Is your accounts payable and finance team struggling with things like:

• Limited cash flow visibility:  Not knowing your cash flow requirements is a crucial challenge for small businesses. You probably have manual processes, paper invoices, or nowhere to capture your invoices.
• Not closing books on time:  Your team works weekends to close books on time because not all invoices get approved on time. The team spends 50+ hours processing matching invoices with automated purchase orders.
• Delayed vendor payments: You cannot pay vendors on time because the invoices are not approved, which leads to business disruption.
• Human Error: Because of manual data entry, mistakes in your system are becoming rampant. Thus making it more difficult to manage your expense management, and even create financial reporting.

Then, it’s time to consider adopting automated accounts payable software for your business. There are a wide range of accounts payable automation solutions in the market.

To help you find the best accounts payable software for your business, we have prepared an in-depth comparison of 12 solution providers in the AP automation software category.
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What Is Accounts Payable Software?

Account payable software automates the accounts payable process from receiving the invoice to paying the vendor.

AP (Accounts Payable) software increases the AP team’s efficiency by automating invoice capture. It also reduces invoice processing time by automating the invoice matching process with purchase orders and receipts.

With a payable automation software, the AP team spends less time processing invoices and more time managing cash flow for the company.

 

What Is An Accounts Payable System?

An accounts payable (AP) system is a software application that helps businesses manage incoming bills and payments.

As a centralized platform, it automates many manual tasks usually involved in AP processing, such as receiving, verifying, approving invoices, and making vendor payments.

As an automation tool, AP systems can help businesses save time, improve efficiency, and reduce errors.

Here are some advanced features of an accounts payable system:

• Vendor management: Create and maintain vendor records, including contact information, payment terms, and tax information.
• Invoice processing: Receive invoices electronically or manually and scan paper invoices to convert them into electronic format.
• Invoice matching: Match invoices to purchase orders or receipts to ensure accuracy.
• Invoice approval payable workflow: Route invoices for approval by authorized personnel.
• Payment processing: Generate and issue vendor payments via check, ACH transfer, or electronic payment card.
• Reporting: Generate reports on AP activity, such as unpaid invoices, aging reports, and vendor spending.

 

12 Best Accounts Payable Software For Small Businesses

1. ProcureDesk

2. Bill.com

3. QuickBooks Online

4. QuickBooks Desktop

5. Xero

6. Tipalti

7. Stampli

8. AvidXchange

9. FreshBooks

10. Sage Intacct

11. Melio

12. Netsuite

Following is an in-depth comparison of 12 different Accounts payable software options. We cover a high-level company overview and the details on the features and pricing.

1. ProcureDesk

Pricing starts at $380/month

ProcureDesk helps small to midsize companies automate their accounts payable process and reduce the time spent creating and matching supplier invoices with purchase orders. It falls under the Best Of Breed Category.

Pros

• Strong punch-out support that makes it easier to purchase from different websites without losing any discounts or manually copying and pasting the data

Cons

• There is no payment option like many other procure-to-pay systems. That means you can either pay from your accounting system or use a third-party payment platform like Bill.com

Best For:

Small to medium-sized businesses that are creating more than 50 invoices a month.

Top Features:

• Configurable requisitions make setting up a purchase requisition process that suits your specific needs easier.
• Budget internal controls ensure that you don’t go over budget. Define budgets at a granular level, like account, class, department, etc.
• Configurable approval workflows ensure that the purchase request is reviewed and approved at the appropriate level. Configure it once, and then forget about your compliance needs.
• Punchout catalogs to build your marketplace of your top vendors. No need to continuously update price sheets or copy-paste data from the different vendor’s websites. ProcureDesk supports integration with major favorite vendors like ThermoFisher, Fisher Scientific, VWR, and many more.
• Purchase order automation so scientists don’t need to spend their precious time creating and sending the purchase orders to the vendors. The system automatically sends the purchase orders to vendors.
• Purchase order tracking allows you to track the order acknowledgment and Advance shipping notice (ASN). Always know the whereabouts of your delivery without chasing the vendors and multiple email follow-ups.
• Receipts with lot tracking allow you to track granular receipt data. The lot tracking information ensures you know the expiration date of items like reagents.
• Visibility Into Inventory Levels so that you know the exact quantity of lab supplies you have at any time. Track inventory as per granular locations in your lab.
• Invoice matching ensures that your Accounts Payable and lab team are not spending time manually matching the invoices with the purchase orders.
• E-invoicing capabilities ensure that invoices are automatically captured from the vendors—no need to import invoices from emails. The system automatically receives and matches the invoices with the purchase order and sends it to your accounting system.
• Strong reporting and dashboard that provides cashflow visibility at your fingertips. Know exactly how much you spend on each experiment and forecast future costs.
• Mobile app support to ensure that you are continuing with the process on the go. No need to be in front of a computer to create, approve, or receive purchase orders and invoices.

