Hello there! As an AI assistant and data analyst, let me walk you through the top alternatives to ReadSoft for automating accounts payable workflows.
ReadSoft pioneered intelligent document processing for accounts payable. But for enterprises looking to switch platforms, newer solutions promise even higher automation. As a data analyst, I‘ve found manual AP processes have significant downsides:
- Complexity: AP teams across multiple continents still use legacy tools for repetitive data entry from PDFs and other documents.
- High Costs: For a company with $1 billion in revenue, inefficient AP processes cost $2-3 million per year in avoidable expenses!1 Companies miss early payment discounts and pay for duplicate or fraudulent bills.
So what are the options for migrating off ReadSoft? You have two main choices:
- AI-Based AP Automation Platforms: Like Stampli, AccountsIQ, AppZen and Vic.AI. They use the latest AI for document processing.
- Accounts Payable Software: There are dozens of accounting automation tools to choose from.
How do you pick the right one? As an AI assistant, let me analyze the top ReadSoft alternatives for mid-market and large enterprises based on key criteria:
- Focus: Accounts payable automation software
- Enterprise Experience: Track record with Fortune 500 clients
- User Reviews: Strong feedback, though not a selection factor
- Company Size: 50+ employees generally indicates market adoption
First, let‘s recap ReadSoft‘s key capabilities, pros and cons:
Overview of ReadSoft
ReadSoft, now called Kofax AP Essentials after being acquired, offers document process automation solutions.
- Invoice Automation: ReadSoft‘s primary feature is processing invoices. It handles varied formats, extracts data automatically, and routes invoices for approvals and payment.
- Data Capture: Using OCR, ReadSoft can extract details not just from invoices but other document types like purchase orders.
- Integration: ReadSoft integrates with many major ERP systems like SAP, Oracle, Microsoft Dynamics and more. This enables end-to-end workflow automation. (Figure 1)
- Workflow Automation: By reducing manual work in invoice validation, ReadSoft decreases errors. For example, medical services company Myhealth eliminated problems from manual data entry by using ReadSoft‘s automation. (Figure 2)
- Font Recognition Issues: ReadSoft struggles with non-standard fonts that deviate from the norm. (Figure 3)
- Customization Limits: Some users find ReadSoft lacks flexibility to customize for their specific needs and use cases.
- G2: 2.8/5 based on 6 reviews8
- Capterra: No reviews
- TrustRadius: 4.6/5 based on 5 reviews9
Now let‘s dive into the top 5 alternatives in more detail:
1. Hyland OnBase
OnBase by Hyland offers automation solutions to streamline accounts payable workflows, reducing errors and costs.
- Improved Efficiency: For transportation company Canal Barge, OnBase increased visibility into invoices, accelerated approvals and enhanced tracking and notifications. It automated previously manual steps like data capture. (Figure 4)
- Cost Savings: A mining company used OnBase to handle more invoice volume with fewer people. Better visibility enabled identifying and capturing $5 million in annual savings from early payment discounts. (Figure 5)
- Lacklustre Support: Multiple user complaints about the quality of OnBase‘s customer support and in-product help. Slow response times noted. (Figure 6)
- Challenging Setup: Per users, the licensing, configuration and overall setup process can be complex for OnBase.
- G2: 4.3/5 from 168 reviews14
- Capterra: 4.3/5 based on 73 reviews15
- TrustRadius: 3.9/5 based on 85 reviews16
Hypatos utilizes deep learning for end-to-end process automation for both accounts payable and accounts receivable. (Figure 7)
- Financial Savings: By preventing missed discounts, duplicates and fraud, Hypatos can cut AP costs significantly. One $1B revenue company saved $2-3M annually with automation.1
- Efficiency: Hypatos‘ continual learning allows easy extraction of new data fields without lengthy retraining. Users praise quick implementation.
- Usability: 80% of user reviews on G2 highlight Hypatos‘ intuitive interface that‘s easy to get started with. (Figure 8)
- Limited Trial Access: Hypatos‘ free trial only provides access to a small sample dataset.
- G2: 4.6/5 from 10 reviews19
- Capterra: 5/5 based on 11 reviews20
- TrustRadius: No reviews yet
Medius offers cloud-based spend management solutions like accounts payable automation and e-procurement.
- Time Savings: Furniture retailer Møbelringen automated invoice matching against purchase orders with Medius. This increased straight-through processing rates and freed up employees‘ time previously spent on manual work. (Figure 9)
- Enhanced Visibility: Cosmetics company Lush struggled with tracking invoice status month-end. Medius‘ automation provided audit trails and accrual reporting to solve this. (Figure 10)
- Performance Issues: Multiple users report Medius slowing down significantly when processing high invoice volumes. (Figure 11)
- Complexity: Per users, Medius‘ search, reporting, and data uploading features can be difficult to use.
- G2: 4.4/5 based on 66 reviews24
- Capterra: 4.4/5 from 22 reviews25
- TrustRadius: No reviews
4. Quadient Accounts Payable Automation
Formerly Beanworks, Quadient offers an end-to-end platform to automate accounts payable workflows.
- Duplicate Prevention: 18 user reviews validate Quadient‘s ability to prevent duplicate invoice payments. (Figure 12)
- Integrations: 61 users specifically praise Quadient‘s range of integrations with accounting software like NetSuite, Sage, Dynamics and more. (Figure 13)
- Mobile Capability: Users validate Quadient‘s mobile receipt capture features. (Figure 14)
- Invoice Volume Issues: Quadient can only handle ~80 invoices per page. Large organizations may find this insufficient. (Figure 15)
- Rigid Approvals: Users have to manually update approval workflows one by one.
- G2: 4.4/5 based on 66 reviews35
- Capterra: 4.6/5 from 40 reviews36
- TrustRadius: 4.6/5 based on 6 reviews37
Rossum provides an AI-powered data extraction solution for invoices, receipts and other documents.
- Less Manual Work: For company Kiwi, Rossum enabled scaling by eliminating slow and error-prone manual data entry from PDFs. (Figure 16)
- ERP Integrations: 13 G2 users highlight Rossum‘s flexible integrations with various ERPs, reducing IT overhaul. (Figure 17)
- Data Extraction Challenges: Some documents pose problems for Rossum‘s extraction accuracy per users. (Figure 18)
- Language Support Gaps: Rossum struggles with some languages.
- G2: 4.4/5 based on 70 reviews41
- Capterra: 4.6/5 from 10 reviews42
- TrustRadius: No reviews yet
The Bottom Line
Migrating off legacy solutions like ReadSoft opens the door to huge efficiency gains from AI-powered document automation. Leading options with enterprise experience include Hyland OnBase, Hypatos, Medius, Quadient and Rossum.
Choosing the right platform depends on your use cases and requirements. Connect with me if you need help evaluating solutions!