adds them to the accounts payable system and processes them. It streamlines otherwise time-consuming tasks and speeds up the payment process using AI and machine learning. Unlike the traditional invoice document management system, which involves matching and approving, invoice automation software scans and feeds the data directly into the digital accounting system. The information is then converted into a text-searchable document and maps and records datain the automated management system. The system then saves the fields that need to be captured and filled. It serves numerous benefits to industries like manufacturing and distribution, wholesalers, shipping and goods management and more.

Invoice Automation Software Categories

Deployment Methods

  • On-Premise: You can choose to keep the software within the company’s data center. This way, your IT staff has access to all the information and can control the configuration, management and security of the infrastructure.
  • Cloud: Access computing resources via the internet without having to install and maintain them on-site. A cloud service provider hosts resources at a remote data center. It’s available for an annual or monthly subscription fee, depending on the usage.
  • Hybrid Cloud: A combination of on-premise and cloud solutions provides businesses with the ease to connect small software applications running on internal desktops or application servers running on the cloud.

Primary Benefits

Benefits of Invoice Automation Software

Save Time

Manual invoice processing can take anywhere from 20-25 days. This results in a massive waste of time. With invoice automation software, the timeline is reduced to a few days as it leaves less room for error which means less time researching for corrections. This minimizes the time and cost your teams spend on invoice processing on any given day. With the digital filing system finding invoices is a breeze. The Optical Character Recognition automatically indexes scanned invoices. OCR is a technology that transforms digital documents into scannable texts. With an online solution, invoice processing is practically guaranteed to go faster.

Improve Accuracy

With so many employees manually collecting the information, errors such as misfiling, losing documents and entering incorrect data is a strong possibility. Backtracking and resolving mistakes takes time and can result in duplicate payments or overpayments. Invoice automation software instantly recognizes the anomalies and provides digital file access to all parties ensuring unhindered communication. Data is validated across the board with two or three-way AP matching for accurate bookkeeping. With a document management system providing credible routing, the AP department can focus on profitability.

Cut Down on Overhead

The digital storage system enables real-time collaboration by allowing all parties involved in capturing and approving invoices. With employees no longer having to input data, they gain more flexibility to resolve discrepancies and focus on critical tasks. Streamlined efficiency and a smooth workflow minimizes disputes and frustrations.

Boost Process Transparency

You know precisely when and where an issue arises and have the solution at your fingertips. Prevent cash flow risks by taking complete control of the workflow. With visibility through all the stages, you can make better decisions and scale operation efficiency.

Monitor Compliance

Every accounting team needs a system that can control processes and data so that the details don't slip through the cracks. With compliance regulation and trackable audit trails, you can limit users to authorized functions and report invalid invoices. It incorporates real-time electronic submission of the necessary documents and information to the tax authorities. Protect invoice information with secure filing and gain tighter process control with automated systems easily integrating your digital storage with other financial software. Track invoices location, authorization rules and compliance with the regulations laid down by the IRS.

Implementation Goals

No matter what you do — whether to eliminate a spreadsheet system or replace your traditional model — businesses need to implement robust invoice automation software. Below, you’ll find a list of goals to achieve through implementation.

Goal 1

Increase Speed

Saving time and increasing processing speed are two significant benefits to invoice automation software. Since it considers the amount of available data, it matches invoices with receipts, contacts or PO based on a wide range of factors. It identifies bottlenecks and early payments ensuring invoices are settled on time.

Goal 2

Good Quality Data

By automating the processes like extraction, scanning, validation of invoices, the possibility of data entry error gets reduced significantly. Validate invoices with master sheets and employee directories. This eliminates duplicate invoices and verifies contract rates. It increases the ERP data quality and minimizes error rates.

Goal 3

Reduced Cost

Software significantly cuts down invoicing costs. With the increased speed and no data entry error, the price of processing a single invoice drops to as low as $1.00. With the cost-reducing exponentially, businesses have the opportunity to boost profitability by reducing operational costs.

Goal 4

Better Visibility

It’s easy to keep track of invoice changes, regardless of the number generated. With all the relevant data stored in a secure AP platform, pre-authorized members have quick access to pertinent information.

Goal 5

Increased Control

With enhanced visibility, businesses gain the control to trace back through every step and check whether or not someone’s made the payment. Companies can closely monitor discrepancies, avoid late fees and take advantage of early discounts.

Basic Features & Functionality

Features of Invoice Automation Software

Intelligent Data Capture

Extracts data for digital information routing. It uses Optical Character Recognition and Machine Learning to take out data from invoices and conduct high-level text processing and segregation. Organizations can identify and extract crucial information from incoming paper and electronic documents without any manual intervention with intelligent data capture. It also allows businesses to capture a vast range of information from multiple sources such as invoices, receipts and claims. This makes data more accessible and available for AI-driven analytics bringing out actionable insight to make well-informed decisions.
Real-Time Monitoring and Analytics

Automated invoice processing solutions provide a high level of detail so businesses identify expense patterns. It enables a greater degree of control and allows employees to access useful reports like overdue payables, key processes, cash discount forecasts, audit reports, central reports and productivity reports. With cloud automation, organizations gain the power to boost the transparency of invoice processing.
Document Archiving

