Accounts payable automation is an organization’s most important tool to improve efficiency. With automated technology, businesses can streamline processes, improve record-keeping for audit purposes, increase cash flow visibility, and maintain the business’s solvency.
The benefits of implementing Accounts Payable Automation Software are vast – reduced manual errors, improved cost management by reducing bulk costs associated with paper processing, and customizing payment plans to meet supplier terms resulting in fewer late payments.
This article will look at the ten 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
Common features of accounts payable automation software
Invoice capture and processing
This feature automates the process of capturing and extracting data from invoices, regardless of their format (paper, PDF, email, etc.). That can help to reduce errors and improve efficiency.
Three-way purchase order matching
This feature automatically matches invoices, purchase orders, and receiving reports, which can help to prevent overpayments and fraudulent payments.
Workflow automation
It allows you to automate invoice approval processes, routing them to the appropriate stakeholders for review and approval based on predefined rules and workflows. That can help to speed up payments and reduce bottlenecks.
Vendor management
This feature helps you to centralize and manage vendor information, including contact information, payment terms, and tax information. This can help to improve communication with vendors and streamline the payment process.
Payment processing
It allows you to make electronic payments to vendors directly from the software. This can reduce manual steps and improve efficiency.
Reporting and analytics
This feature provides insights into your accounts payable data, such as invoice processing times, payment terms, and vendor spending. This information can help you identify improvement areas and make better financial decisions.
The exact features of accounts payable automation software can vary depending on the product and vendor. Therefore, it’s important to carefully evaluate each option to ensure it meets your business’s unique needs.
How does AP automation tool helps to reduce manual work?
Accounts payable automation software reduces manual work in a number of ways including:
Automating invoice processing
Accounts payable automation software captures invoice data from a variety of sources, including paper, PDF, and email. This data can then be automatically validated and matched to purchase orders and receiving reports. This process eliminates the need for manual data entry and validation, which can be time-consuming and error-prone.
Automating approval workflows
The software automatically sends invoices to the appropriate managers or departments for approval, based on factors such as the amount of the invoice, the type of purchase, or the vendor. That saves a lot of time and hassle, and helps to confirm that invoices are approved and paid on time.
Automating payment processing
Accounts payable automation software makes payments to vendors based on approved invoices. That eliminates the need for manual check writing and mailing, which can be time-consuming and inefficient.
Providing visibility into the accounts payable process
The software provides real-time clarity into the status of all invoices, including their approval status, due date, and payment status. This visibility helps companies to identify and eliminate unnecessary manual steps in the accounts payable process.
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.
Features
- AP automation
- General ledger
- Cash management
- Order management
- Spend management
- Purchasing
Some screenshots of Sage Intacct
Pricing
Pricing details are not disclosed on the official website. Instead, you need to request pricing by filling out a form.
Likes
- 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.
Dislikes
- Reporting options are confusing
- There is no such option to integrate supportive documentation; you have to upload all manually
- It takes time to navigate things, or some Features
- It has some limited options in the PO module
Supported industries
- Accountants and CPA Firms
- Biotech and Life Sciences
- Construction and Real Estate
- Financial Services
- Healthcare
- Retail
- Nonprofit
- Professional service
- Hospitality
Other details
| Deployment | Cloud, SaaS, Web-Based |
| Supported languages | English |
| Support | Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, 24/7 (Live Rep), Chat |
| Training | In-person, Live Online, Webinars, Documentation, Videos |
| Customer ratings | Capterra: 3.2 out of 5 (342+reviews) G2: 4.3 out of 5 (1712+reviews) |
User 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.
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
Some screenshots of Lightyear
Pricing
It offers three types of pricing plan
- Starter – Starts from $125 per month
- Business – Starts from $199 per month
- Enterprise – Starts from $1199 per month
Likes
- Provides all the required features for the AP automation process
- It provides a free trial
- It is software for unlimited users, and you can create unlimited child accounts.
- Zero installation fees
- Provides exemplary customer support (24/5 chat, phone, email)
Dislikes
- 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
- The mobile app doesn’t have all the features
- Sometimes, it becomes an unstable invoice causing re-entry
- Reading OCR code is not fast enough
Supported industries
- Education
- Hospitality
- Manufacturing
- Cannabis farms
- Automation for the Automotive Industry
- Construction
- Oil and gas energy
- Manufacturing
- Technologies
- Transport and logistics
- Life science and Biotics
- Franchises
- Aged care
Other details
| Deployment | Cloud, SaaS, Web-Based |
| Supported languages | English |
| Support | Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, 24/7 (Live Rep), Chat |
| Training | In-person, Live Online, Webinars, Documentation, Videos |
| Customer ratings | Capterra: 4.9 out of 5 (131+reviews) G2: 5 out of 5 (4+reviews) |
User 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.
