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Top 10 ReadSoft Alternatives / Competitors in 2024

ReadSoft is one of the brands that pioneered intelligent accounts payable automation. However, there are new solution providers that claim to offer higher levels of automation. Business leaders are excited by new solutions because, manual accounts payable processes can be:

Complex: Teams span in multiple continents use a multitude of legacy tools to complete mind-numbing tasks like copying numbers from PDF files thousands of times.

Expensive: For an enterprise with $1B revenue in annual revenues, accounts payable process is likely to result in $2-3M avoidable cost per year. 1

For businesses that want to migrate to a new platform from ReadSoft, there are many competitors:

It can be hard to know which solution to pick. Therefore, we will explore some of the best competitors of ReadSoft for mid-market and enterprise companies, highlighting their key features and integrations.

Top 10 alternatives to ReadSoft

The table is listed in alphabetical order.

VendorsNumber of EmployeesReviews
Basware 1,5833.5/5 based on 141 reviews
Emburse9424.3/5 based on 274 reviews
Esker5724.4/5 based on 81 reviews
Hyland OnBase4,2184.2/5 based on 329 reviews
Hypatos834.8/5 based on 21 reviews
Medius5504.4/5 based on 91 reviews
Quadient Accounts Payable Automation by Beanworks1314.6/5 based on 208 reviews
Rossum1964.5/5 based on 82 reviews
Sage Intacct10954.3/5 based on 5702 reviews
SAP Concur7,3134.1/5 based on 9343 reviews

While choosing the top ReadSoft alternatives for our analysis, the following metrics are considered:

  • Focus area: All of the alternatives fall under the accounts payable software category.
  • References: Enterprises require vendors with enterprise knowledge. The vendors we analyze have at least one Fortune 500 reference.
  • Reviews: User feedback is tied to the success of a product. While they didn’t play a role in the product selection process, reviews were used to gain additional insights into product popularity and customer satisfaction.
  • Number of employees: The market share of a product goes up as the number of employees goes up, and companies with bigger market shares tend to make better goods. Therefore, this article will focus on software with 50+ employees.

Overview of ReadSoft

ReadSoft offers automated solutions for document process automation. Its most widely used application is for invoice automation, where it helps organizations streamline the business processes of receiving, processing, and paying invoices. The company was acquired by Kofax in 2014, and is also known as Kofax AP essentials or Kofax ReadSoft.2

Capabilities:

  • Invoice Automation: ReadSoft’s primary capability is processing invoices. It can handle multiple invoice formats, automatically extract relevant data, and route the invoices for approval and payment.
  • Data Capture: Using OCR technology, ReadSoft cannot only extract important invoice details, but can also extract data from various types of documents.

Pros:

Integration: The software can integrate with a variety of ERP systems, allowing the automated transfer of data and facilitating end-to-end invoice processing. (Figure 1) 3

Figure 1: ERP software ReadSoft can integrate. Source: Kofax

Workflow Automation: ReadSoft can automate many of the steps in the invoice validation workflow, reducing the need for manual intervention. For further pros company claims to have, see: Figure 2 4

Figure 2: ReadSoft Benefits Source: Kofax

  • Improved time and accuracy. A case study on Myhealth Medical Group reveals that the use of software can eliminate problems caused by manual invoice data entry. 5 (Figure 3)
Figure 3: Myhealth group’s financial controller’s comment on ReadSoft Source: Kofax

Cons:

Lacked ability in different fonts. Some users suggest the software might have trouble in process of reading the non-standart fonts. (Figure 4)6

Customization Limitations: Some users find that the software lacks the flexibility and customization they need for their specific use cases. 7

Figure 4: A user commentary on ReadSoft. Source: G2

User Ratings:

G2: 2.8/5 based on 6 reviews.8

Capterra: N/A

TrustRadius: 4.6/5 based on 5 reviews.9

Next, we deep dive into 5 alternatives:

Hyland OnBase

Hyland’s OnBase software offers services to automate Accounts Payable (AP) processes and helps accounts payable department workflows, cut down on mistakes, and make it more efficient.

Pros:

Efficiency. A case study on Canal Barge shows that OnBase helped the company improve efficiency in areas of invoice tracking, visibility, and approval. The software offers services such as automatic notification when there is an invoice to approve and automatic capture of invoice data.10 (Figure 5)

Figure 5: A case study on Canal Barge. Source: Hyland

Increased Capacity & Reduced Costs. A case study on North American Mining Company reveals that, with the use of OnBase, the AP department was able to handle higher volumes of invoices with fewer human-resource. When merged with improvement in visibility, the company was able to identify and leverage early-payment discounts and save $5 million annually.11

Cons:

Support. At least 7 users suggested that the software lack both in-use and customer support. The response times of customer support is criticized.12 (Figure 6)

Figure 6: A review on OnBase’s support. Source: TrustRadius

Complex. At least 5 reviews on G2 reveal that in terms of licensing, configuration modules, and setup, the software can be quite complex.13

User Ratings:

G2: 4.3/5 based on 168 reviews.14

Capterra: 4.3/5 based on 73 reviews.15

TrustRadius: 3.9/5 based on 85 reviews.16

Hypatos

Hypatos offers a deep learning powered end-to-end automation solution for accounts payable (Figure 7). It also supports accounts receivable automation.

