Invoice Automation Software In 2023

The invoice automation software market is projected to grow at a CAGR of 17.9% during the forecast period. The growth can be attributed to the increasing demand for digital transformations, business process optimization, and workforce productivity in SMEs as well as large enterprises across industries.

There are many advantages for companies using invoice automation software such as time-saving features, enhanced customer experience, and better financial management.

Top 10 Invoice Automation Software In 2023
Top 10 Invoice Automation Software In 2023


Invoice Automation Software Automate Transactions 

Invoice automation software processes and monitors invoices, payments, and other billing-related tasks. It automates the entire process from the time an invoice is created to its final processing by a third party.

This includes collecting information on each customer’s account, processing payments (both manual and electronic), sending out bills in the mail or electronically via email/text/fax, tracking payments received, calculating interest charges, reconciling balances with credit card companies, generating payment receipts, printing checks.

Invoice Automation Software Automate Notifications

  • Invoice automation software also sends automated notifications to users when a task is due or when a task is completed.
  • The notifications can be sent via email, SMS, or other communication channels.
  • The notifications can be sent automatically by the software or manually by the user.

Invoice Automation Software Automates The Invoice-to-cash Process.

Invoice automation software automates the invoice-to-cash process, which includes sending invoices and collecting payments by automatically monitoring financial transactions and billing documents. The software helps you streamline your billing process by reducing manual efforts required to send out invoices, track payments received from customers, approve/reject orders for payment or refund requests on an ongoing basis. This can be done through a number of different methods including:

  • Automated emails that notify customers when they have been paid (or not)
  • Alerts sent directly to your inbox with automatic emails if there are any issues with a customer’s invoice payment status.

The Invoice Automation Software Market Size

The global invoice automation software market size was USD 3.2 billion in 2018, and is expected to grow at a CAGR of 17.9% from 2019 to 2023 as per a report by Transparency Market Research (TMR).

The company has analyzed the market and predicted that it will reach around $7 billion by 2023 with an annual growth rate of over 20%. This implies that the industry will have a compound annual growth rate (CAGR) of 17%, which is significantly higher than other industries such as IT & electronics ($32 billion) or Automotive ($943 million).

The Invoice Automation Software Market Growth

The invoice automation software market growth can be attributed to the increasing demand for digital transformations, business process optimization, and workforce productivity in SMEs as well as large enterprises across industries.

The demand for invoice automation software is driven by the need to increase productivity and efficiency in the invoice-to-cash process. According to Technavio, the global market size of the invoice automation software market will grow from USD 8.8 billion in 2019 to USD 13.43 billion by 2023, at a CAGR of 17%.

In addition, it has been observed that there has been an increasing demand for digital transformations, business process optimization (BPO), and workforce productivity in SMEs as well as large enterprises across industries. This trend can also be attributed to India’s growing economy which demands innovative solutions that enable companies to improve their performance while reducing costs through streamlined processes involving multiple stakeholders from different departments within an organization or even multiple organizations altogether.

As a result, companies are looking for innovative solutions to automate their invoicing processes. invoice automation software is among the most sought-after solutions that help businesses increase their efficiency and profitability by automating their invoice-to-cash cycles.

Key Factors Restraining The Growth Of The Invoice Automation Market

Key factors restraining the growth of the invoice automation market include system downtime and lack of standardization across platforms.

The company will be able to spend more time on their core business, which will increase their revenue and reduce costs.

  • They can focus on their core business instead of dealing with invoices, which means they’ll be able to save money by not spending time on the process.
  • Their employees will also have less stress because they won’t have to deal with invoicing issues anymore.

North America Is Expected To Hold The Largest Share

North America is expected to hold the largest share of the invoice automation software market in 2023, whereas Asia Pacific is expected to grow at the highest CAGR during the forecast period.

The report on global invoice automation software market provides a comprehensive analysis of this market along with its key industry players such as SAP SE (Germany), Oracle Corporation (U.S.), Microsoft Corp., IBM Corporation and Google Inc..

