Rossum Pricing: What’s Included in Its Quote-Based Plan in 2024?

The accounts payable (AP) process is a function that can be easily awash in paper. AP teams usually deal with voluminous amounts of invoices, purchase orders, and receiving reports that need to be processed. However, sticking to outdated methods like paper-based invoicing, manual record-keeping, and mailing checks make it hard for AP teams to fulfill their mission of balancing cash flow with healthy supplier relationships. But with efficient accounts payable software in place, organizations can restructure outdated systems to meet increasing business demands.

One such software you can use to streamline your accounts payable systems is Rossum. It is a solution that lets users receive documents, convert them into machine-readable data, and act on these documents. In this article, learn the inclusions that are part of a quote-based Rossum plan. This way, you know what to expect even before contacting the company to request a quote.

One of the typical challenges for accounts payable teams is manual invoice processing. Manual data entry in paying invoices or creating purchase orders most likely result in data errors that take time to correct. In fact, 51% of survey respondents said that entering and coding invoice data is one of the most tedious aspects of the accounts payable process. Such errors can result in delayed vendor payments, duplicate processing of invoices and payments, and a host of other issues that can negatively impact your bottom line.

Increasing industry demands are also putting a strain on AP professionals. In 2020, statistics found that one-third of AP professionals were working longer days. Meanwhile, 25% of AP leaders said that they are struggling in dealing with increased fraud and compliance risks. Another 22% said that their AP department has experienced an increase in supplier inquiries about invoice status and payments. These challenges served as a wake-up call for automation, with 71% of businesses planning to implement AP automation in 2020.

Rossum Overview

Rossum is an end-to-end artificial intelligence document capture and automation solution that can extract data from documents in a matter of minutes. The cloud-based software dramatically reduces manual data entry and automates your document communications processes. It is powered by cognitive data capture technology that extracts data from documents at scale and converts them from human-readable to machine-readable data.

Rossum can be used by companies of all shapes and sizes. It is primarily used by AP departments that are awash in paperwork as it allows them to simplify data retrieval and cut down on accounting costs. Its template-free approach to data allows it to process a variety of invoices with different layouts. Meanwhile, businesses from other industries also benefit from what this platform offers. For starters, it can be used by logistics companies for streamlining the processing of invoices, bills of lading, customs documents, and packing lists. Shared services centers or business process outsourcing companies may also use Rossum to improve their services or offer new ones to clients.

Organizations and departments with documents that come from various channels can unify them all into one stream through Rossum. They can create a single gateway or a two-way inbox for storing all paper or electronic documents. With Rossum’s frictionless data capture technology, not only can you extract data from documents, but also improve the data capture process over time with the software’s self-learning AI capabilities. Rossum also enables clients to take control of their document communication processes through its analytics and reporting tools.

What industries benefit most from Rossum’s automation?

While Rossum is particularly suited for accounts payable (AP) departments, its automation capabilities offer significant advantages across various industries that rely heavily on document processing. Here’s a look at the sectors that stand to gain the most from Rossum’s automation:

• Logistics and Supply Chain: Rossum can streamline document-heavy processes such as managing bills of lading, customs documents, and invoices, ensuring quick data extraction and error-free documentation. Automation helps logistics companies reduce turnaround times, improve accuracy, and maintain compliance with international trade regulations.
• Financial Services: Financial institutions handle vast volumes of documents daily, from loan applications and financial statements to contracts. With Rossum’s AI-driven capture and automation, banks and financial service providers can speed up document review and improve compliance, allowing staff to focus on more complex tasks.
• Healthcare: Healthcare providers frequently process insurance claims, patient records, and invoices. Rossum’s automation minimizes errors in data entry, reduces claim-processing time, and ensures accurate handling of sensitive information, supporting regulatory compliance and enhancing patient service.
• Manufacturing: Manufacturing businesses can use Rossum to automate the management of purchase orders, supplier invoices, and shipping documents. Automation enables faster processing, improved supply chain efficiency, and stronger vendor relationships by minimizing payment delays and reducing manual work.
• Retail and E-commerce: Retailers and e-commerce companies deal with invoices, returns, shipping labels, and inventory records. Rossum’s automation helps these businesses reduce manual input errors, speed up document turnaround, and improve inventory management by consolidating document flows.
• Professional Services: Law firms, consulting firms, and other professional service providers can benefit from Rossum’s document capture for contracts, client records, and billing statements. Automation helps reduce administrative tasks, ensuring faster data retrieval, improved client satisfaction, and streamlined workflows.