Figure 7: Hypatos services for end-to-end AP automation Source: Hypatos

Pros:

Financial efficiency: Companies miss out on early payment discounts and lose up to 5% of their AP spending on things like duplicate or fraudulent bills that they could have avoided paying for. Hypatos’ AP automation offers to solve situations as such by providing payment reminders, and identification of duplicate and fraudulent documents.

Labor efficiency: Different enterprises may require different data points from documents. For example, an enterprise may want to capture line items of invoices. These items provide the ids and amounts of what has been bought. Hypatos’ Continual Learning makes it easy to get new data fields from documents as the model can learn from user input.

Ease of use. 4 out of 10 user reviews in G2 suggest that the software offers easy implementation. One user summarizes these ideas with a comment about the low learning curve of the software interface.17 (Figure 8)

Figure 8: A user review on Hypatos Source: G2

Cons:

The free trial of the software gives access to limited data.18

User Ratings:

G2: 4.6/5 based on 10 reviews.19

Capterra: 5/5 based on 11 reviews.20

TrustRadius: N/A

Medius

Medius is a leading global provider of cloud-based spend management solutions such as automating accounts payable, e-procurement, and other related services.

Pros:

Frees up time for accounts payable teams. Møbelringen, a retail company was operating with a system based on paper. Their AP team had to match bills to POs by hand. Since about 80% of bills were based on POs, this process was too long. Medius’ accounts payable automation solution eliminated the paper-based system and increased the touchless rate which freed the AP team’s time.21 (Figure 9)

Figure 9: A case study on Møbelringen. Source: Medius

Increased visibility. Medius by allowing audit trails and month-end accruals, allows managers to track invoices better. In that terms, the software helped Lush, a cosmetics company that was having trouble to keeping track of the invoices monthly.22 (Figure 10)

Figure 10: A case study on Lush. Source: Medius

Cons:

Slow-downs. In instances where there are large-volume of payments (Figure 11) users complained that the software slows down significantly.23

Figure 11: A user review on Medius. Source: Capterra

Complex functions. Users noted that the software can become overwhelming when using functions such as search function, reporting, and uploading complex details.24

User Ratings:

G2: 4.4/5 based on 66 reviews.26

TrustRadius: N/A

Quadient Accounts Payable Automation by Beanworks

Quadient Accounts Payable Automation by Beanworks is a platform that can automate and streamline accounts payable processes. Beanworks, acquired by Quadient in March 2021, was the first company to build the platform.27

Pros:

Prevents Duplicates. Based on 18 reviews, users agreed that the software can prevent duplicate payments. 28(Figure 12)

Figure 12: A user review on duplicate payments Source: G2

Integration. 61 reviews point out that Quadient offers a wide scale of integration with other accounting and financial management software.29(Figure 13)

Figure 13: Some of the leading Software Quadient offers integration with. Source: Quadient

Mobile use. The software offers mobile solutions with features such as parsing and capturing receipts.30 (Figure 14)

Figure 14: 13 users praised Quadient’s receipt capture capabilities. Source: G2

Cons:

Unable to handle large numbers. The software is able to handle 80 invoices per page.31 Large organizations and enterprises might find this number insufficient.32 (Figure 15)

Figure 15: User review on Quadient’s invoice capacity. Source: Capterra

Inefficiencies in approval workflow. When changes are necessary for approval channels, users might have to handle them one by one manually.33 Making changes can be time-consuming in approval channels also because one-confirmation might lead all the way back to the beginning point on the interface.34 (Figure 16)

Figure 16: User review on Quadent’s approval functions. Source: Capterra

User Ratings:

G2: 4.4/5 based on 66 reviews.35

Capterra: 4.6/5 based on 40 reviews 36

TrustRadius: 4.6/5 based on 6 reviews 37

Rossum

Rossum is an AI company that offers a platform for extracting data from invoices and receipts.

Pros:

Reduced manual document entry. Rossum can nearly eliminate manual data entry. A case study with Kiwi suggests that Rossum contributed to Kiwi’s scalability, by eliminating the need for error-prone and time-consuming process of manual PDF entry. (Figure 17) Kiwi’s accounts payable staff used Rossum to process invoices. Moreover, they used software’s interface to pair vendors and cost center records.38

Figure 17: Kiwi’s head of accounting’s review on Rossum. Source: Rossum

Ease of Integration: Rossum can integrate with various ERP and accounting systems. This reduces the need for significant changes in a company’s IT structure. 13 reviews on G2 show that users are happy with the feature.39 (Figure 18)

Figure 18: G2 reviews numbers on Rossum’s integration capabilities.

Cons:

Insufficient data extraction. Customer experiences show that Rossum can face trouble in extracting data from different kinds of documents.40

Language issues. Several customers mention that Rossum cannot recognize different languages in all cases. (Figure 19)

Figure 19: A critical review on Rossum. Source: Capterra

User Ratings:

G2: 4.4/5 based on 70 reviews.41

Capterra: 4.6/5 based on 10 reviews. 42

TrustRadius: N/A

Transparency statement

Numerous tech firms, such as Hypatos, are sponsors of AIMultiple.

If you have further questions regarding the topic, reach out to us:

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Access Cem's 2 decades of B2B tech experience as a tech consultant, enterprise leader, startup entrepreneur & industry analyst. Leverage insights informing top Fortune 500 every month.
Cem Dilmegani
Principal Analyst
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Burak Ceylan
Burak is an Industry Analyst in AIMultiple. He received his Masters' degree in Political Science from Middle East Technical University. He has background in researching location-based platforms.

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