There are many advantages for companies using invoice automation software.

There are many advantages for companies using invoice automation software. Here are some of the top ones:

  • It can help save time and money. With a fully automated system, you don’t have to spend time on manual invoice processing. This frees up your staff to focus on higher-value activities, such as customer service and sales.
  • It can improve customer experience by reducing errors in customer accounts receivable (ARC) reporting processes that cause delays in payments from customers who are late or not paying at all. This leads directly back into improving cash flow by increasing revenues through increased collections rates on invoices that have been processed through automation systems rather than relying solely on manual processes which often lead people into errors when they try entering data after hours because they do not have access until morning comes around again.

Top 10 invoice automation software 2023

In 2023, invoice automation software will be the norm From small businesses to large corporations, invoice automation is becoming more and more popular. These days you can automate just about anything: invoices, orders and payments. Whether you’re running a small business or managing hundreds of employees across multiple departments, these tools can help streamline your operations and save time on every project.

Invoice Berry

Invoice Berry is a cloud-based invoicing software that enables you to send invoices and collect payments from your clients. It is an all-in-one solution for small businesses, freelancers and entrepreneurs.

Invoice Berry has several features that make it stand out from other invoicing apps like Fresh Books, Quickbooks Online, Xero and others:

  • Easy signup process
  • Excellent customer support team
  • Create unlimited accounts for different professions (businesses) on one platform

Send unlimited invoices and reminders to your clients Get paid faster with the integrated payment gateway and payment processor Use templates of ready-made invoice without any coding skills Create estimates, sales orders and purchase orders.

Invoices Before Work

Invoices Before Work is a SaaS solution that helps you to automate your invoices. It is a cloud based software, easy to use and available in many languages. It integrates with many payment gateways such as PayPal, Stripe, and others so you can get started with sending your invoice right away.


Wave is a cloud-based accounting software that integrates with other software. It’s free to use for up to 10 users, and it’s ideal for small businesses that don’t need advanced features or multiple users. The interface is easy to navigate and intuitive, so you can get started quickly without having any special knowledge of the field.

The program offers several templates for different types of invoices including: sales orders, purchase orders, labor time sheets (LTS), time sheets (TST) and payroll reports. Each template includes all necessary fields such as items purchased/sold; amounts paid; tax code; customer name; payment terms etc., which makes it very easy for users who do not have much experience in invoice creation process

. The program also allows you to create new templates, which is useful if you need a custom invoice for special situations. For example, if your business sells different types of products and each requires its own invoice format.


Invoice2Go is a free invoicing software that allows you to create and send invoices, track payments, and add expenses. It’s easy to use and can be used on any device. It integrates with your bank account so that it’s easy for clients to pay their bills online or over the phone (if they’re willing).

QuickBooks Online

QuickBooks Online is a cloud-based accounting software that has been around for years, but it’s still one of the best options if you want to manage your finances online. It’s easy to use and has a lot of features (like invoicing) that other programs don’t have. If your business has less than $100k in revenue per year, QuickBooks Online would be a good choice for you because it’s less expensive than some other programs on this list; however, if you’re looking for something more advanced than simple invoices or expense tracking, then we recommend checking out our top picks below.


FreshBooks is one of the most popular invoice automation software on the market. It’s easy to use, has a mobile app and is free for small businesses with up to five employees.

FreshBooks also offers paid plans with more features that allow you to track time spent on projects and invoices, create recurring expenses, export data in Excel format or PDF format, track sales tax rates across multiple states and territories (if applicable), send invoices directly from your browser instead of having them printed out by hand—and much more!

As an added bonus: FreshBooks has an active community where users can share their experiences & ask questions about how best to use their product…and there’s even an FAQ section if you get stuck along the way!


Xero is a cloud-based accounting software that helps you manage your business finances. It’s available on the web, mobile and desktop. It has powerful features, such as integrated invoicing and inventory management.

