Have you ever considered the financial impact that may arise from a minor mistake? In the fast-paced world of business, the immense volume of documents generated daily can overwhelm even the most efficient organizations. The unsettling reality is that, on average, companies invest a significant 12 hours per week correcting data entry errors.
For instance, one of the most expensive typos ever happened to Alitalia Airlines back in 2006, where the absence of zeros resulted in a staggering $7.2 million loss. This story highlights a common problem for companies – the risks tied to manual data entry. That’s where document capture software comes in as a reliable solution to deal with the challenges of getting big amounts of data digitized, extracted, and stored.
Continue reading, as this blog will delve into what document capture software is and present you the top 9 document capture software solutions with pros and cons.
What is Document Capture Software?
Document capture software converts physical or digital documents into organized and searchable data, streamlining information management within businesses. It simplifies workflows by centralizing data storage for effortless access and retrieval.
This innovative software harnesses cutting-edge technologies such as Optical Character Recognition (OCR), AI, and Computer Vision. OCR facilitates the extraction of text, while AI and Computer Vision enhance the software’s ability to recognize, classify, and manage diverse document types. These technologies allow document capture solutions to extract data from unstructured documents into machine-readable formats like JSON, CSV, and XML.
Having unveiled what document capture software is, let’s now take a look at the practical advantages of employing such a solution.
The Benefits of Document Capture Solution
When choosing document capture software, it’s essential to examine the diverse benefits it offers. Take a look at some of the key advantages we’ve highlighted when considering such a solution:
- Faster turnaround times: Process documents faster and save up to 80% of your time.
- Streamlined document management: Organize and categorize documents seamlessly, ensuring easy retrieval and accessibility.
- Improved compliance and security: Ensure regulatory compliance and data privacy security, safeguarding your organization from potential legal and data breaches.
- Reduced costs: Cut down operational expenses tied to manual handling, printing, and storage with data entry automation.
- Simplified document workflow: Create a smooth and intuitive document workflow, eliminating unnecessary complexities.
Are you wondering which document capture solution is the perfect fit for your company? Check out our top 9 picks of document capture software options, providing you with a comprehensive guide to find the ideal solution for your organization’s requirements.
Let’s get started!
The 9 Best Document Capture Software
1. Klippa DocHorizon
Klippa DocHorizon is an AI-powered Intelligent Document Processing solution, leveraging OCR, AI, NLP, and Computer Vision for precise scanning, data capture, information extraction, and accurate document downstream processing. Additionally, its smart algorithms can be used to detect document fraud, verify documents with various methods, and even automate entire document workflows.
DocHorizon offers you extensive document support for a variety of documents and formats in 100+ languages. Our platform excels in processing invoices, receipt, purchase orders, identity documents, and hundreds of other document types. It enables you to convert these documents into machine-readable formats like JSON, XML, XLSX, CSV, or UBL.
Furthermore, DocHorizon extends its support to companies in diverse industries, including software, retail, financial, logistics, and various other sectors.With Klippa’s data capture solution, you can get rid of manual document processing. You can implement it through a low-code platform, APIs, or SDKs – whatever suits you the best.
Pros
- Scan documents with a mobile device using mobile scanning SDK
- Data extraction accuracy up to 99%
- Document fraud detection with AI
- Low-code document workflow builder
- API integration
- Automated document classification, labeling and sorting
- Secure data masking and data anonymization
- Two-way matching
- Intelligent document verification
Cons
- No support for all non-Latin languages
- No document storage
- Currently no reporting tool
2. Rossum
Rossum is a cloud-based OCR solution using AI for electronic data capture. It excels in extracting structured and semi-structured data from diverse documents (mainly invoices and receipts), facilitating seamless integration with popular applications.
This Intelligent Document Processing solution combines advanced data extraction with a low-code platform, streamlining workflows and reducing manual work significantly.
Pros
- Automated document classification, labeling and sorting
- Manages third-party integrations
- API integration
- Duplicate payment detection
- Offers cloud access
- Reporting tool
Cons
- Cannot detect invoice fraud
- Does not offer data anonymization
- Does not perform two-way matching
- Lacks a mobile scanning solution
3. Hypatos
Hypatos leverages AI and machine learning to automate data extraction and streamline back-office operations. With a flexible API, users can integrate it with third-party applications.
The solution automatically converts extracted information into structured data, applying custom validation rules. It excels in automating processes like accounts payable, expense management, and auditing, extracting data from diverse documents.
Hypatos offers both on-premise and cloud deployment options and comprehensive support through various channels.
Pros
- Automated document classification, labeling and sorting
- Scanning data using OCR technology
- Data capture and transfer
- API integration
- Detection of invoice fraud
- Ability for batch upload
Cons
- Does not offer PDF conversion
- No ID scanning
- Absence of workflow management
- No data verification capabilities
4. Docuphase
DocuPhase is a dynamic business software with cores in workflow automation, document management, electronic forms, and data capture. Tailored for businesses of all sizes, it seamlessly automates the Procure-to-Pay process and integrates AP Automation and Vendor Payment systems.
The software extends across departments, streamlining workflows and integrating with ERP systems. DocuPhase’s digital transformation eliminates manual tasks, enhances consistency through standardized workflows, and accelerates completion times.
