processing of invoicesSo, are you still buried under heaps of paper invoices? Are you still always depending on emails that toggle between departments for approvals? Have you been looking for a lost payment and can’t seem to find them anywhere? Is your entire AP reconciliation cycle driving you crazy?
Are you still always depending on emails that toggle between departments for approvals? Have you been looking for a lost payment and can’t seem to find it anywhere? Is your entire Accounting reconciliation cycle driving you crazy?
If you answered “yes” to even one of the questions above, it’s time to automate your AP process and work smarter!
In this detailed guide on Accounts Payable automation software, we will discuss all the facets of this topic, including its definition, benefits, key features, and more, to help you better understand this technology and its importance for your business.
Let’s start with the basics – what is an Accounts Payable automation software?
Looking for Accounts Payable Software? Check out SoftwareSuggest’s list of the best Accounts Payable Software solutions.
What is Accounts Payable Automation Software?
Accounts payable automation solutions can be defined as a type of software that streamlines the accounts payable process. It automates the handling and processing of invoices and payments– eventually reducing manual labor and processing errors.
Some of the major features of accounts payable automation software include– OCR, automatic approval routing, integration with accounting and ERP software, and electronic payment processing capabilities.
In simple words, accounts payable automation tools can help organizations to reduce costs associated with manual data entry and processing while improving processing times, accuracy, and visibility.
What is an Accounts Payable Process?
In simplest possible terms– the accounts payable process can be defined as a way that businesses manage the money they owe to suppliers, vendors, and other people they have bought things from.
The process typically involves activities such as– keeping track of all the bills they get, making sure they are real and correct, and paying them on time.
Overall, the main objective of the accounts payable process is to make sure the business pays what it owes when it’s supposed to and keeps track of all the money it spends.
What Are the Benefits of AP Automation Software?
Based on the information provided above, it may have become obvious to you that accounts payable automation solutions are helpful for businesses and individuals. Here are the top 5 benefits of accounts payable solution that better illustrate its importance:
Streamlined operations
The first major benefit of accounts payable automation software is that it speeds up invoice processing times. This will eventually reduce manual labor and free up time for your accounting team to focus on more important tasks.
Reduced expenses
The next major benefit of the accounts payable solution on the list is cost saving. By automating AP processes, businesses can save high costs on paper, printing, and postage costs. Also, the accounts payable automation tools help them reduce the risk of late fees and duplicate payments.
Error-free processing
In addition to increasing efficiency and saving costs, accounts payable software also reduces errors associated with manual data entry. This will eventually improve overall accuracy while reducing the risk of financial discrepancies.
Clear insights
Accounts payable automation software also provides real-time visibility into your accounts payable processes. This will eventually allow you to track invoices and payments, manage cash flow, and make more informed financial decisions.
Enhanced regulatory adherence
The fifth and final benefit of AP automation software is that it enables businesses to stay on top of regulatory requirements. Using the best AP automation software, companies can ensure that they are adhering to industry standards and guidelines all the time.
These are the 5 key benefits of accounts payable automation solutions that well illustrate their importance for medium to large-scale businesses. Now, let’s move to the next section to look at the key features of accounts payable automation software.
What Are the Key Features of AP Automation Software?
To enjoy all the benefits listed above, it is necessary to choose accounts payable automation software that has all the necessary features capable of streamlining the AP process. Some of the most common or essential accounts payable automation software features are listed below:
Real-time invoice capturing
Real-time invoice capturing is one of the most critical features that all AP and invoice automation software must include. This feature automatically captures real-time invoice data from various sources such as emails, scanners, or mobile devices.
Multiple device support
Multiple device support is another key feature that accounts payable automation solutions must offer. This feature allows users to access the software from various devices, such as computers, tablets, or smartphones, enabling remote work and effective collaboration.
Audit-ready access
The next crucial feature that all accounts payable software must provide is Audit-ready access. This feature enables instant access to AP data and documents, ensuring quick response to audit requests and compliance with industry standards and regulations.
