10 AI Invoice Automation Software & Intelligent Billing Tools in 2023

Accounts payable (AP) refers to the method by which a business pays for the products and services it receives. It can be a labor-intensive and error-prone task, especially for businesses handling a high volume of invoices.

With AI-powered invoice automation software, the AP process can be significantly simplified by automating many of the manual tasks. This can lead to enhanced efficiency, fewer errors, and improved cash flow.

What is AI invoice automation software?

AI invoice automation software employs artificial intelligence (AI) to automate the AP process. This includes tasks such as:

• Gathering invoice data from PDFs and other documents
• Matching invoices to purchase orders
• Checking invoice amounts and terms
• Approving invoices for payment
• Executing payments

The benefits of using AI invoice automation software

Utilizing AI invoice automation software has several benefits including:

• Improved efficiency: By automating many manual AP tasks, AI invoice automation software allows employees to concentrate on other duties, leading to significant time savings.
• Fewer errors: AI invoice automation software can help decrease errors in the AP process as the software can be programmed to identify and rectify common mistakes.
• Enhanced cash flow: By accelerating the payment process, AI invoice automation software can improve cash flow. This is achieved through the software’s ability to automatically approve and execute payments, facilitating faster receipt of funds.

The top 10 AI invoice automation software

There are numerous AI invoice automation software options available on the market, including:

PaperSave AP Automation

This online tool can help make your bill-paying process simpler by pulling information from bills, matching them to orders, and confirming them for payment. It can even make the payments for you. PaperSave is suitable for all kinds of businesses.

Dokki

This tool, powered by artificial intelligence, makes managing your invoices easier and can save you both time and money. It can pull information from invoices, match them to your orders, and approve payments. It can also make these payments automatically. Dokki works well for businesses of any size.

Nanonets

An artificial intelligence tool, Nanonets, can scan invoices and pull out important information. It can also sort your invoices and spot any mistakes. This tool is great for businesses that deal with a lot of invoices.

Melio

With this artificial intelligence tool, you can pay your invoices quickly and without hassle. It connects to your bank account and pays your bills when they’re due. Melio also lets you borrow money to pay bills even before they’re due, making it ideal for businesses that need to keep up with bill payments.

Payhawk

Payhawk is another AI tool that helps with your financial management. It tracks your spending, creates reports, and pays your invoices. Payhawk even gives you a credit card for bill payments. This tool is perfect for businesses looking to manage their money better.

Helcim

Get paid faster with Helcim, an AI tool that reminds your customers to pay their bills and sends reminders. Helcim can also lend you money to cover late payments. It’s great for businesses that want their money sooner.

Bonsai

Improve your cash flow with Bonsai. This AI tool tracks your expenses, generates reports, and handles invoice payments. It can also provide a credit line for late payments. Bonsai is excellent for businesses that need to better manage their cash flow.

Stampli

Make your bill-paying process smoother with Stampli. This AI tool can pull out details from invoices, match them to orders, and confirm them for payment. It can even handle payments for you. Stampli is suitable for businesses looking to simplify their bill-paying process.

Tipalti

This AI tool helps manage international payments. It automatically pays invoices in different currencies and tracks your spending. Tipalti also provides a credit line for late payments. It’s great for businesses managing payments across countries.

Zoho Invoice

With this online tool, you can create and send invoices, track payments, and manage your money. Zoho Invoice has many features like automating the invoicing process, syncing with your accounting software, and sending invoices in different languages. It’s suitable for all types of businesses.

Selecting the best AI invoice automation software

When choosing AI invoice automation software, consider:

• Your business requirements: Understand your specific AI invoice automation needs. Are you dealing with a large volume of invoices or a variety of invoice types?
• Features and pricing: Decide on the important features for you and consider software that offers these within your budget.
• User interface: Opt for software that is easy to learn and use.
• Support: Choose software that offers reliable support in case you encounter any issues.
• Scalability: Opt for software that can scale to meet your business needs as you grow.

Limitations of AI invoice automation software

Despite its benefits, there are some limitations to using AI invoice automation software:

• May not be appropriate for all businesses: Some businesses might not find AI invoice automation software suitable due to its cost and the requirement for a significant upfront investment.
• May not be compatible with all invoice types: AI invoice automation software might not be able to process all types of invoices as it is typically trained on a specific invoice type.

Tips for using AI invoice automation software effectively

Once you’ve chosen your AI invoice automation software, here are some tips to use it efficiently:

• Set up the software properly: This will ensure accurate data extraction.
• Train the software to recognize your invoices: By uploading a sample of your invoices to the software, it can learn to recognize them.
• Regularly check the software’s output: It’s important to consistently review the software’s output for accuracy.

The future of AI invoice automation software

AI invoice automation software is a rapidly expanding market. As the technology advances, these tools are expected to become even more powerful and adaptable. In the future, they may handle even more complex tasks, such as negotiating discounts or managing supplier relationships.

Conclusion

AI invoice automation software can be a beneficial tool for businesses seeking to enhance the efficiency and accuracy of their AP process. By automating many manual AP tasks, these software tools can help businesses save both time and money.

FAQs: AI Invoice Automation Software