What’s included in Rossum’s quote-based plans?

Rossum doesn’t offer tiered pricing, so customers get a quote-based plan that considers their needs and requirements. A custom quote will include the following components:

Document Capture

At the heart of Rossum is an AI-powered OCR technology that goes beyond traditional template-based OCR. Template-based OCR is time-consuming because users will have to find the right template that works for the kind of document where the data will be extracted. However, capturing data from various types of documents is faster with Rossum than traditional OCR technologies. This is because Rossum is designed using neural networks that approximate how humans read documents. As a result, Rossum can extract data regardless of the layout, language, or data type of a document.

Users can choose from two types of AI engines: a generic AI engine or a dedicated AI engine. Out of the box, customers can use the generic AI engine, which is capable of processing invoices with standard layouts. Rossum’s generic AI engine can extract a diverse set of data fields, such as document type, bank account numbers, amount due, tax total, and many more.

For processing business-specific data, one might want to use Rossum’s dedicated AI engine. This type of engine is recommended for documents other than invoices that have unusual layouts or are in foreign languages. Whatever engine you choose, it will be helpful to observe best practices in business process automation, one of which is to define your specific automation goals in terms of return on investment.

Aside from the technology itself, Rossum has document capture features that make extracting data a breeze. For example, the Magic Grid feature allows you to extract line items from tables using drag-and-drop motions. In addition, you can customize data extraction for specific fields of your own choosing.

Extracting data from line items within tables is easy using Rossum’s Magic Grid feature.

Document Automation

With Rossum, you can build an all-in-one document gateway where you can receive, process, and act on documents. Whether your communications are from inboxes, scanners, accounting tools, or document management systems, you can streamline them all in one gateway.

Within your document stream, you can filter, sort, and pre-process documents. Once a document is sent to the queue, it sets off the document process lifecycle. Once the user uploads or imports a document, Rossum will check the file and inform the user if the upload or import failed. After the data is successfully extracted, the document moves on to the review stage. From here, the status can move on to confirmed, exporting, or exported.

As you work with documents, one might need push notifications to alert you about certain events in your workflow. These may include triggers such as when the document status has been changed or when document content is initialized, updated, or exported. In such cases, Rossum allows you to use webhooks to create event notifications.

Users can choose from either confidence automation or full automation. With confidence automation, the user only reviews documents with low data extraction confidence or validation errors. In contrast, in full automation, documents without validation errors are exported to the confirmed stage only if they do not have a suggested edit. Whatever type of automation you choose, you will surely reap its benefits as automation makes the life of your finance department easier.

Rossum automatically extracts invoice data and highlights fields that need one’s attention.

Analytics and Reporting

With business analytics and reporting, you can get a glimpse of your key performance indicators so you know what areas of your operations can be optimized. A Rossum subscription includes a reporting dashboard where one can have access to various charts. These include:

• Usage graph. This details the total number of accumulated documents in a given date range. It contains a breakdown of how many documents were imported, exported, or deleted.
• Time graph. This shows the average turnaround time for all documents exported within a given timeframe.
• Corrections graph. A correction is a manually selected value that the AI Rossum engine did not extract properly. This report contains the total corrections in a given period as well as the average number of corrections per document.
• On-time vs. late graph. The Rossum engine determines a report to be on time if the turnaround time for the document is less than or equal to 24 hours. Conversely, it considers a document to be submitted late if the turnaround time is over 24 hours. The 24-hour period is set by default in Rossum’s reporting system. However, user-defined thresholds will be available in the future.
• Time per document graph. This report details the average time that a user spends per document.
• Time & corrections per field breakdown. This report shows two sets of data. First, it shows the percentage of documents that had corrections per data field. Second, it shows the average time spent on corrections per data field.
• Automation graph. This report gives the user an idea of the ratio of automated documents and those that were not automated and awaited the review of a human operator.