Batch processing
Batch processing is the fourth important feature that accounts payable automation software must offer. This feature facilitates the processing of multiple invoices simultaneously, reducing time and effort.
Integration capabilities
Integration capabilities are the fifth and last vital feature that all accounts payable solutions must encompass. This feature allows for integrating the software with other systems, such as accounting software, ERP, and CRM systems. This will help synchronize data across different systems.
These are the 5 most important features that all accounts payable automation software must comprise. Now, let’s take a look at the 10 best Accounts Payable automation software in 2023 to find the right one for your business needs.
Our selection of these Accounts Payable Automation Software is based on thorough research and analysis. We have listed these softwares based on usability and satisfaction score that include features, ease of use, customer support, ratings, and number of reviews from SoftwareSuggest. Our goal is to help businesses select the right softwares that can help them optimize their business processes.
Best 10 Accounts Payable Automation Software in 2023
Since there are hundreds of AP automation software for small businesses available in the market, it is critical that you thoroughly analyze their features and pricing to determine whether they align with your business requirements.
To assist you in this endeavor, our team of experts has analyzed a number of accounts payable automation software options in 2023 and selected the best 10, listed below.
Let’s check them out one by one.
1. Sage Intacct
Sage Intacct is one of the best accounts payable automation software, using which you can create a customized workflow and automate approval notifications and processes, leveraging its superior point-and-click control features.
It is a cloud-based ERP that includes all diverse verticals of accounts payable, like purchasing, vendor management, cash accounting, contract management, inventory management, and others. Besides, you also can get a real-time picture of all your AP transactions.
Sage Intacct prides itself on cutting down the AP processing time by a whopping 65%. Added to that, you get better internal controls and the ability to set spending limits.
2. Bill.com
With Bill.com’s structured and straightforward approval workflows, you can clearly define who approves which payment. Its IVA (Intelligent Virtual Assistant) feature helps save hours of hard work by auto-entering data for you.
Moreover, Bill.com accounts payable automation software provides a super speedy reconciliation system through a smooth integration with your current accounting software.
Additionally, a single-view payment in and payment out helps you budget your finances better. What’s more, you get real-time info on your mobile phone so that you can review and approve payments on the go.
3. Beanworks
Beanworks is a cloud-based accounts payable automation software that helps businesses streamline their AP process and gain better control over their cash flow. This software offers a range of features to automate invoice processing, payment, and reporting, enabling you to focus on more strategic tasks.
One of the key benefits of Beanworks is its ability to automate data entry and invoice matching using machine learning technology. This not only saves time but also reduces errors and eliminates the need for manual intervention.
To sum up, Beanworks is a reliable and intuitive AP automation software that can help your business reduce costs, increase efficiency, and improve accuracy and compliance.
4. Stampli
Rightfully assuming its position in the top 10 best accounts payable automation software list, Stampli will leave you more than satisfied with its features. It is one tool that lays more emphasis on communication so you can collaborate better with vendors and approvers.
The invoice capture and coding are all done with AI and machine learning. The tool gives you a real-time view of payments as well as an intuitive dashboard to monitor all activities.
Stampli accounts payable software can be seamlessly integrated with the organization’s current financial setup without any technical know-how. The installation of the software itself can be done in just one day, and it is ready to use.
5. DocuWare
With DocuWare accounts payable automation software, you can keep large heaps of documents at bay. This is one of the best accounts payable automation solutions that can help you save time and effort by maintaining invoices without any hassles. Besides, it also helps you to digitize workflows and set up approvals in the system.
The software also helps notify you about early payment discounts so you can save some bucks. You could also avoid late fees, which, in turn, help you build better trust with the vendor.
Moreover, the software also helps organize your invoices better and is available in 16 languages. Currently, over 600,000 customers across 90 countries are using Docuware to build a more robust invoicing system in their organizations. The software can be deployed over a cloud or on-premise – the choice is yours!
6. Tipalti
When it comes to the best AP automation software for small businesses, Tipalti ticks all the right boxes. The first step in using this accounts payable automation software is to reveal all necessary information about themselves; this not only reduces your data entry efforts but also ensures that the right person gets paid.
