Invoice imaging software reads key information from vendor invoices with OCR and automates the data entry and processing workflows for accounts payable systems.
Simple Software has several solutions for capturing the data from vendor invoices with OCR and integrating with your accounting software, drastically reducing the cost of accounts payable processing.
Simple Software has three categories of automated invoice processing software depending on the volume and type of invoices being processed, the available technical resources at your company, and the data entry requirements of your accounting software.
The first category provides affordable invoice automation for small businesses. These are designed to quickly capture basic invoice data like Vendor, Invoice Number, Date and Total, using simple pattern matching. Our SimpleIndex invoice processing software gives you the easiest and most affordable solution available.
The second category uses artificial intelligence and machine learning models to extract data from a wide variety of invoice documents with minimal setup and training required. These systems can handle most common AP invoices out-of-the-box, but their “black box” design can make them less suitable when more detailed data capture is required. For example freight bills can have many specific surcharges and taxes.
The ABBYY Vantage data capture platform is an example of this type of invoice automation software. Cloud OCR APIs like Google Vision and Amazon Textract also use the ML strategy for invoices. SimpleIndex Cloud OCR provides an out-of-the-box invoice automation solution using Textract that requires no custom coding.
The third category combines pre-trained machine learning models with highly customizable data capture software platforms that let you design solutions that fully automate the most complex invoice data entry processes. These applications have the ability to add and train custom invoice fields, capture complex line item data, and use scripts to automatically correct and normalize data to match your ERP system’s requirements. ABBYY FlexiCapture, IRIS Xtract, and Grooper are examples of this third software category.