Features
- Supplier management
- Invoice management
- Purchase order matching
- Payment remittance
- Payment reconciliation
- Partner management
- Fraud detection
- Global payments
- Self-billing module
- Currency management
Screenshots of Tipalti
Pricing
Pricing starts from $149 per month. You can upgrade your plan according to your need by adding new capabilities.
Likes
- Provides feature for purchase order management
- Reduces payment errors
- Reduces accounts payables workloads
- Provides real-time insights
Dislikes
- Mobile apps and free trials are not available
- If users want to download a list of payees based on categories, this option is unavailable.
- Tax formats are difficult to fill for those who can’t understand English.
- When you have to pay multiple invoices from the same vendor, it’s frustrating that you can’t select them all at once.
Supported industries
- Business Services
- Software and Technology
- E-Commerce & Retail
- Education
- Healthcare
Other details
| Deployment | Cloud, SaaS, Web-Based |
| Supported device | Mac, Windows, Linux, Android, iPhone, iPad |
| Supported languages | German, English, French, Italian, Japanese, Korean, Dutch, Portuguese, Russian, Spanish, Chinese (Simplified) |
| Support | Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, 24/7 (Live Rep) |
| Training | In-person, Live Online, Webinars, Documentation |
| Customer ratings | Capterra: 4.7 out of 5 (106+reviews) G2: 4.4 out of 5 (140+reviews) |
User opinion
Tipalti is a cloud-based solution that helps process invoice payments automatically. As a result, 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.
Features
- General ledger
- Cash management
- Automatic process of invoices
- Payment management
- Real-time insights into the accounting system
Some screenshots of NetSuite
Pricing
Starting price: $99 per user/month
Base License: $999 per use per month
Likes
- Helps to automate repetitive tasks
- You can access the software from anywhere
- It avoids duplication of data entry
- Provides real-time information and role-based dashboards
Dislikes
- No free trial
- Not suitable for small businesses
Supported industries
- Advertising & Digital
- Marketing Agencies
- Apparel, Footwear & Accessories
- Campus Stores
- Consulting
Other details
| Deployment | Cloud, SaaS, Web-Based |
| Supported device | Android, iPhone, iPad |
| Support | Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, 24/7 (Live Rep), Chat |
| Training | In-person, Live Online, Webinars, Documentation, Videos |
| Customer ratings | Capterra: 4.1 out of 5 (1171+reviews) |
User 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.
Features
- Payments
- Approvals
- Controls
- Invoicing
- API
- 360-degree vendor information
- Customer user roles
Some screenshots of Bill.com
Pricing
It offers three different plans for businesses.
- Essential– It starts from $45/user/month
- Team- It starts from $55/user/month
- Corporate– It starts from $79/user/month
For accounting firms, it offers a cost of $49 per month.
Likes
- 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
Dislikes
- Integration with limited accounting systems. If you need integration with more accounting systems, you need to upgrade the pricing plan.
- There is no way to turn off automatic pay reminders
- Customer service is very poor
Supported industries
- Accounting firms
- Hospitality
- Software & Technology
- Professional services
- Wealth management
- Education
- Healthcare
- Manufacturing
- Retail and E-commerce
- Non-profits
Other details
| Deployment | Cloud, SaaS, Web-Based |
| Supported device | Android, iPhone, iPad |
| Support | Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, 24/7 (Live Rep), Chat |
| Training | In-person, Live Online, Webinars, Documentation, Videos |
| Customer ratings | Capterra: 4.2 out of 5 (439+reviews) G2: 4.4 out of 5 (426+reviews) |
User 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.
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.
Features
- Intelligent AP automation
- Accurate invoice capturing
- Keep pace with change.
- Scale for growth
- Intuitive dashboard
- Centralized collaboration
- Clear visibility of the AP automation process
- Automated communications
- Audit ready history
- Seamless integration
- Fast implementation
Some screenshots of Stampli
Pricing
The vendor does not provide pricing details. Contact the vendor for more information.