Pricing

• ProcureDesk pricing starts at $380/month.
• The base packages have 10 users and all the key features needed to support your purchasing automation needs. If you need less than 10 users, talk to a product specialist.
• The base price includes unlimited punchout catalogs.
• Additional add-ons include Accounts payable, expense management, inventory management, contract management, and supplier management.

 

2. Bill.com

Pricing starts at $380/month

Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates back-office financial processes for small and mid-sized businesses. Bill.com customers come from all industries, ranging from startups to established brands and nonprofits to franchises.

It falls under the payment solution category.

Pros:

• Seamless Integration: Users praise the smooth integration of BILL with major accounting systems, reducing duplication of work and eliminating approval steps and payment processing delays.
• Single Repository for Invoices: The single repository for vendor invoice submission is highly valued, offering unlimited document storage for audit and control review, improving organization and simplifying financial record management.
• Robust Reporting Capability: Users appreciate BILL’s good reporting capability, allowing them to track and analyze financial data for better decision-making and effective financial management.

Cons:

• Limited Report Customization: Some users express dissatisfaction with the limited options for customizing reports in Bill.com, noting that the current customization features are not robust enough.
• Integration Challenges: Users mention difficulties when integrating Bill.com with other systems, especially with AP systems integrating to Fixed Assets or GL systems, indicating limitations in integration capabilities.
• Slow Problem Resolution and Support: Several users report slow problem resolution and support response time, expressing dissatisfaction with the perceived lack of prompt addressing of issues by the software provider.

Best For:

Bill.com is suited for small to medium-sized companies with limited purchase orders that don’t need a 3-way matching process.

Top Features:

• Automated Invoice Approval and Vendor Payments: Bill.com automates the approval process for invoices and facilitates timely vendor payments.
• Not a Procure-to-Pay System: Bill.com does not function as a procure-to-pay system; it lacks the ability to create and approve purchase orders and perform a 3-way match.
• Manual Purchase Order Assignment: Users can import purchase order numbers from another system and manually assign them to Bills within Bill.com.

 

 

Pricing:

The pricing starts from $49/month for the accounting package.

Please note that Bill.com also has a transaction fee charged per transaction.

 

3. QuickBooks Online

Pricing starts at $350/year

QuickBooks online is the most commonly used cloud-based accounting software for small businesses. It not only offers accounts payable capabilities but also offers a complete accounting package for small businesses.

This falls under the category of accounting.

Pros:

• Easy to learn and user-friendly interface
• Seamless integration with third-party applications
• Accessible from various devices, including phones, tablets, and computers

Cons:

• Lack of industry-specific features, such as lot tracking and barcode scanning
• Limited key reports beyond basic accounting
• Potential for system instability and crashes

Best For:

Tiny companies where one person can enter the bills in the accounting system

Top Features:

• Supplier Invoices/Bills: QuickBooks Online refers to supplier invoices as Bills and is designed for use by a single owner or an accountant entering bills into the system.
• Functionality: The system offers fundamental functionality for bill entry but lacks an approval workflow for supplier invoices/Bills, and there is no OCR capability for automatic data extraction, requiring manual entry of all necessary data.
• Bill Creation: Users can create bills with minimal information in a straightforward process, assuming bills are approved before entering QuickBooks Online.
• Purchase Orders: QuickBooks Online allows the conversion of purchase orders into Bills, providing a time-saving feature, and manual matching of invoice data with purchase order data is also supported.

