10 Best Accounts Payable Automation Software

Last updated on by Editorial Staff
Accounts Payable Automation Software

Accounts payable automation is an organization’s most important tool to improve efficiency.

This article will look at some of the best Accounts Payable automation software on the market today, so you can decide which solution is right for your organization.

What is Accounts Payable Automation?

Account payable automation is automating the Accounts Payable department’s workload. Automation can be used in Accounts Payable to speed up and improve efficiency in many areas, including:

  • Vendor management
  • Payment processing
  • Expense management
  • Reporting

Here is the list of software.

1. Sage Intacct

It is a cloud-based software and helps to automate the accounts payable process. It provides real-time visibility trough-out the accounts payable workflow. The software is more suitable for small and mid-sized businesses.

Webpage of Sage Intacct

Features

  • AP automation
  • General ledger
  • Cash management
  • Order management
  • Spend management
  • Purchasing
Purchasing sheet of Sage Intacct

Pricing

Pricing details are not disclosed on the official website. Instead, you need to request pricing by filling out a form.

Like

  • Enhances the accounts payable processing time
  • Eliminates unwanted, inefficient workflows
  • With the help of the ‘vendor payments’ feature, you can connect all your vendors, banks, and payment platforms.
  • Saves time in report preparation
  • You can have visibility and traceability with centralized access for billing, approvals, and payment status.
  • It allows you to pay your vendors with any payment method like checks, virtual cards, or ACH.

Dislike

  • Reporting options are confusing.

Supported industries

  • Accountants and CPA Firms
  • Biotech and Life Sciences
  • Construction and Real Estate
  • Financial Services
  • Healthcare

Our opinion

If you’re looking for a comprehensive account payable automation solution, you should consider Sage Intacct. It’s an excellent option for small and mid-sized businesses and offers many features that can save you time and money.

One of the good things about Sage Intacct is you can choose the best method for each vendor, and you don’t have to worry about losing out on discounts or incurring extra fees. Another great feature is the real-time visibility it provides of your entire process. This can be extremely helpful in identifying bottlenecks or areas where improvements can be made.

2. Lightyear

Lightyear is the world’s fastest accounts payable automation software that is both user-friendly and comprehensive. Lightyear offers many features to help businesses manage purchases, invoices, payments, and other financial processes. In addition, it provides an intuitive interface that makes it easy to use, even for those not experienced in accounting or finance.

Webpage of Lightyear

Features

  • Creation and approval of purchase orders
  • Goods received tracking
  • 3-way matching
  • Creation of PO and GRNs
  • Data extractions
  • Approvals workflow
  • Mobile apps
  • Accounting integrations
Parent Dashboard of Lightyeaar

Pricing

It offers three types of pricing plan

  • Starter – Starts from $99 per month
  • Business – Starts from $199 per month
  • Enterprise – Starts from $1199 per month
Pricing of Lightyear

Like

  • Provides all the required features for the AP automation process
  • It provides a free trial
  • It is the software for unlimited users, and you can create unlimited child accounts.
  • Zero installation fees
  • Provides exemplary customer support (24/5 chat, phone, email)

Dislike

  • The starter plan does not offer purchase order, GRN, and 3-way matching
  • You need to upgrade to the business plan to get the purchase order feature

Supported industries

  • Education
  • Hospitality
  • Manufacturing
  • Cannabis farms
  • Automation for the Automotive Industry
  • Construction

Our opinion

Overall, we believe Lightyear is a good software for businesses with many users. It offers various pricing options and all the features you need to manage accounts payable. It provides a user-friendly interface that makes it easy for anyone to use. In addition, its customer support is excellent, providing 24/5 chat, phone, and email support.

3. Tipalti

Tipalti is a cloud-based AP automation software that helps businesses pay their suppliers faster and more efficiently. With Tipalti, businesses can streamline the entire AP process, from invoice creation and approval to payment. Tipalti also strongly focuses on compliance, ensuring that all payments are made following regulations.

Webpage of Tipalti

Features

  • Supplier management
  • Invoice management
  • Purchase order matching
  • Payment remittance
  • Payment reconciliation
  • Partner management
  • Fraud detection
  • Global payments
  • Self-billing module
Billing list page of Tipati
  • Currency management

Pricing

The vendor on its official website does not disclose pricing.

Like

  • Provides feature for purchase order management
  • Reduces payment errors
  • Reduces accounts payables workloads
  • Provides real-time insights

Dislike

  • Mobile apps and free trials are not available

Supported industries

  • Business Services
  • Software and Technology
  • E-Commerce & Retail
  • Education
  • Healthcare

Our opinion

Tipalti is a cloud-based solution that helps process invoice payments automatically. It dramatically decreases the time spent on manual tasks, such as invoice creation and approval, and helps ensure payments are made promptly. In addition, it can manage international payments with the help of the currency management feature.

