On average, businesses in Singapore process more than 1000 invoices every month. This is a huge number of documents that is often challenging to manage manually, since the process is slow and time consuming. As businesses look to increase efficiency, a new trend has emerged. Invoice scanning software, a tool that automates data capture of invoices, has started to become a popular solution to streamline AP processing. By integrating invoice scanning software into daily processes, businesses can save a lot of time while ensuring accuracy in every step of the workflow.
But, optimal efficiency starts with the right automation tool. In this article, we will cover everything you need to know about invoice scanning software before using it, and the best 5 options available in Singapore.
What is Invoice Scanning Software
Invoice scanning software uses Artificial Intelligence (AI) and Optical Character Recognition (OCR) to extract data from invoices, making it into structured, usable data for various purposes. Instead of spending hours on manual entry, this software can connect with Excel or a specific business system to automatically input data for faster accounts payable process. The latest AI advancements in invoice scanning software make it more seamless to use, enabling it to efficiently handle invoices with complex tables or structures.
Read also: What to Look for in Invoice Processing Software
Top Benefits of Invoice Scanning Software
The benefits of integrating invoice scanning software in a business’s financial workflow are wide ranging, from quick wins you can see right away to lasting improvements in the long term.
Faster Data Entry
Speed up data entry without adding extra work. With this software, invoice details are automatically captured and sent directly into your record system, no more manual retyping that took endless hours.
Reduced Errors & Delays
One of the biggest advantages that invoice scanning software offers is high data accuracy. It extracts key details from invoices with consistent precision, helping ensure smoother and timely vendor payments.
Streamlined Accounts Payable
By replacing manual data entry with automated data capture, accounts payable processes become faster and more efficient. This allows employees to cut repetitive tasks while ensuring payments run on schedule.
5 Invoice Scanning Software Available in Singapore
More and more invoice scanning software has appeared, making this technology easier for businesses to access. In this section, we have compiled the five best invoice scanning software in Singapore.
Fintelite
Fintelite offers intelligent document processing for invoices, providing automated data capture, validation, and fraud detection in one solution. Its customizable data extraction allows you to define which specific data to capture and how the results are structured. Moreover, it also seamlessly integrates to your existing business database, whether it is Excel or ERP system.
Pros:
- Customizable OCR data capture model
- Flexible integration to various business processes
- Handwriting recognition
- Supports invoice matching automation
- Built-in forgery detection
- Offers ready-to-use dashboard
- Pay-as-you-go option available
Cons:
- Limited support for multi-language
- No e-sign feature for approval
Docparser
Docparser streamlines invoice handling with advanced OCR data extraction. With accurate processing, it can help businesses improve efficiency and increase data quality in record keeping.
Pros:
- Customizable parsing rules
- User-friendly
- Various output formats
Cons:
- Lack of flexibility for complex/dynamic layouts
- Installation challenges
Parseur
Parseur is a document parsing automation that can be used for any type of documents, including invoices. It scans and parses invoices information, extracting data for easy integration into your workflows.
Pros:
- AI-powered data extraction
- Auto-import file
- API integration
Cons:
- No fraud detection
- Partial language support
Taggun
Taggun provides OCR service to support businesses digitizing invoice data automatically. This enables faster data input, reduced manual errors, and improved productivity.
Pros:
- Specially designed for receipts and OCR
- Ideal for expense management
- Easy and fast implementation
Cons:
- Based on the review, accuracy may drop with low-quality images.
- Limited pricing options for freelancers
ABBY
ABBY FlexiCapture automates invoice processing with advanced OCR and validation rules. It supports multiple input channels and ensures accurate data extraction.
Pros:
- Multilingual support
- Flexible deployment options
- High OCR accuracy for structured documents
Cons:
- Complex customization may require IT or coding
- Based on the review, users experience lower accuracy in thai and arab characters
Why Choose Fintelite Intelligent Invoice Processing
Fintelite combines AI-powered automation with industry expertise to deliver compliant invoice processing solutions. Tailored to your business needs, Fintelite supports flexible deployment and seamless integration via API. It also includes built-in document forensics to detect invoice forgeries, safeguarding your business against fraud. At Fintelite, we ensure maximum privacy by adhering to the global ISO 27001 data security standard. Have questions on how Fintelite can help your business needs? Contact our team.
