Accounts Payable is the amount an organization owes to its vendors or suppliers for the goods and services it receives from them. Thus, it is vital for the smooth functioning of any thriving business. However, managing Accounts Payable isn’t child’s play.
Fortunately, there are several advanced and intuitive Accounts Payable software available today, which can aid in the convenient management of this fundamental task. Many successful businesses use AP automation software to handle huge volumes of financial transactions between companies and their vendors/suppliers.
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Accounts Payable Software
Although most of these tools provide business entities with tons of great features, many still fail to manage AP processes that are more complex in nature. AP automation tools help accountants decipher such complex AP processes while also managing a higher volume of invoices.
Moreover, they also possess the ability to greatly decrease human error and manual work. Suffice to say, the ideal AP software can help both accountants responsible for handling accounts payable and managers who seek to monitor the AP process.
Alas! Finding the ideal AP tool for your business can prove more arduous than the actual process of managing accounts payable itself. We made a list of our own, highlighting some of the best AP automation software out there based on our own experiences.
In this article, we take a deep dive into 10 of the most popular AP Automation software, share valuable insights on the features they offer, take a look at their pricing, and ultimately let you settle on a tool that resonates with your business requirements most.
List Of Top Accounts Payable Automation Software
PaperSave AP Automation
PaperSave is an intuitive AP automation solution that focuses on simplifying the process of document capture and uses electronic workflows to streamline business processes.
It seamlessly integrates with leading ERP solutions such as Intacct, Blackbaud’s Financial Edge NXT, Dynamics 365 Business Central, and Microsoft Dynamics GP and SL to automate Purchase Order and non-PO/AP Transactions.
PaperSave makes it incredibly simple to capture invoices in any format you desire, whether it is in the form of email or fax. Powered by a smart OCR engine, the tool is capable of instantly reading new invoice formats and extracting the data accurately.
It is also capable of automatically indexing the information in your documents, which makes retrieving them easier whenever needed. Perhaps PaperSave’s most compelling offering is its cloud deployment feature that allows employees to access documents securely even when they are away from their office.
- Automated Invoice Data Extraction
- Fast processing
- Seamless ERP integration
- Intuitive search functionality
- Reliable security
Paramount WorkPlace AP Automation
Paramount WorkPlace Spend Management is capable of delivering powerful Accounts Payable Automation and experience given its innovative and easy-to-use features, which makes it a very compelling solution.
With Paramount, you get to also transform your paper invoices into digital data via OCR and robust document management capabilities that allow for paperless invoice processing while providing a centralized and secure invoice retention system for easy retrieval of information.
Paramount WorkPlace features one of the most powerful OCR technology on the market. It accurately recognizes and captures invoice data down to the line-level details, which is then routed through the standard approval process.
The Paramount WorkPlace Invoice Attachments function streamlines uploading scanned invoices and makes attachments available for users from the solution. Users can add attachments easily without relying on access to remote file systems when hosted in the cloud or another location. Additionally, users can initiate check requests using scanned invoices and route them into an approval process.
The invoice attachment maintenance page allows users to upload scanned invoices and then makes attachments available from the check request page entry. Users can add attachments without relying on access to remote file systems when hosted in the cloud or another location.
This simple drag and drop one or more files into repository, secure interface, flexible configuration, and quick ‘Select Invoices’ attachment process support documents, contracts, schedules, terms and conditions, timesheets, etc.
Paramount WorkPlace also allows users to manage both purchase order and non-purchase order invoices from vendors and enforce consistent spend management policies and approval workflows to both PO and Non-PO invoices.
Other features such as the ability to manage the approval structure and organization hierarchy workflow, a self-service portal to empower vendors/suppliers, and the ability to create unlimited personalized charts to measure your business’s KPI, makes Paramount WorkPlace one of the finest tools on this list.
- Intelligent, AI Powered Invoice Capture
- Secure Repository for Invoice Retention
- Robust vendor Invoice Portal
- Centralized Invoice Matching
- Advanced Reporting Metrics
- Check Request
- 1099 entry and payments
Nanonets is a one-stop solution for automating all of your Accounts Payable processes & workflows. Turn your AP team into a driver of efficiency and growth.
Transform all unstructured invoices/POs/receipts into structured, valuable information – Nanonets is completely template-agnostic.
- Upload Invoices as PDFs or scanned images via your accounting email inbox, RPA, ERP or API, Google Drive, Dropbox, or any other cloud storage platform.
- Reconcile & match invoices and set up rule-based conditions/validations.
- Send the captured data to your favourite business tools, ERP system, or Accounting Software.
Nanonets integrate seamlessly with ERPs (Salesforce, Quickbooks, Netsuite, Yardi, Entrata, Dynamics, etc.), cloud storage services (Drive, Dropbox, email, etc.), and databases (MySQL, PostGres, MSSQL, etc.).
- Automated data entry
- Email bills fetched
- Reconcile invoices
- Invoice matching
- Extract line items
- Set up rules for validations & approvals
- Expense workflow
- Zapier connector to automate end-to-end workflows
- Automated learning
Melio is a simple yet extremely useful Accounts Payable software.
The software does not charge any fees for signing up, monthly subscriptions, or sending checks. It also lets you pay for free through bank transfers. Moreover, an unlimited number of users can be added to a single account, with no charges.
You can rest assured of the security of your personal information, as Melio is PCI DSS compliant and keeps all the clients’ data 100% secure.
- Lets you track payments.
- No cost for paying invoices through bank transfer.
- You can pay with your card, even when the vendor does not accept cards.
- Seamless synchronization with QuickBooks.
- Let’s you pay bills for your phone and other utilities.
- Get live customer service.
Stampli is perhaps best known for its remarkable ability to process invoices in real-time. It can automatically capture invoices onto its platform for immediate processing. However, there is so much more to this software than that. It is graced with one of the best UI’s of any AP automation software solution in existence today.
Since the software is very easy to use and access from anywhere. It provides enterprises with a centralized communication hub through which they can communicate and address queries with anyone using the application. The tool also promotes easy access to all activities associated with the processing of invoices for convenient auditing.
The tool also goes above and beyond to empower business entities with the ability to enforce internal controls with the help of standard and customizable permissions. This helps in greatly reducing the risk of fraud.
- Smart UI and Dashboard
- Real-Time Invoice Processing
- Audit Ready Access
- Full 365 Visibility with Advanced Search and reports
Tipalti distinguishes itself from other tools similar in nature by providing a cloud-based solution to automate accounts payable.
Apart from the above distinction, it provides several intuitive features that are essential for a competitive AP automation tool. The tool an end-to-end payment solution that is ideal for small companies desperately seeking growth.
It indulges its users with a plethora of advanced features such as invoice automation, automated approval workflows, and self-service supplier on-boarding for efficient management of accounts payable. It also promotes global mass vendor payments by providing enterprises with multiple methods for payment in many valid currencies.
- Invoice Automation
- Supports multiple payment methods for Global payments
- Self-Service Supplier Onboarding
- Automated Approval Workflows