4. Oracle NetSuite

NetSuite is a cloud accounting software that helps businesses automate their accounts payable. In addition, NetSuite allows businesses to manage their finances, including invoicing, payments, and expenses. NetSuite also provides tools to help companies manage their cash flow and financial reporting.

Webpage of Oracle NetSuite

Features

  • General ledger
General Ledger of Oracle NetSuite
  • Cash management
  • Automatic process of invoices
  • Payment management
Payment sheet of Oracle NetSuite
  • Real-time insights into the accounting process

Pricing

Starting price:$99 per user/month

Base License:$999 per use per month

Like

  • Helps to automate repetitive tasks
  • You can access the software from anywhere
  • Avoids duplication of data entry
  • Provides real-time information and role-based dashboards

Dislike

  • No free trial
  • Not suitable for small businesses

Supported industries

  • Advertising & Digital
  • Marketing Agencies
  • Apparel Footwear & Accessories
  • Campus Stores
  • Consulting

Our opinion

NetSuite provides accounting software on a cloud platform with intuitive features. It is flexible, and you can access the required data from anywhere. Moreover, it automates repetitive tasks and provides real-time insights, which helps businesses manage their finances more effectively.

5. Bill.com

Bill.com is a software tool for automated accounts payable for small and mid-sized businesses. You can generate bills, pay bills and send invoices with this software. 

Webpage of Bill.com

Features

  • Payments
Payment page of Bill.com
  • Approvals
  • Controls
  • Invoicing
  • API
  • 360-degree vendor information
  • Customer user roles

Pricing

It offers three different plans for businesses.

Pay bills & get paidPay bills Get paid
Corporate plan– It starts at $79 per user per monthEssentials – It starts from $45 per user per month.Essentials It starts from $45 per user per month.
Enterprise plan – You need to contact the vendor for pricing details.Team – It starts at $55 per user per month
Team – It starts at $55 per user per month

For accounting firms, it offers a cost of $49 per month.

Bill.com Pricing
Essentials and Team Pricing sheet of Bill.com
Accounting firms pricing of bill.com

Like

  • It provides unlimited data storage
  • You can easily import invoices into bill.com
  • Enhances your time by 50%
  • It offers multiple payment options
  • Provides sync between critical data like vendors, invoices, accounts

Dislike

  • Integration with limited accounting systems. If you need integration with more accounting systems, you need to upgrade the pricing plan.

Our opinion

Bill.com streamlines your account payable process and reduces the time taken. In addition, it offers multiple pricing plans and provides multiple payment options. Overall it is a good option for all types of businesses.

Supported industries

  • Accounting firms
  • Hospitality
  • Software & Technology
  • Professional services
  • Wealth management

6. Stampli

Stampli is a cloud-based Accounts Payable automation software that helps businesses manage bill processing and track invoices. It offers smart, intuitive, and actionable AP automation.

Webpage of Stampli

Features

  • Intelligent AP automation
  • Accurate invoice capturing
Invoice page of Stampli
  • Keep pace with change.
  • Scale for growth
  • Intuitive dashboard
  • Centralized collaboration
  • Clear visibility of AP automation process
  • Automated communications
  • Audit ready history
  • Seamless integration
  • Fast implementation

Pricing

The vendor does not provide pricing details. Contact the vendor for more information.

Like

  • It helps the accounting department collaborate and communicate efficiently
  • It allows you to access invoices anytime
  • You can make payments in multiple ways like cash, checks, ACH, and credit cards.
  • You can work with the software from anywhere, on any device

Dislike

  • It is not very customizable
  • There is no 24/7 customer support
  • The actual video is not shown in the demo
  • No mobile apps

Supported industries

  • Agriculture
  • Automotive
  • Cannabis
  • Oil & gas
  • Media & Entertainment

Our opinion

Though with some drawbacks, stampli is an excellent solution for AP automation. It uses artificial intelligence for the AP process, reducing time. In addition, it can easily integrate with your particular accounting and procurement process.

7. Avidxchange

Avidxchange is a comprehensive AP Automation software that helps businesses manage and streamline their AP processes. In addition, it provides a complete suite for procure-to-pay.

Webpage of Avidxchange

Features

  • Flexible, automated payments
  • Invoice management
  • Real-time analytics
  • Matching and approvals
  • Batch processing

Pricing

The vendor does not provide pricing details. Please get in touch with the vendor for the details.