Pros
- Performs three-way matching
- Integration with ERP systems
- Specializes in AP automation
- Document storage
Cons
- No automated document classification, labeling and sorting
- Lack of AI technologies
- No ID scanning
5. Veryfi
Veryfi streamlines invoice processing for businesses of all sizes with its cloud-based accounts payable solution. Using intelligent software, it automates invoice capture, extraction, routing, and posting into finance systems.
The solution simplifies approval chains, eliminating manual data entry and providing enhanced visibility and control over the entire invoice processing workflow. This shift from traditional processes to automated data capture and posting enhances efficiency and control in accounts payable.
Pros
- API integrations
- OCR technology to scan invoices and receipt
- Workflow management software
- Automated document classification, labeling and sorting
- Smart mobile scanning available
Cons
- No data anonymization
- Does not support ID scanning
- No document workflow builder
- Lacks document storage
6. Docparser
Docparser automates document-based workflows, extracting data fields from PDFs, Word docs, and images for seamless integration into tabular formats. Catering to diverse industries, it streamlines processes like accounts payable, purchase orders, and contracts.
With integration options for cloud storage providers and services like Salesforce, Docparser eliminates manual data entry, fostering efficiency across various document processing tasks.
Pros
- Ease of use and the flexibility of the product
- Data capture and transfer
- API integration for data extraction
- Ability to read and parse PDF documents
Cons
- Lack of AI and OCR functionality in the system
- Complexity in JSON data structuring
- No data anonymization
- Lack of advanced filtering capabilities
- No mobile scanning
- Lacks two-way matching
7. Kofax Capture
Kofax Capture is a powerful automation tool that transforms paper and electronic documents into actionable information, streamlining business processes. With high-speed scanning, real-time image display, and mobile accessibility, it streamlines document handling.
The patented VirtualReScan technology ensures optimal image quality, reducing errors. Kofax Capture seamlessly exports data to backend systems like Microsoft SharePoint, making it an efficient solution for accelerating workflows.
Pros
- Easy to use
- Quick batch capture and OCR scanning
- API integrations
- Automated document classification, labeling and sorting
- Integrated analytics
Cons
- Inability to read handwritten text
- Limited customization options
- Lacks ID scanning
- No data anonymization
- No built-in document fraud detection
8. Tipalti
Tipalti revolutionizes finance processes with its end-to-end payables automation solution. From streamlined accounts payable to global partner payments and procurement, Tipalti simplifies onboarding, accelerates approvals, eliminates manual entries, and ensures global tax compliance.
With features like OCR invoice scanning, multi-entity support, and ERP integrations, Tipalti optimizes employee expenses and provides instant reconciliation. Experience heightened operational efficiency, cost reduction, compliance assurance, and enhanced financial visibility—all in one integrated platform.
Pros
- API integration
- Performs two and three-way PO matching
- Real-time payment reconciliation
- Integrated with any ERP and accounting system
- Comprehensive automation of payment processes
- Powerful tools for reporting and analytics
Cons
- Complex user interface
- Limited to invoices and receipts
- Poor customer service
- Occasional confusion in payment processing timing
- No option for downloading multiple invoices at once
- Offers limited options for customization
- No mobile scanning
9. Laserfiche
Laserfiche is a versatile content management platform catering to businesses of all sizes in various industries. It excels in document scanning, data capture, and workflow automation. With applications in vendor and contract management, invoicing, travel and expense management, Laserfiche simplifies complex processes.
Laserfiche’s emphasis on intelligent content management and business process automation, supported by cloud, machine learning, and AI innovations. The platform promotes efficiency by eliminating manual tasks, fostering collaboration, and ensuring rapid return on investment.
Pros
- Automated workflows for contract management and invoice processing
- Integration with 3rd-party systems like ERP, SCM, or CRM
- Supports content digitization and imaging
- It provides repository access from mobile devices
- Automated document classification, labeling and sorting
Cons
- Improvement in the automation process
- Lack of document capture and conversion
- Limited document coverage
- Limited customization options
- Complexity in workflows
Selecting the right document capture software boils down to your use case, the complexity of documents that you need to process, and its integration into your workflow.
Luckily, Klippa DocHorizon breaks free from any of these limitations, offering intelligent document processing capabilities that go beyond traditional solutions.
If you want to know more about how Klippa can help you automate your document capture processes, the next section provides all the information you need.
Leverage Document Capture Automation with Klippa DocHorizon
Klippa DocHorizon, a top-tier document processing solution, leverages AI-powered technologies and advanced OCR for automatically reading, scanning and processing documents in seconds.
Its intelligent data capture engine ensures accurate processing of a diverse range of document types; covering invoices, receipts, purchase orders, ID cards, passports, driver’s licenses, and many more.
With our versatile document capture solution, you can streamline your business processes by:
- Easily convert documents to business-ready data formats and forward them to your desired end point
- Capture any document by scanning them with a mobile device
- Automate document archiving with smart document classification algorithms
- Secure organization processing with automated document verification
- Eliminate manual tasks with AI-based OCR for accurate data extraction
- Detect document fraud to minimize the risks
- Reduce time and cost for document workflow automation with DocHorizon
Are you ready to explore the potential of Klippa DocHorizon? Schedule a demo below and take your document workflows to new levels. Need more information about our solution? Contact our team, dedicated to your needs and eager to provide assistance.