Likes
- 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
Dislikes
- 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
- Professional service
- Health care
- Manufacturing
- Real estate
- Technology hardware & equipment
Other details
| Deployment | Cloud, SaaS, Web-Based |
| Supported device | Mac, Windows |
| Supported languages | English, Hebrew |
| Support | Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, Chat |
| Training | Live Online, Documentation, Videos |
| Customer ratings | Capterra: 4.2 out of 5(12+reviews) G2: 4.7 out of 5 (523+reviews) |
User opinion
Though with some drawbacks, Stampli is an excellent solution for AP automation. Stampli account payable programs use 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.
It helps you to connect a large number of supplier networks with an integrated ERP system. This automated workflow enables you to reduce admin work as well as paperwork.
Features
- Flexible, automated payments
- Invoice management
- Real-time analytics
- Matching and approvals
- Batch processing
Some screenshots of Avidxchange
Pricing
The vendor does not provide pricing details. Please get in touch with the vendor for the details.
Likes
- Integrates with many software like QuickBooks, NetSuite, Microsoft Dynamics, etc
- It provides live support
- Holds invoices for seven years
- Provides access to the trainers
- Increases financial security with e-payment
Dislikes
- It does not offer a free trial
- No mobile apps
- Sometimes proof of payment will not be available on the Avidxchange portal
- Payment processing takes time
- There is no option to track the payment
- Due dates are not visible
Supported industries
- Real estate
- Community association management
- Media
- Construction
- Financial Service
- Hospitality
- Technology and software
Other details
| Deployment | Cloud, SaaS, Web-Based |
| Supported languages | English |
| Support | Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, Chat |
| Training | In-person, Live Online, Webinars, Documentation, Videos |
| Customer ratings | Capterra: 4.6 out of 5(92+reviews) G2: 4.4 out of 5 (184+reviews) |
User 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.
Features
- Budgetary control
- Purchase order matching
- Automated approvals
- Invoice approval management
- Electronic audit trail
- Expense management
Some screenshots of Beanworks
Pricing
The vendor does not disclose pricing. Kindly contact the vendor for the details.
Likes
- 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
Dislikes
- You need to pay more attention during invoice processing.
- Sometimes, it is difficult to find out the stage of each expense
Supported industries
- Financial service
- Healthcare
- Education
- Insurance
- Public sector
- Service providers
Other details
| Deployment | Cloud, SaaS, Web-Based |
| Supported device | Windows, Linux, Android, iPhone, iPad |
| Supported languages | English, French |
| Support | Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, Chat |
| Training | In-person, Live Online, Webinars, Documentation, Videos |
| Customer ratings | Capterra: 4.6 out of 5(37+reviews) G2: 4.6 out of 5 (131+reviews) |
User 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. It gives flexibility to all your accounting features, such as vendor pay, invoice processing, and vendor selection.
Features
- Accountant Dashboard
- International payments
- Easy bill capture
- Team management
- Workflow approvals
- Pay and get paid
Some screenshots of Melio
Pricing
It offers two types of pricing options
- 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.
- Get paid – It is free but charges 1% for same-day bank transfers.
Likes
- Free for unlimited users
- Provides live support via chat and email
- Provides control over the workflows
- You can make international payments
Dislikes
- You cant pay multiple invoices with a single click
- Customer service is not good
Other details
| Deployment | Cloud, SaaS, Web-Based |
| Supported languages | English |
| Support | Email/Help Desk, FAQs/Forum, Knowledge Base, Chat |
| Customer ratings | Capterra: 4.1 out of 5(272+reviews) G2: 4.7 out of 5 (115+reviews) |
User 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.
Features
- Three-way matching
- Integration of concurring invoices with the organization’s ERP system
- Streamline the AP process with web-based and mobile apps
- Pre-defined dashboards and reports
- Integration with payment providers
- Invoice capture
Some screenshots of SAP Concur
Pricing
The vendor does not provide pricing details. However, it offers a free trial.
Likes
- 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
Dislikes
- 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
- Oil, mine, and gas
- Life science
Other details
| Deployment | Cloud, SaaS, Web-Based |
| Supported languages | Czech, Danish, German, English, French, Indonesian, Italian, Japanese, Korean, Dutch, Norwegian, Polish, Spanish, Swedish, Chinese (Simplified) |
| Supported device | Mac, Windows, Android, iPhone, iPad |
| Support | Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, 24/7 (Live Rep), Chat |
| Training | Live Online, Webinars, Documentation, Videos |
| Customer ratings | Capterra: 4.3 out of 5(1734+reviews) G2: 4.0 out of 5 (5685+reviews) |
User 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 data 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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