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
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.
- AP automation
- General ledger
- Cash management
- Order management
- Spend management
Pricing details are not disclosed on the official website. Instead, you need to request pricing by filling out a form.
- 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.
- Reporting options are confusing.
- Accountants and CPA Firms
- Biotech and Life Sciences
- Construction and Real Estate
- Financial Services
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.
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.
- 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
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
- 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)
- 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
- Cannabis farms
- Automation for the Automotive Industry
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.
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.
- Supplier management
- Invoice management
- Purchase order matching
- Payment remittance
- Payment reconciliation
- Partner management
- Fraud detection
- Global payments
- Self-billing module
- Currency management
The vendor on its official website does not disclose pricing.
- Provides feature for purchase order management
- Reduces payment errors
- Reduces accounts payables workloads
- Provides real-time insights
- Mobile apps and free trials are not available
- Business Services
- Software and Technology
- E-Commerce & Retail
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.
- General ledger
- Cash management
- Automatic process of invoices
- Payment management
- Real-time insights into the accounting process
Starting price:$99 per user/month
Base License:$999 per use per month
- 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
- No free trial
- Not suitable for small businesses
- Advertising & Digital
- Marketing Agencies
- Apparel Footwear & Accessories
- Campus Stores
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.
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.
- 360-degree vendor information
- Customer user roles
It offers three different plans for businesses.
|Pay bills & get paid.||Pay bills||Get paid|
|Corporate plan– It starts at $79 per user per month||Essentials – 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.
- 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
- Integration with limited accounting systems. If you need integration with more accounting systems, you need to upgrade the pricing plan.
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.
- Accounting firms
- Software & Technology
- Professional services
- Wealth management
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.
- Intelligent AP automation
- Accurate invoice capturing
- 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
The vendor does not provide pricing details. Contact the vendor for more information.
- 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
- It is not very customizable
- There is no 24/7 customer support
- The actual video is not shown in the demo
- No mobile apps
- Oil & gas
- Media & Entertainment
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.
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.
- Flexible, automated payments
- Invoice management
- Real-time analytics
- Matching and approvals
- Batch processing
The vendor does not provide pricing details. Please get in touch with the vendor for the details.
- 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
- It does not offer a free trial
- No mobile apps
- Sometimes proof of payment will not be available on the Avidxchange portal
- Real estate
- Community association management
- Financial Service
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.
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.
Before, Beanworks’ webpage was like this.
- Budgetary control
- Purchase order matching
- Automated approvals
- Invoice approval management
- Electronic audit trail
- Expense management
The vendor does not disclose pricing. Kindly contact the vendor for the details.
- 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
- You need to pay more attention during invoice coding.
- Sometimes, it is difficult to find out the stage of each expense
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.
Melio software is a free tool helpful for the invoice payment process. Small and medium-sized businesses can use this software.
- Accountant Dashboard
- International payments
- Easy bill capture
- Team management
- Workflow approvals
- Pay and get paid
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 transfer.
- Free for unlimited users
- Provides live support via chat and email
- Provides control over the workflows
- You can make international payments
- You cant pay multiple invoices with a single click
- Customer service is not good
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.
- 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
The vendor does not provide pricing details. However, it offers a free trial.
- 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
- Page error occurs while loading
- You will not get a preview of the invoice
- Consumer products
- Financial services
- Retail & Restaurants
- Technology companies
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.
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
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.