Supplier invoices are called Bills in QuickBooks Online. The functionality in QuickBooks online is fundamental and designed for a single owner or an accountant who can enter the bills into the system.

The system lacks an approval workflow for supplier invoices / Bills.

There is no OCR capability to extract the data from the invoice. All the required data needs to be entered into the system.

Here is what you can do in QuickBooks Online:

• Create An Invoice: You can create a bill with very minimal information. The bill creation process is very straightforward. The basic assumption is that Bill gets approved before entering into QuickBooks Online.
• Convert A Purchase Order Into An Invoice: You can also convert a purchase order into a Bill. That saves time. You can also manually match the invoice data with the purchase order data. There are no 3-way match capabilities in QuickBooks online. So you have to check whether an invoice has been received or not manually.
• Pay The Vendor: QuickBooks does offer the capability to pay the vendors. You can automate the payment process by scheduling payments for a future date to match your cash flow. You can also make partial payments.

Pricing:

The pricing starts at $60, but you can get a 70% discount for the first three months.

The base package covers up to 3 users.

 

4. QuickBooks Desktop.

Starts at $1464 on an annual subscription

QuickBooks Desktop is the on-premise version of the QuickBooks accounting package.

QuickBooks Online is a cloud accounting package. However, QuickBooks Desktop is an on-premise software that needs to be installed and managed by you.

If you don’t have an IT staff, you can use third-party hosting services for QuickBooks Desktop.

This falls under the category of accounting package.

Pros:

• Historically Great Customer Service: QuickBooks Desktop provides excellent and helpful support.
• Ease of Use for Those with Accounting Knowledge: Recommended for users with accounting knowledge

Cons:

• Difficulty in Backing Up and Correcting Mistakes: Challenges in backing up data and rectifying errors potentially affecting the user experience.
• Pressure to Switch to Online Version: Issues with migrating to the online version suggesting a less-than-ideal approach

Best For:

You can compare the two versions here.

Top Features:

• Create Bill: Upload invoice document and enter relevant data.
• Create Bill from Receipt: Acts as a pseudo 3-way match process, eliminating the need for a separate match
• Pay Vendors: Similar to QuickBooks Online, you can pay vendors using QuickBooks Desktop.

QuickBooks Desktop offers slightly better capabilities than QuickBooks online, but the following limitations remain:

1. No approval workflow for Bills.
2. No 3-way match process for automated matching
3. No OCR for data entry into the system.
4. Limited access controls. You can’t restrict employees only to entering invoices.

Here are the top features of the QuickBooks Accounts Payable software solution:

• Create Bill: You can create a Bill by uploading the invoice document and entering the relevant data. It is effortless and straightforward, mainly if limited people can enter invoices in the system.
• Create Bill from Receipt: One of the unique features of QB Desktop is that it allows you to convert a receipt into a Bill. That is kind of a sudo 3- way match process. Because you are converting a receipt into a Bill, you don’t need to do a 3-way match.
• Pay Vendors: Like QuickBooks online, you can also pay vendors using QuickBooks Desktop.

Pricing:

QuickBooks Desktop pricing starts from $1464/year

Here is an overview of the pricing:

 

5. Xero

Starts at $39/month for Established Plan

Xero is a business accounting package designed for small companies. It is an excellent alternative to QuickBooks online because it is also a cloud-based solution.

This falls under the Accounting Package Category.

Pros:

• Cloud-Based Convenience: Xero’s cloud-based nature eliminates the need for downloads or installations, providing seamless access to accounting data from any location with an internet connection. This enhances business flexibility and convenience.
• User-Friendly Interface: With a clean and intuitive design, Xero ensures instant visibility into financial positions. Whether an accounting expert or novice, its user-friendly interface simplifies navigation, making essential tasks efficient and accessible to all users.
• Connectivity with Advisors: Xero facilitates real-time collaboration with advisors, promoting better financial management. This feature ensures timely advice and guidance from external accountants or bookkeepers, optimizing decision-making processes for businesses.