Xero’s pricing model is based on volume of transactions processed per month which means that it’s affordable to use for small businesses with less than 10 employees (or those who need their accounting records to be kept at arm’s length). The free version allows users to import data from QuickBooks Online or Excel spreadsheets into their personal account but does not allow them to create new projects or manage multiple companies in the same account – meaning if you want those features then you’ll need to upgrade!

Zoho Books

Zoho Books is a cloud-based accounting software that lets you invoice and manage your business. It’s easy to use, but it does have some advanced features for more seasoned users.

Zoho Books offers several options for creating invoices, tracking expenses and receiving payments from clients. Customers can also be invited to download the software so they can view their financial information in the same format as other members of your team do (if you don’t want them to access certain areas).

The free version of Zoho Books includes unlimited invoices, customers and products; however it doesn’t allow multiple users per account or unlimited accounts per user (e-mail accounts).


ZipBooks is a cloud-based accounting software that offers free invoicing, online payments and online bookkeeping. The program also has integrations with QuickBooks and Xero.

ZipBooks was designed with small businesses in mind. It’s easy to use and offers customizable options that make it ideal for freelancers or independent contractors who don’t have the resources of larger companies behind them.


WorkingPoint is a cloud-based invoicing software that helps you automate invoicing and manage your business. With this software, you can create customized reports in real time and manage your accounts from one dashboard.

WorkingPoint is a great option for small businesses looking to save time on invoice processing. It’s easy-to-use interface makes it easy for anyone on your team—from executives or managers to accounting clerks—to use the software without any training required. If you don’t want or need all of its features, there’s also an Enterprise Edition available (for larger businesses).

Why To use Invoice Automation Software In 2023?

Invoice automation software is a powerful tool that can help your business streamline its accounting processes. As the name suggests, invoice automation software helps to automate certain parts of the billing process and make it easier for you to deal with invoices. Invoice automation software can be used by both small and large businesses alike to improve productivity, accuracy and efficiency while reducing costs associated with manual processing of invoices.

Streamline The Manual Task

Invoice automation software is designed to streamline the manual task of processing invoices allowing accounting departments to:

  • Reduce the time spent on invoice processing
  • Reduce the number of errors in invoices
  • Reduce the number of invoices that are lost or overdue, which can lead to lost revenue, increased costs and more time spent chasing payment.
  • Improve visibility into financial processes and make it easier for users to understand how they’re tracking financial information. This helps improve accuracy and compliance with tax laws as well as certain industry regulations such as Sarbanes Oxley (SOX). – Increase productivity & efficiency by automating repetitive tasks that were previously done manually.

Improve accuracy and compliance

  • Reducing errors and improving compliance. The more accurate your invoices, the less time you’ll spend managing and correcting them later on. With a tool like Invoice Automation Software, you can automate the entire process so that every invoice is formatted correctly before it’s sent out—and then leave this task to our software instead of having to do it manually yourself each time an invoice needs to be reviewed.
  • Making sure that your invoices are always up-to-date with tax rates & regulations: With automated processing enabled by our platform, we’ll ensure that all data related to taxes (or any other applicable regulations) is updated automatically in real time whenever there’s new information available about those regulations or rate changes happen overnight (or even during business hours). This means less work for both of us.

Enhance Productivity And Efficiency

The first and most obvious benefit of invoice automation is that it can be used to reduce the time spent on manual processing. This means less work for you, which means more time to spend doing other things. Automating invoices also improves accuracy, compliance, and reduces lost or overdue invoices by ensuring that they’re always available. When you’ve got an automated system in place that processes your data quickly and reliably (like ours), there’s no need for error-prone human intervention—you can rely on the machine instead! It’s like having a robot secretary at your beck and call 24/7, except with more money.

In addition to these benefits from automation itself and because our software is designed specifically around invoices so that everything works together seamlessly, the result is shorter cycle times overall as well as shorter lead times for orders placed through automated processes like payment terms.