Rossum’s reporting dashboard allows you to select a date range for viewing reports.

Integrations

Rossum integrates with a variety of apps to offer a solution that fits their clients’ use cases. Rossum works with a number of ERP systems, RPA systems, document management systems, and other apps.

Integrations with ERP systems include SAP, Freshbooks, Oracle Netsuite, and Intuit Quickbooks. With this, you can continue to reap the benefits of your ERP software even as you implement document automation. For RPA systems, Rossum works with UiPath, Blueprism, and Automation Anywhere. Rossum can also be integrated with leading document management systems such as Box, Dropbox, Google Drive, OneDrive, and Sharepoint. Other integrations include Gmail, Bill.com, Coupa, and Zapier. For apps not supported natively, clients can also integrate with Rossum through programmatic API.

Service and Support

Rossum gives its clients the needed service and support SLAs for them to carry out business-critical work without a hitch. For one, clients are assured that the software can extract more than 90% of documents in less than five minutes.

In terms of availability, Rossum has a 99.99% uptime owing to its cloud-based infrastructure, which provides resiliency and redundancy. In addition, it has a Recovery Time Objective (RTO) & Recovery Point Objective (RPO) of one day, with zero data loss in the past three years.

Factors That Affect Your Rossum Costs

Rossum uses an annual subscription model based on quote-based pricing. The quote can be influenced by many factors including:

Estimated annual document volume

Rossum charges clients for every document or page that is processed by its AI engine. A document is processed whenever it changes from imported status to review, confirmed, or exported status.

Clients can be billed per page or by line item. Per-page billing means that the client is charged for all pages of a document, regardless of which pages the captured data is located. By default, the AI engine can process a maximum of 32 pages per document. In contrast, line-item billing applies when the document has tables where line items need to be extracted and such have been configured in the extraction schema.

Data fields for extraction

Rossum’s generic AI engine has been pre-trained to identify data fields in invoices and purchase orders, as well as standard invoicing fields. While the data fields are varied, they can be generally grouped into document-level fields, data fields, amounts, tax detail tables, and line items tables.

Customers with more complicated use cases can utilize Rossum’s dedicated AI engine. In such cases, they will have to use their business-specific data to train the engine. This in turn requires them to purchase the dedicated AI engine feature outright before the training process.

SLA options

For customers who wish to have a financial or contractual guarantee of the software’s availability, they can sign up for an SLA contractual add-on. Support and SLA options can be purchased in different tiers. These range from 24/7 support and one-hour response times for Severity 1 issues.

Closing the Loop on Document Automation

Rossum’s quote-based pricing includes its unique AI-based document capture technology that is a step above traditional OCR-based technology. You also get the benefit of document automation as you can create a unified document gateway for receiving and processing documents. This is especially beneficial to business segments that traditionally rely heavily on paper like accounts payable departments. At the same time, its reporting features ensure that you can track metrics and identify areas for improvement. Native integrations with leading ERP, RPA, and other DMS apps help maximize your investment in your existing technology.

Rossum’s quote-based pricing plan gives you the benefit of paying for a plan that is customized and fit for your needs. Each plan is customized for its clients, taking into consideration their desired SLAs, estimated annual document volume, and the data fields for extraction.

