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:
- Accounts payable AI platforms (Stampli, AccountsIQ, AppZen, Vic.AI)
- Tens of Accounts payable software
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.
|Number of Employees
|3.5/5 based on 141 reviews
|4.3/5 based on 274 reviews
|4.4/5 based on 81 reviews
|4.2/5 based on 329 reviews
|4.8/5 based on 21 reviews
|4.4/5 based on 91 reviews
|Quadient Accounts Payable Automation by Beanworks
|4.6/5 based on 208 reviews
|4.5/5 based on 82 reviews
|4.3/5 based on 5702 reviews
|4.1/5 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
- 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.
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
- 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)
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
G2: 2.8/5 based on 6 reviews.8
TrustRadius: 4.6/5 based on 5 reviews.9
Next, we deep dive into 5 alternatives:
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.
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)
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
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)
Complex. At least 5 reviews on G2 reveal that in terms of licensing, configuration modules, and setup, the software can be quite complex.13
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 offers a deep learning powered end-to-end automation solution for accounts payable (Figure 7). It also supports accounts receivable automation.
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)
The free trial of the software gives access to limited data.18
G2: 4.6/5 based on 10 reviews.19
Capterra: 5/5 based on 11 reviews.20
Medius is a leading global provider of cloud-based spend management solutions such as automating accounts payable, e-procurement, and other related services.
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)
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)
Slow-downs. In instances where there are large-volume of payments (Figure 11) users complained that the software slows down significantly.23
Complex functions. Users noted that the software can become overwhelming when using functions such as search function, reporting, and uploading complex details.24
G2: 4.4/5 based on 66 reviews.26
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
Prevents Duplicates. Based on 18 reviews, users agreed that the software can prevent duplicate payments. 28(Figure 12)
Integration. 61 reviews point out that Quadient offers a wide scale of integration with other accounting and financial management software.29(Figure 13)
Mobile use. The software offers mobile solutions with features such as parsing and capturing receipts.30 (Figure 14)
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)
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 is an AI company that offers a platform for extracting data from invoices and receipts.
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
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)
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)
G2: 4.4/5 based on 70 reviews.41
Capterra: 4.6/5 based on 10 reviews. 42
Numerous tech firms, such as Hypatos, are sponsors of AIMultiple.
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