Improve Visibility Into Financial Processes

  • Improve compliance with regulations and tax laws
  • Improve productivity through the elimination of manual work, such as writing invoices and completing other financial reports.
  • Enhance efficiency by having all your invoices routed directly to the correct person, saving you time. This also allows for faster turnaround times on shipments, which means more money in your pocket!
  • Increase accuracy by automating clerical tasks such as calculating taxes and shipping costs (and reducing their frequency).

Reduce lost or overdue invoices

  • Get a more accurate picture of your cash flow.
  • Reduce the time spent on invoice processing and avoid errors, lost or late payments.
  • Eliminate disputes over bills that are not paid in time.

With More Control, You Can Reduce The Risk Of Costly Errors.

  • Reduce the risk of compliance errors. With an automated invoicing system, you can be certain that all required fields are filled out and that all information is correct before sending it to the client.
  • Reduce the risk of fraud. Automated invoicing software will automatically detect any inconsistencies or problems with your invoices by comparing them against previous versions and verifying their authenticity with a third-party service provider such as PayPal or another financial institution (FICO). This helps prevent unauthorized charges from being approved by customers who don’t approve them!
  • Reduce payment delays: A big reason for late payments is because people don’t receive their invoice until after they’ve paid it and if there’s no way for them to check up on its status (like through email), then what happens then? You’ll lose money! But now with automation software like ours…

Shorten Overall Cycle Time

Invoice automation software is a great way to reduce overall cycle time. As the name suggests, it automates the entire process from creating an invoice (or receipt) to posting it for payment. This can be especially useful for businesses that don’t have much time or resources for manual processing, but still need to make sure their books are accurate at all times.

The most common reasons why businesses use invoice automation software include:

  • reducing overall cycle time by reducing human error
  • increasing cash flow by eliminating reconciliation workarounds
  • lowering risk of fraud by using electronic documents instead of paper ones.

Go Paperless

Paperless invoices are an important part of the digital transformation. They reduce costs, simplify processes and make it easier to track your business activities.

  • Reduce Costs: With paper invoices you need to pay for printing, mailing and storing them in order to be able to use them again at a later date. With invoice automation software you can automate this process as well as eliminating manual data entry from your desktops or mobile devices so that there is no need for additional human resources or time spent doing it manually anymore! This results in significant savings for businesses that have already invested money into automation technology.
  • Improve Efficiency: Because our system automatically generates detailed reports on all aspects related with incoming payments (e.g., supplier information) along with other relevant documents such as purchase orders etc., these documents are ready immediately after receiving payment so there’s no need anymore spend hours trying find out where something went wrong because everything has been found out automatically by our system when compared against past records which means less work needed done by employees during processing time itself which saves money because there’s less downtime caused by errors made during processing time itself which reduces costs even further via lower employee salaries required due.

Create a Flexible Platform For Future Growth And Change

The software you choose should be flexible enough to allow for future growth and changes in your business. You don’t want to have to buy a new version of the software every time there’s a change in the way that you do things, or when new processes are added.

You may also want the ability to access certain functions from multiple locations, such as from home or from another office location. This is especially true if one of your employees is working from home while another stays at their desk full-time but still needs access when needed (such as during lunch breaks).

Access To Self-service Portal For Vendors And Partners

The self-service portal is a feature of invoice automation software. It’s a convenient way for vendors and partners to pay their bills, view invoices, make payments and get notifications about their bill status.

Vendors can log into the portal using their business account or contact information (such as email address or phone number). They can also create an account using social media accounts like Facebook or Google+. Once they have an account with us, we’ll give them access to our system so they can view invoices and make payments from anywhere at any time!


Invoice automation software is a great way to streamline the manual task of processing invoices allowing accounting departments to: improve accuracy and compliance with enhanced visibility into financial processes. With more control, you can reduce the risk of costly errors. It also shortens overall cycle time by automating tasks that previously required manual effort such as creating an invoice or submitting it for payment. Finally, go paperless.

Automating invoices will save you time, money and hassle. You can also track your spending in real-time so that you know how much to budget and when to spend it.

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