Finmatics vs Xtract
Finmatics
finmatics.comXtract
xtract.appSide by side
| Figure | Finmatics | Xtract |
|---|---|---|
| Price from | €750/mo | — |
| Free plan | — | — |
| Free trial | — | Yes |
| Open source | — | — |
| Web | Yes | Yes |
| iOS | Yes | Yes |
| Android | Yes | Yes |
| API | Yes | Yes |
| Plans published | 5 | 1 |
| Spec score · Invoice Approval Software | 8.5 (#8) | 7.9 (#19) |
| Integrations | The company lists DATEV, BMD, RZL, Agenda, Microsoft Business Central, SAP, and custom API connections. | Xtract supports REST API and flat file integrations and lists ERPs including SAP, Oracle, Microsoft Dynamics 365, QuickBooks Online, Odoo, and others. |
| Product | Finmatics is an AI accounting automation platform that processes incoming documents and produces booking suggestions for accounting firms and businesses. | Xtract automates purchase invoice reception, reading, approval, and posting to accounting systems. |
| Security | Finmatics hosts data in European ISO 27001 and ISO 9001 certified data centers with regular IT-security audits. | The maker's privacy policy states that it uses 128-bit SSL, encrypted internal communications, backups, and data centers meeting ISO 27001 and FISMA standards. |
| Support | Finmatics directs technical questions to email support and its help center; the GetApp listing also identifies phone, email, knowledge base, chat, and training support options. | Customer support is available Monday to Friday from 8:00 to 20:00 by email at [email protected]. |
Plans
Finmatics
- Onboarding & Setup€1.99, paid once
- Basis Fin€750 a month
- Plus Fin€900 a month
- Pro Fin€1,050 a month
- Enterprise Fin€1,200 a month
In their own words
Finmatics
Finmatics is accounting automation software for accounting firms and companies. Its system, Fin, captures invoices from paper, scans and electronic files, then separates, sorts and extracts their data. It creates traceable booking suggestions based on booking history and tax logic, and learns from past bookings, user feedback and configured rules. Supported inputs include PDF, TIFF, JPEG, PNG, ZUGFeRD 2.0, XRechnung, ebInterface, UBL and IDoc FI. Integrations include DATEV, BMD, RZL, Agenda, Microsoft Business Central and SAP; a REST API is available, with limits of 1,000 general requests and 100 authentication requests per minute. Conditional routing, delegated approvals, an approval audit trail, mobile approval and invoice comments are listed capabilities. Finmatics supports Android, iOS and web. The listed Basis Fin plan is €750 a month, billed annually in advance; monthly payment is available with a 20% surcharge. A demo is limited to 30 days before a paid contract. Finmatics states that it processes data under GDPR Article 28 and uses encryption, role-based permissions, optional two-factor authentication and SSO.
Xtract
Xtract automates purchase invoice handling, from reception and reading through approval, reporting, and posting to accounting systems. It reads PDF invoices across layouts, countries, and languages, including line items and taxes. Invoices can be routed automatically to approvers, with reminders, conditional routing, and an approval audit trail. Approved invoices can be posted through Xtract APIs or exported as a flat file for ERP import; named integrations include SAP, Oracle, Microsoft Dynamics 365, QuickBooks Online, Odoo, and NetSuite. Xtract generates custom invoice reports and can connect purchase information to dashboards such as Power BI or Tableau. Its expense app supports expense uploads, administrator approval, reimbursement, and ERP posting, and is available for iOS and Android. The service operates in the cloud and does not require administration downloads or computer installation. Xtract also offers accounting firms client account divisions and bookkeeping features. It lists Android, iOS, web, and API access.