Cons:

• Learning Curve: Despite its relative ease of installation, Xero may have a learning curve for users. Adequate training is recommended to maximize its potential, and although intuitive interfaces and resources are provided, familiarity may take time.
• Pricing Changes: Recent price increases and the exclusion of built-in payroll from plans require businesses to carefully evaluate costs and features. Aligning selected plans with specific business requirements is essential to avoid unexpected expenses.
• Basic Requisition and Inventory Management: Xero’s requisition, purchase, and inventory management capabilities are basic, lacking advanced features. Organizations with complex inventory needs may need to explore additional solutions or plugins to supplement these capabilities.

Best For:

For companies with minor operations where one person can enter the bills, this is the best solution for you.

Top Features:

• Bill Approvals: No in-system approval for bills; external approval required. Integration with systems like ProcureDesk for seamless approval processes.
• OCR Integration: Currently lacks an OCR engine for extracting invoice data from images.
• 3-Way Matching: Absence of automated matching for bills to purchase orders and receipts.

 

 

Pricing

Pricing for Xero starts from $7/month but you might want to explore the Established plan as it covers all features you might need in your business.

They currently offer a 50% discount for 3 months.

 

6. Tipalti

Tipalti is the complete payment automation solution that helps automate the manual accounts payable process. The feature and functionality are similar to Bill.com. Tipalti also covers electronic payments.

This falls under the category of payment solution.

Pros:

• Efficient Invoice Processing: Tipalti streamlines the entire invoice processing workflow, making it more efficient and reducing the time required for coding, routing, and approval.
• Visibility and Transparency: The platform offers complete visibility into all invoices circulating within the organization, providing enhanced transparency for better financial tracking and monitoring.
• Flexible Payment Methods: With Tipalti, invoices can be paid using various methods, and the system facilitates seamless payments in multiple currencies with just a simple click, expanding global transaction capabilities.
• Comprehensive Information Capture: Tipalti ensures compliance by capturing crucial information such as W9 & W8-BENE. It also automatically posts all relevant details, including a PDF of the invoice, into the organization’s General Ledger (GL) or accounting system.

Cons:

• PO Integration Limitations: Users may encounter limitations in integrating Purchase Orders (PO), leading to delays in the overall invoice processing time as challenges arise in effectively incorporating PO information.
• Issues with Payment Notifications: Some users may face challenges with the “Payment Notification Email” field in vendor records, as payment notifications may not consistently be sent to the designated email, potentially resulting in communication gaps.

Best For:

Tipalti is best for small to mid-sized organizations looking for an integrated accounts payable solution with a payment platform.

Top Features:

• Importing Invoices: Tipalti streamlines invoice entry by automatically importing them from emails, with a centralized process to avoid chasing employees.
• OCR Data Extraction: The system eliminates manual data entry by extracting both header and line-level data from imported invoices using OCR technology.
• Coding Prediction: Offering automatic coding assignment, Tipalti includes chart of accounts, departments, and approver details, particularly beneficial for non-PO invoices lacking coding information.
• PO Matching: Users can import purchase orders into Tipalti and utilize the system to match invoices, with added support for tolerance to accommodate variations.
• Approval Workflows: Multi-tier approval workflows allow routing of invoices to different stakeholders, offering a snapshot of pending invoices and associated images for approvers.
• Payment Processing: Facilitating batch processing, Tipalti enables users to group invoices for easy tracking of payments to suppliers, providing control over cash flow by allowing the holding of specific invoices or batches.

 

 

Pricing:

Tipalti doesn’t publish pricing on their website. You can reach out to the vendor to request pricing.

 

7. Stampli

Stampli provides accounts payable and payment automation solutions. With Stampli, AP teams can simplify the accounts payable workflow and streamline the workflow.

This falls under the payment solution category.

Pros:

• Seamless interface with accounting software
• Straightforward invoicing approval process
• Positive company culture reflected in helpful and dedicated employees
• Outstanding customer support
• Valued feedback from the customer
• Cost of the product is lower than anticipated

Cons:

• Difficulty in deleting invoices with errors or duplicates
• Confusing processes for approval and payment authorization
• Challenges in filtering out duplicate invoices, lacking a clear method to “hide” these statuses

Best For:

Stampli is best for medium-sized organizations that are creating more than 500 invoices a month.