The software asks the vendors to upload their invoices, and Tipalti’s Machine learning-powered setup helps in pre-filling any incomplete data based on records. This is a substantial energy-saving feature.
This accounts payable software helps establish a transparent approver system and a robust audit trail to validate all payouts. You can schedule the payments with great ease and view real-time payment reconciliation too.
7. Nanonets
Nanonets is an AI-based accounts payable automation software that streamlines invoice processing, payment workflows, and approval workflows. Its OCR technology and NLP capabilities automatically extract data from invoices, reducing manual data entry and errors.
With Nanonets, you can manage payments easily, choosing from various payment methods, including ACH and wire transfers, and integrate the software with popular accounting software, such as QuickBooks and Xero.
Additionally, Nanonets also offers customizable workflows for invoice approvals, automating the approval process and ensuring quick and accurate processing. Its AI and machine learning capabilities allow it to improve over time, making it a smart investment for businesses seeking to streamline their AP and payment processes too.
8. Spendesk
Revamp your spending process with the help of Spendesk’s accounts payable automation software– a boon not only for the organization but also for the employees.
This AP automation software for small businesses will give your organization a way to better plan its spending system by setting limits and helping monitor payments and budgets and also helps to track the reconciliation on a real-time basis.
The benefit for employees is not even forgotten by Spendesk as its superior software lets employees access the company funds. It gives your staff the freedom to make payments on the go and in the payment option of their choice – cards, cash, or invoice.
Spendesk assigns virtual cards to team members to use the software more securely. Also, the software does not track expenses as a policy to eliminate any fraud.
9. MineralTree
MineralTree is an award-winning organization that offers a complete AP automation solution called “invoice-to-pay.” It is an integrated two-way communication tool, just like Xero, Microsoft Dynamics GP, Sage Intacct, QuickBooks, etc.
All electronic payments, as well as checks, are remitted directly from the bank account. The software scans physical invoices to convert them into the digital text to provide customizable and configurable payment approval workflows.
Users can view and approve the transaction on the go from their mobile phones and keep their operations safe with a two-factor payment authentication system to stay protected from any fraud.
10. AvidXchange
Another leading accounts payable automation solution in this division is– AvidXchange. It provides a complete suite of products right from placing a purchase order to the invoice for the product rendered and, finally, the reconciliation of the invoice – all done automatically.
AvidXchange offers freedom from all the manual work that has been keeping your accountants busy all this while with its intuitive and intelligent platform doing all the hard work smartly for you. The workflows provided by the software give you the freedom to keep your current business processes and rules in place.
With this, we are concluding this detailed guide on the top 10 best accounts payable automation software. We are certain that this information has enhanced your knowledge about this technology and helped you learn why you must invest in one.
Conclusion
In this technology-driven era, it is necessary to learn and invest in modern tools like accounts payable automation software to keep your business aligned with customers’ needs and gain an edge over competitors. In addition, these tools can help you save valuable time and effort that you can eventually divert into more critical business activities, enhancing overall bottom-line results. If you are looking to buy AP automation software, do not forget to consider the software we discussed above.
Frequently Asked Questions
Some of the major challenges in traditional accounts payable management include– timely payment, accurate data entry, and avoiding duplicate payments.
Yes, accounts payable is a liability as it represents the money that a company owes to vendors or suppliers for goods or services they have received.
AP automation workflows streamline accounts payable by automating tasks like data entry, invoice matching, and approval workflows. This will ultimately reduce errors and speed up processing times.
Paras Kela is a highly skilled SaaS content writer with over 7 years of experience in the IT field. His expertise lies in simplifying complex technical concepts for easy comprehension. With a portfolio of over 100 high-quality blogs covering various SaaS topics, Paras’s writing style is engaging, informative, and SEO-friendly, ensuring maximum effectiveness. He continuously updates his skills and knowledge to stay current with industry trends, making his writing relevant and reliable.