Information that’s used infrequently must be securely stored through document archiving. This feature allows businesses to put an end to paper use. With smart document classification and scanning, users identify documents easily and gather and archive them in relevant storage. It provides companies greater control over records, and they can access the data in an online portal. Store documents in off-site storage, which reduces the cost of manually transporting documents. It also minimizes turnaround time, giving employees more energy to focus on core tasks and strategic activities.
Automation Rules and Customization

Using tailored invoicing features, customers can create customized workflows depending on the organization’s requirements. This streamlines the process and minimizes the possibility of exceptions or disputes. It also reduces the probability of unauthorized data transmission to an external recipient from the system and ensures compliance and empowers businesses to create invoices based on tasks and staff rates. Organizations can incorporate branding in their invoices like customized company logos, fonts or text for brand continuity.
Invoice Management and Classification

By implementing smart document classification, sorting and categorization become easy. It ensures that the payment documents are accurately processed, making it simple for the organization to solve any outstanding payment without wasting time.

Advanced Features & Functionality

Manage Invoices on Mobile

Give customers the freedom to view, access, report, approve invoices from smartphones or tablets. This helps the accounting team collaborate without any costly delays, standardize the business process and work as a central location for customer information. Furthermore, users can make payments at a lightning-fast speed.
Online Dispute and Fraud Alerts

With this feature, customers can raise disputes at the invoice level or specific charge level. When the resolution is under process, it provides customers with updates via email or a built-in app. It removes conflict from the total outstanding amount with automatic sharing of details with the consumers and bank to recognize any unknown transactions. The early warning services ensure real-time communication between you and the issuer, which minimize the chargeback rates. This gives customers the freedom to move forward while the solution is identified.
Multiple Payment Options

It offers plenty of payment options for quick transactions with integrations for tools like Stripe and PayPal, simplifying payments worldwide.
Two-Factor Authentication

An organization’s database includes sensitive information like financial transaction details, vendor and employee data and customer information. Any business must ensure it’s safe and secure. With dual-factor authentication comes an extra layer of security, which provides access to the user’s content only when they input the unique code sent to their phone number or email.
Isolation of Duties

Prevent the possibility of internal payment fraud by isolating the duties of authorizers and managers, thus creating a system of checks. Implementing multi-level approvals minimize the chance of invoice overlapping and payment due to unauthorized invoices.

Invoice Automation Trends

Digital Automation

If there is anything the COVID situation has taught us, it’s to not rely on time-consuming manual processes. Not only are they prone to error, but they’re costly and can lead to missing invoices, duplicate payments and penalties. By digitizing the AP process, organizations can focus more on developing strategies, making work more enjoyable by empowering employees to invest their time, skills and energy in business growth compared to just doing data entry. They can take advantage of the early payment discounts, maximize liquidity and efficiently manage payments to meet due dates. Digitization streamlines the operation by removing unnecessary steps.

AI and Machine Learning

Robotic Process Automation already dominates several industries and boosts the AP processes by cutting down on repetitive, time-consuming tasks. 50% of global businesses have already adopted AI-ed solutions, according to McKinsey & Company. The coming years see an increased use of AI and machine learning, which automate invoices more effectively, quickly and accurately. The technology learns as it gathers more data. Some examples of this technology include OCR, approval workflow prediction, tagging duplicate invoices and automatic coding using invoice patterns.

Cloud-Based Solutions

The days of installing software through CDs are long gone. An increasing number of organizations are turning to cloud-based solutions, given their affordability and flexibility. With cloud technology comes the freedom to work from anywhere without the hassle of rigorous installation and upkeep. Since providers offer cloud-based solutions in subscription, businesses can select what they want and cancel it anytime. Furthermore, since the maintenance cost falls on the service provider, the business doesn’t have to worry about it. It also boosts collaboration and makes it easy to bill and send invoices.

Software Comparison Strategy

Now that you have the list of critical features for invoice automation software, you must perform thorough research and consider the tools available in the market based on your requirements. There are different ways to compare software — direct comparison, comparing qualitative features and checking who is using the software. In direct comparison, also called head-to-head comparison, you can use a comparison tool to check the functionality and capabilities using quantitative data. On the other hand, qualitative comparison allows you to see ratings, reader reviews and help you make a well-informed decision with use cases. Another way to find the right software is by looking at the companies of your size or industries using it. You can also find some of the best invoice automation software on our Accounting Leaderboard. The list was chosen after comprehensive research by our analyst and helps narrow down the search.

Cost & Pricing Consideration

Invoice automation software gets deployed in three ways — on-premise, cloud or hybrid cloud. The cost varies depending upon the desired deployment type. For instance, say you want to go with an on-premise implementation, you'll have to pay a one-time fee or purchase a recurring license. In the case of cloud implementation, you’ll have to pay a subscription fee depending on the number of users. It’s also important to note that there will be operational costs associated with the software like training, maintenance, add-ons, updates, implementation and support.