Top Features:

• Invoice Automation: Central hub for capturing invoices; suppliers can submit invoices to a central email box, and Stampli reads and captures the invoice document.
• OCR for Data Extraction: Reduces processing time by extracting data; the AP team reviews extracted data for accuracy, and corrections are remembered for future use.
• Automated Invoice Coding: Ensures correct charging to chart of account and department; predicts coding based on past use; AP team reviews for accuracy before submitting for approval and payment.
• Access Control: Granular access control for managing functionality access; AP team can make payments using Stampli or any other system, as it is agnostic to the payment platform.

 

 

Pricing:

Stampli doesn’t mention pricing on their website. You have to call the vendor to receive the pricing for the solution.

 

8. AvidXchange

AvidXchange offers accounts payable and payment solutions. Companies use AvidXchange to automate the payables process and increase the efficiency of the accounts payable tea.

This falls under the Best Of Breed category.

Pros:

• Efficient Electronic Invoice Submission: AvidXchange’s electronic invoice submission feature has consistently received acclaim for its time-saving capabilities. Users praise its efficiency in eliminating the need for manual sorting and coding of mail, streamlining the entire accounts payable process.
• Streamlined Approval Process with Comment Logging: AvidInvoice’s commendable ability to log comments or queries has significantly enhanced communication and accelerated the approval process, as noted by multiple reviewers. This functionality facilitates clear communication on invoices, ensuring a timely and smooth review and approval from all relevant parties.
• Precise Expense Charging with Property Code and Allocation Features: The Property Code and Allocation features within AvidInvoice have been highlighted as valuable by reviewers. These features empower users to accurately allocate expenses to the appropriate entities, even when dealing with multiple properties. Users appreciate the user-friendly process of allocating expenses within their portfolio.

Cons:

• Limited Mobile Functionality: Some users have expressed frustration over the absence of a dedicated mobile app or full functionality on mobile devices, such as phones or iPads. This limitation poses challenges to convenience and accessibility for customers who prefer managing tasks through their mobile devices.
• Inefficient Refund Process: Concerns have been raised about AvidXchange’s refund process for payments rejected by vendors. Users feel that the software initiates refunds hastily, lacking a thorough investigation into the reasons behind vendor refusals. This tendency can result in unnecessary refund processes and subsequent delays.
• Lack of Customization in Reporting: Several users report dissatisfaction with the reporting feature in AvidXchange, emphasizing a lack of flexibility in customization. Users can only generate either all-inclusive reports or individual reports, rather than having the ability to select specific sections or create customized reports. This limitation constrains users from obtaining the precise information they need through the software’s reporting capabilities.

Best For:

AvidXchange is best for medium to large companies looking for an integrated invoicing and payment solution.

Top Features:

• Centralized Invoice Processing: Automates invoice capture, eliminating the need to chase approvals for invoices received via email or mail.
• OCR Data Extraction: Utilizes OCR technology to extract essential data from captured invoice documents.
• Approval Workflow: Features an approval workflow engine for routing invoices through necessary approvals, with assumed standard workflow capabilities.
• Vendor Payments: AvidPay, an integrated payment platform, streamlines the process for efficient vendor payments.
• Integration: Extensively integrates with 210 different systems, as detailed in the complete integration list.

 

 

Pricing:

AvidXchange doesn’t list the pricing on their website. You have to call the vendor to receive pricing.

 

9. Freshbooks

Starts from $6.00/month

Freshbooks is an accounting package for small business owners. It is designed for very small teams and solopreneurs. The core focus has been to create invoices and get paid faster and quickly. FreshBooks now also has Accounts Payable capabilities.

Freshbooks falls under the category of Accounting Package.

Pros:

• User-Friendly Interface: Freshbooks is ntuitive and user-friendly interface, making it easy to navigate and use.
• Templates for Various Accounting Needs: FreshBooks offers a variety of templates for different accounting needs, streamlining the process of creating invoices and managing financial documents.
• Excellent Invoice Features: For small companies, the excellent invoice features are highlighted as a major pro. This includes the ability to create, send, and track invoices efficiently.