Like

  • Integrates with many software like QuickBooks, NetSuite, Microsoft dynamics, etc
  • It provides live support
  • Holds invoices for seven years
Invoice sheet of Avidxchange
  • Provides access to the trainers
  • Increases financial security with e-payment

Dislike

  • It does not offer a free trial
  • No mobile apps
  • Sometimes proof of payment will not be available on the Avidxchange portal

Supported industries

  • Real estate
  • Community association management
  • Media
  • Construction
  • Financial Service

Our opinion

Avidxchange is an automation software for invoice automation, purchase orders, and bill payments. It integrates with many accounting software and provides customizable 2-way and 3-way matching capabilities. Since it is a cloud-based platform and hence provides 24/7 online access.

8. Beanworks

Beanworks is a cloud-based account payable automation tool that helps to automate your entire purchase-to-pay workflow. The software is suitable for small, medium, and large enterprises.

Webpage of Beanworks

Features

  • Budgetary control
  • Purchase order matching
  • Automated approvals
  • Invoice approval management
Invoice page of Beanworks
  • Electronic audit trail
  • Expense management

Pricing

The vendor does not disclose pricing. Kindly contact the vendor for the details.

Like

  • Helps to reduce bottlenecks and delays
  • Offers centrally managed locations for multiple companies
  • Provides access to unlimited users
  • Allows you to access and approve invoices on your android and iOS mobile
  • Eliminates duplicate payments

Dislike

  • You need to pay more attention during invoice coding.
  • Sometimes, it is difficult to find out the stage of each expense

Our opinion

Beanworks system provides a centralized platform to manage all your invoices and expenses. The software also offers mobile access to approve invoices on the go. It also avoids the duplication of payments.

9. Melio

Melio software is a free tool helpful for the invoice payment process. Small and medium-sized businesses can use this software.

Webpage of Melio

Features

  • Accountant Dashboard
  • International payments
  • Easy bill capture
  • Team management
  • Workflow approvals
  • Pay and get paid

Pricing

It offers two types of pricing options

  1. Pay – In this option, ACH and check payments are free. However, it offers a 2.9% fee for credit and debit card payments. In addition, it charges $20 for expedited check delivery and an International USD transfer.
  2. Get paid – It is free but charges 1% for same-day bank transfer.
Pricing Sheet of melio

Like

  • Free for unlimited users
  • Provides live support via chat and email
  • Provides control over the workflows
  • You can make international payments

Dislike

  • You cant pay multiple invoices with a single click
  • Customer service is not good

Our opinion

Melio allows you to share one account with your team members and define each one’s responsibility. This software is for unlimited users and much suitable for small businesses.

10. SAP Concur

SAP Concur is a software company that provides cloud-based travel and expense management solutions and invoice automation. SAP Concur automates the accounts payable process, from invoice capture and data entry to approvals and payments. This results in increased efficiency, accuracy, and lower processing costs.

Webpage of SAP Concur

Features

  • Three-way matching
  • Integration of concurring invoice with organization ERP system
  • Streamline AP process with web-based and mobile apps
  • Pre-defined dashboards and reports
  • Integration with payment providers
  • Invoice capture
Invoice page of SAP Concur

Pricing

The vendor does not provide pricing details. However, it offers a free trial.

Like

  • Enhances compliance and reduces fraud
  • Supports mobile apps so that users can access the software anywhere
  • Enhances accuracy by eliminating paper works and manual data entry
  • Helps to make informed decisions with real-time insights and analytics

Dislike

  • Page error occurs while loading
  • You will not get a preview of the invoice

Supported industries

  • Consumer products
  • Financial services
  • Healthcare
  • Retail & Restaurants
  • Technology companies

Our opinion

SAP Concur is an excellent choice for businesses looking to automate their accounts payable process and improve efficiency. The software integrates with popular ERP systems, such as SAP, Oracle, and Microsoft Dynamics, making it easy for businesses that already use these platforms.

FAQs

What are the Advantages of Accounts Payable Automation?

The advantages of automating accounts payable are many and varied but can be summarized as follows:
– Improved efficiency and accuracy
– Faster processing of invoices
– Reduced Accounts Payable department costs
– Greater visibility and control over Accounts Payable processes

How to Choose the Right Accounts Payable Automation Software

When choosing is vital to consider the following factors:
– Ease of use
– Features
– Integration
– Pricing

Conclusion

Accounts payable automation software is critical for any organization looking to improve its Accounts Payable department.

In this article, we’ve looked at the 10 Accounts Payable & AP Automation Software on the market today so that you can make an informed decision about which solution is right for your organization.

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