Whatever plan you choose, you can be assured that the solution will help you get rid of the staggering amount of paperwork necessary to keep your business running. After all, automation is expected to have the highest impact across various industries in the next few years, according to the latest accounting trends. Thus, transforming your business with automation is not just inevitable, but the way to move forward.

Key Insights

• Streamlined AP Processes: Rossum significantly reduces manual data entry and automates document processing, which helps in managing large volumes of invoices, purchase orders, and other related documents efficiently.
• AI-Powered Document Capture: Rossum’s AI-based OCR technology can extract data from various document types, layouts, and languages without the need for templates, improving speed and accuracy in data processing.
• Customizable Automation: Users can choose between a generic AI engine for standard document types or a dedicated AI engine for specialized documents, allowing for tailored automation solutions.
• Robust Integration Capabilities: The platform integrates seamlessly with numerous ERP systems, RPA tools, and document management systems, ensuring smooth workflows and maximizing existing technology investments.
• Comprehensive Analytics and Reporting: Rossum provides detailed insights into document processing metrics, helping businesses identify areas for improvement and track key performance indicators.
• Flexible Pricing Model: Rossum offers quote-based pricing, allowing businesses to customize their plans based on document volume, data extraction needs, and desired SLA options, ensuring cost-efficiency and tailored service.
• Enhanced Document Management: The platform supports the creation of a unified document gateway, streamlining the receipt, processing, and action on documents from various channels.
• High Availability and Support: With a 99.99% uptime guarantee and various support tiers, including 24/7 support for critical issues, Rossum ensures reliability and minimal disruption to business operations.

FAQ

1. What is Rossum?
   Rossum is an AI-powered document capture and automation solution designed to streamline the accounts payable process by reducing manual data entry and automating document communications.
2. How does Rossum’s AI-powered OCR technology work?
   Rossum uses neural networks to mimic human document reading, allowing it to extract data from various document types, layouts, and languages without the need for templates, thus speeding up and improving the accuracy of data processing.
3. What are the benefits of using Rossum for accounts payable processes?
   Rossum helps reduce manual data entry errors, speeds up document processing, ensures timely vendor payments, prevents duplicate processing, and enhances overall efficiency in managing invoices and purchase orders.
4. How does Rossum integrate with other systems?
   Rossum integrates with a wide range of ERP systems (like SAP, QuickBooks), RPA tools (like UiPath, Blueprism), and document management systems (like Box, Google Drive), as well as other applications via programmatic API, ensuring smooth workflows.
5. What factors affect the cost of Rossum?
   Rossum’s pricing is quote-based and influenced by factors such as estimated annual document volume, the complexity of data fields for extraction, and desired SLA options.
6. What types of documents can Rossum process?
   Rossum can process various document types, including invoices, purchase orders, bills of lading, customs documents, and packing lists, among others.
7. What are the key features included in Rossum’s quote-based plan?
   The plan includes AI-powered document capture, document automation, analytics and reporting, integrations with multiple systems, and robust support options.
8. How does Rossum handle document automation?
   Rossum creates a unified document gateway where documents can be received, processed, and acted upon. It allows for filtering, sorting, and pre-processing of documents and supports both confidence automation and full automation workflows.
9. What reporting capabilities does Rossum offer?
   Rossum provides a reporting dashboard with various charts that detail document usage, turnaround times, corrections, on-time vs. late submissions, and more, helping businesses track and optimize their document processing operations.
10. How reliable is Rossum’s service?
    Rossum guarantees 99.99% uptime due to its cloud-based infrastructure and offers various support and SLA options, ensuring minimal disruption to business operations and reliable service.

By Jenny Chang

Jenny Chang is a senior writer specializing in SaaS and B2B software solutions. Her decision to focus on these two industries was spurred by their explosive growth in the last decade, much of it she attributes to the emergence of disruptive technologies and the quick adoption by businesses that were quick to recognize their values to their organizations. She has covered all the major developments in SaaS and B2B software solutions, from the introduction of massive ERPs to small business platforms to help startups on their way to success.