Cons:

• Confusing Tier-Based Pricing: The tier-based pricing structure, ranging from Lite to Premier, is noted as being a bit confusing. This could potentially be a drawback for users seeking transparent and straightforward pricing models.
• Integration Challenges with WePay: Users point out that integration with WePay may require a Chase bank account for faster processing. This limitation could be inconvenient for users who don’t have a Chase account or prefer other payment processing options.

Best For:

FreshBooks is suited for small companies and business owners. Since the tool is missing key capabilities, we won’t recommend this for anyone processing more than 50 invoices a month.

Top Features:

• Limited features in FreshBooks for accounts payable
• Easy bill creation in FreshBooks
• Ability to create bills for supplier payments
• Convenient bill creation through receipt photos
• OCR for automatic data extraction from receipt images
• Automated bill creation in the system using extracted data

 

 

Pricing:

FreshBooks is very affordable for small business owners.

The package starts from $6.00/month; there is also an option to customize the package based on your needs.

 

10. Sage Intacct

Sage Intacct provides a robust accounting package for small to midsize customers. Customers who overgrow QuickBooks generally migrate to a solution like Sage Intacct. It has strong core financial capabilities, including accounting capabilities.

Sage Intacct falls under the Accounting Package category.

Pros:

• Timekeeping: Sage Intacct provides robust timekeeping features, facilitating accurate tracking and recording of employee work hours.
• Expense Tracking: The platform allows for comprehensive tracking of expenses, aiding in efficient management and control of financial resources.
• Project and Action Breakdown: Users can easily break down time entries by actions and projects, enhancing granularity in tracking and reporting.

Cons:

• Automatic Date Consideration Issue: While processing bills in Sage Intacct, there is a drawback where the application automatically considers the current date instead of the invoice date, necessitating manual entry to rectify the discrepancy.
• Possibility of Invoice Duplication: There is a risk of invoice duplication when processing invoices via the Purchase Order (PO) module. The error page does not appear for normal invoices already included in the submitted PO list, potentially leading to unintentional duplicates.
• Limited Display of Approvers in Vendor Mapping: Despite having an updated Vendor mapping file with a detailed approver list, Sage Intacct may display only the first two approvers on the home page in the vendor mapping tab, potentially causing incomplete visibility into the approval hierarchy.

Best For:

Sage Intacct is best for growing and mid-market companies. Companies are using purchase orders and have more than 50 invoices per month.

Top Features:

• Create Bills: Upload bills into Sage Intacct, convert purchase orders, or upload bills without a purchase order; manual data entry is required due to the absence of OCR capabilities.
• Approve Bills: Route invoices for approval in Sage Intacct, with the flexibility to set up different approval limits for various stakeholders.
• 3-way Match Process: Easily match invoices with purchase orders and receipts, streamlining the process and minimizing data entry errors.
• Create Payment File: Sage Intacct lacks native payment gateways; instead, generate a payment batch file and send it to the bank for ACH payments.

 

 

Pricing:

Sage Intacct doesn’t provide pricing on their website. You need to contact the vendor to get pricing.

 

11. Melio

Melio offers small to medium-sized businesses the ability to streamline their accounts payable process and pay supplier bills.

This falls under the category of Payment Solution.

Pros:

• Excellent customer service
• Convenient ability to use credit cards
• Free ACH transfers, providing cost savings
• Potential for faster transfer times, enhancing efficiency

Cons:

• Difficulty in finding the Melio payment ID attached to the payment in QuickBooks
• Issues with batch processing in QuickBooks Online leading to incomplete transfer of important information to the payment

Best For:

Melio is best suited for small companies with limited accounts payable and no need to issue purchase orders to suppliers. There is no approval workflow, so the approval needs to be done outside the system.

Top Features:

• Create Bills: Melio offers an easy way to upload bills for payment. You can take a picture of the bill and upload it. There is no OCR of the invoice, so you need to enter the invoice data manually.
• Pay vendors: After the bill is uploaded, you can pay the vendors using credit cards and ACH payments.
• Sync bills with QuickBooks: The Bills are then synced with QuickBooks so that you can update your books.

Pricing:

You can start for free and pay transaction fees for credit card transactions and international transfers.

Here is the pricing information:

 

12. Netsuite

Oracle NetSuite accounts payable (AP) automates the review, approval, and payment of supplier invoices, giving you greater control over the entire procure-to-pay process.