The Most Popular Invoice Automation Software

QuickBooks Online

QuickBooks Online is a web-based accounting and business management solution that caters to medium and small-scale businesses. It’s a user-friendly platform that allows thorough record-keeping and reporting, double-entry bookkeeping and more. There are no installations or downloads required, and users can work on it from a web-based browser. It allows hundreds of third-party integrations, and there are a plethora of resources available for the users to seek help and get started on the platform.

QuickBooks Online

Simplify recurring processes, save time and minimize the possibility of errors.

Acumatica

Acumatica is an enterprise resource planning software that offers robust financial features to manage complex accounting and financial tasks. It eliminates the need for spreadsheets, minimizes risk and offers audit control while managing user rights and privileges. Designed for growing businesses, it removes information silos, so the sales and accounting teams are on the same page.

Acumatica

Boost productivity and ensure compliance by gaining financial status in real-time.

Zoho Books

Zoho Books is cloud-based accounting software people with little to no knowledge of accounting can use. It automates multiple financial processes like AR, AP, time tracking, inventory control, banking and more. Available for iOS and Android devices, it enables collaboration and simplifies the company’s operations.

Zoho Books

Create an efficient invoicing process and strengthen collaboration.

Accounting Seed

Accounting Seed is an accounting application native to force.com and fully integrated with SalesForce. It’s built to accelerate and simplify back-office accounting processes. It’s configurable to meet the unique demands and requirements of the users. A multi-currency, multi-entity and multi-national solution, it can manage many companies from a single solution because of its automation capabilities.

Accounting Seed

Simplify back-office operations and ensure user-friendly reporting.

Xero

Xero is a cloud-based accounting software made especially for small businesses. It makes accounting easier by simplifying bill payments, claiming expenses, tracking projects and capturing data. It provides support for every significant financial operation that’s expected in a double-entry small business solution.

Xero

Streamline payments, and centralize data and processes for better interoperability.

 

 

Questions to Ask Yourself

Before investing in software, it’s important that you have an internal conversation and put forward the critical questions to resolve with the implementation of the invoice automation software.

Some of them could be:

  • Does my business need this software?
  • Why do we need to change the infrastructure?
  • When automating manual processes, which ones are a priority?
  • How much are we willing to spend on the software?
  • Is the current accounts payable structure centralized or decentralized?
  • Are there historical documents on shared drives or individual workstations?
  • Do we want the software on-premise, cloud or hosted as a hybrid cloud?
  • How will the accounting team use the software?

Invoice Automation Key Questions

 

 

 

Questions to Ask Invoice Automation Software Vendor

About the Software

  • Are demos available? Is there a free trial?
  • How will I track the impact of the software on my bottom line?
  • Will it help grow my business?
  • How will it integrate with my current solutions and legacy systems?

About the Vendor

  • Will it optimize my processes?
  • Is the solution easy to use?
  • What aspects of invoice to pay does it automate?
  • What does the implementation, training and support look like?
  • What does the product roadmap look like?
  • How much money and resources can I save with this solution?
  • Have you previously worked with customers similar to my company size or industry?
  • Do you backup data in case of a server failure?

In Conclusion

Investing in the appropriate invoice automation software can help your business uncover new opportunities and reach new heights. It can help your business grow by saving time, reducing costs and providing better visibility. However, these benefits are only possible if you conduct proper research, keeping your business’s requirements in consideration. We hope this guide helps you start your search for the right invoice automation software.

About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Khaleel
By Khaleel Hayes
Technical Content Writer
Khaleel Hayes is a Technical Content Writer for SelectHub, with over 4 years of experience crafting content for manufacturing, PLM, ERP and technology selection audiences. He's also a freelance writer in his spare time. His body of work includes poetry, short plays, feature articles and film reviews either self-published or in Denver publications. He graduated with a B.A. in Journalism and an English minor from Metropolitan State University of Denver in May 2018. When not writing, he enjoys classic movies and music, tasty burgers, tasteful bookstores, and breathtaking art and photography.
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Rohit Dutta
Technical Research By Rohit Dutta Mazumder
Senior Analyst
Hailing from the serene landscapes of Assam, India, Rohit is a seasoned professional with diverse expertise in several software categories. Armed with a Bachelor of Technology in Mechanical Engineering and an MBA in Operations Management, he brings a unique blend of technical acumen and strategic thinking to the table. His proficiency extends across dynamic fields such as Product Lifecycle Management, Hotel Management, Ecommerce, Accounting and Finance.
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Shashank
Technical Review By Shashank K K
Principal Analyst
After graduating with a Masters in Finance from Trinity College Dublin, K K Shashank's research and detail-oriented skills led them to SelectHub. He has diverse knowledge across various software categories like Accounting, Financial Planning and Analysis, Ecommerce, Risk Management, PLM, Insurance and more since 2020.
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Hunter
Edited By Hunter Lowe
Content Editor
Hunter Lowe is a Content Editor, Writer and Market Analyst at SelectHub. His team covers categories that range from ERP and business intelligence to transportation and supply chain management. Hunter is an avid reader and Dungeons and Dragons addict who studied English and Creative Writing through college. In his free time, you'll likely find him devising new dungeons for his players to explore, checking out the latest video games, writing his next horror story or running around with his daughter.
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