This falls under the Accounting Package category.

Pros:

• Effective automation of customer payment notices through the Dunning notice module
• Robust support for supply chain management
• Advanced Manufacturing capabilities

Cons:

• Occasional issues with navigation, particularly via the search bar
• Difficulty accessing certain areas of the system

Best For:

Netsuite is best suited for mid-market companies that have outgrown small accounting packages like QuickBooks and Xero.

Top Features:

• Accounts Payable Capabilities: Netsuite provides robust accounts payable capabilities tailored for mid-market companies.
• Invoices from Email: Automatic invoice creation from emails eliminates the need for manual data entry by the AP team.
• 3-Way Match Process: Netsuite employs a 3-way match process, aligning invoices with purchase orders and receipts.

 

 

Pricing

Custom pricing. You need to reach out to Netsuite to get custom pricing for accounts payable.

 

What To Consider When Choosing An Accounts Payable Software?

With 100 AP automation software and cloud-based account options, it is not easy to pick the right solution. This guide intends to present you with three different types of options.

There are three categories of AP automation software.

Best Of Breed

The best-of-breed AP automation software is designed only to process AP effectively.

In other words, they are not general-purpose accounting solutions. The system helps the AP team improve their Key Performance Indicators (KPI) like invoice processing time and on-time payments.

Accounting Package

This category of vendors covers general-purpose accounting packages.

The list includes small accounting packages like QuickBooks and Xero to large accounting systems like Sage and Netsuite.

Payment Platforms

Payment platforms are designed not just to process the invoices but also to pay the vendors.

These solutions are a mix of accounts payable automation and payment solutions.

A payment platform also has vendor management capabilities.

The following section will cover 12 accounts payable solutions in three different categories.

Note: ProcureDesk is our product. We’re proud of what we’ve built. It includes features we would have liked to have ourselves, having previously used a manual paper-based invoicing process. Stop struggling with processing invoices on time and learn how to streamline your accounts payable process. Learn more and schedule a demo.

Top Features of Accounts Payable Software

When looking for an accounts payable software to help you improve your business systems, or perhaps make approval of invoices easier, here are some of the features you should be looking for when choosing a business accounting software:

Automated Invoice Processing

This feature can automatically scan and extract data from invoices, such as the vendor, invoice date, amount due, and payment terms.

This can save businesses a significant amount of time and money, as it eliminates the need for manual data entry.

Invoice Matching And Approval Workflow

This feature allows businesses to automate the invoice approval process by routing invoices to the appropriate approvers based on their roles and permissions.

This can help to ensure that invoices are approved quickly and accurately.

Payment Processing And Scheduling

This feature allows businesses to schedule payments to vendors electronically or by check. This makes it easier when it comes to the processing of invoices, and even avoiding manual errors.

This can help to improve cash flow and avoid late payments.

Vendor Management And Communication

This feature allows businesses to manage vendor contact information, payment terms, and other important data. Thus, helping nurture vendor relationships.

It can also help businesses to communicate with vendors electronically, such as by sending them payment remittance advice.

Real-Time Reporting And Analytics

This feature gives businesses real-time insights into their AP activity, such as unpaid invoices, aging reports, and vendor spending. This information can be used to make better business decisions.

Integration With Other Accounting Systems

This feature allows businesses to integrate their AP system with other accounting systems, such as their general ledger and financial reporting system.

This can help to streamline the accounting process and reduce errors.

Mobile Access And Approvals

This feature allows businesses to access their AP system and approve invoices from their mobile devices. This can help to improve efficiency and productivity.

Fraud Prevention And Security

This feature helps businesses protect their financial data from fraud by using features such as two-factor authentication and data encryption.

Scalability And Customization

This feature allows businesses to scale their AP system to meet changing needs. It also allows businesses to customize the system to fit their specific workflows.

User-Friendly Interface

This feature makes it easy for the accounting team in businesses to use their AP system, even if they are unfamiliar with accounting software.

The Bottomline

We hope this guide was helpful in selecting accounts payable automation software for your company. If you would like to see how ProcureDesk can help with streamlining your accounts payable software, click on the button below to schedule a demo.