One of the most critical tasks in every business is managing accounts payable. However, this particular process is often time-consuming and prone to errors when undertaken manually.
This is when accounts payable tool comes to the rescue. It ensures automation and streamlines an entire process, from invoicing to payments, guaranteeing accuracy and efficiency in its process.
In this blog, we will take you through the best accounts payable software solutions available today, highlighting their unique benefits, key features, and how to choose the right one for your business.
Be it a small startup or a growing enterprise, the perfect software can save time, reduce costs, and keep your financial operations running smoothly.
What Key Features to look For in Accounts Payable Software?
While choosing the best account payable software, features to keep in mind would include any that fit your business requirements as well as efficiency. The main features one should look for include;
1. Invoice Automation
- Processes the receiving, validating and processing of invoices
- Has the incorporation of OCR that allows pulling data from paper or PDF
2. Payment Processing
- Streamlines the vendor payment options through ACH, wire transfers, and checks, among other methods.
- Ensures safe and timely payments through features like automatic payment scheduling.
3. Vendor Management
- Simplifies storage and management of vendor information, including their banking information and payment preferences.
- Helps maintain a strong relationship with vendors through transparency and timely communication.
4. Integration with Other Systems
- Seamless connectivity to accounting software, ERP systems, and bank accounts.
- Guarantees a single, real-time flow of financial information.
5. Approval Workflows
- It provides flexible workflows to route invoices and payments for approval based on pre-defined criteria.
- It supports internal controls and reduces the delay in approvals.
6. Reporting and Analytics
- Generates detailed reports on payment history, outstanding invoices, cash flow, and vendor performance.
- Helps in financial planning and decision-making.
7. Compliance and Audit Trails
- Ensures compliance with tax regulations and financial standards.
- Maintains detailed audit trails of all transactions to support accountability and transparency.
8. Scalability
- Supports growing businesses by handling increased transaction volumes and additional vendors.
- Flexibility to adapt to new requirements and industry-specific needs.
9. Mobile Accessibility
- Users can review and approve invoices, track payments, and generate reports on the go.
10. User-Friendly Interface
- An intuitive and easy-to-navigate platform to reduce the learning curve and improve adoption rates.
Why to Employ Accounts Payable Software?
The adoption of accounts payable tool is considered essential to improve the operations relating to finance. Some essential benefits are listed in more detail below.
1. Saving Time with Automation:
Accounts payable solution automates repetitive tasks such as invoice processing, payment scheduling, and data entry. This eliminates manual efforts, freeing up valuable time for the accounts team to focus on strategic financial planning and analysis rather than administrative tasks.
2. Improved Accuracy
Manual processes are error-prone: data entry errors, duplicate invoices, or missed payments. Accounts payable software minimizes such risks by automating data handling and ensuring accuracy in record-keeping. Such accuracy is critical to ensure compliance and preparation for audits.
3. Cost Savings
The penalties for late payments and lost early payment discounts can be very expensive for businesses. Accounts payable tool automates reminders and payment scheduling, ensuring that timely payments are made so that businesses avoid penalties and get the best discounts from vendors.
4. Cash Flow Management
Businesses will better handle their cash flow when there is a clear, real-time view of the outstanding invoices and pending payments. Accounts payable tool ensures optimal financial health by letting the companies prioritize payments in line with the due dates and available funds.
5. Simplified Vendor Relationship
Timely payments and accurate records foster trust and build closer relationships with vendors. Besides, most accounts payable solutions offer transparency by allowing the vendors to track the status of their payments, enhancing communication and collaboration.
6. Compliance and Risk Reduction
Accounts payable software helps businesses adhere to tax regulations and financial standards through automated compliance checks. Furthermore, it maintains a comprehensive audit trail, making it easier to address discrepancies and ensuring accountability in financial operations.
7. Scalability for Growing Businesses
As businesses grow, the number of transactions and vendors increases. Accounts payable solution is meant to scale with the organization and accommodate more users, vendors, and transactions. It also integrates with other financial and ERP systems that help the business operate seamlessly.
8. Improved Reporting and Decision-Making
An in-depth analysis of spending patterns, vendor performance, and cash flow offers management actionable insights for the company. These enable better financial planning, as it will optimize expenses, and enhance profitability.
9. Employee Productivity
Simplifying processes lessens the burden on the accounts payable team to do other important things. By removing tedious manual efforts, the software improves productivity in general and the job satisfaction of the employees.
10. Eco-Friendly Operations
Digitizing invoices, approvals, and records reduces paper use through accounts payable tool, thus helping in the fulfillment of sustainability initiatives while at the same time reducing costs of storage and printing. Digitization of such procedures thus makes it easier to operate on a greener and more cost-effective platform.
List of 10 Best Accounts Payable Software
1. AvidXchange
AvidXchange is one of the top selections for accounts payable automation. It has flexible features designed specifically for industries such as real estate, healthcare, and construction.
This platform automates the entire invoice-to-payment process, which increases efficiency and reduces costs. Scalable, customizable, and easily integrated, AvidXchange is suitable for business operations with complex workflows.
The extensive network of suppliers and electronic payment capabilities further facilitate payments, strengthen relationships with suppliers, and quicken payment cycles.
Combining great customer service and intuitive design, AvidXchange offers the best balance between functionality and ease of use in our best overall pick.
Key features:
- Invoice-to-Payment Automation
- Industry-Specific Solutions (Real Estate, Healthcare, Construction)
- Scalability & Customization
- Extensive Supplier Network
- Electronic Payment Capabilities
- Seamless Integration with Financial Systems
- Improved Supplier Relationships
- Accelerated Payment Cycle
- User-Friendly Interface
- Responsive Customer Support
Website: https://www.avidxchange.com/
Pricing: AvidXchange uses a subscription-based pricing model for its Automated Bill Pay software. For 1 to 10 users, the monthly cost is approximately $20 per user.
2. BILL
BILL is a perfect choice for small to midsize businesses looking to optimize their accounts payable process.
It has the capability to automate complex workflows and offers features such as recurring billing, electronic payments, and custom approval workflows, making it perfect for growing companies.
BILL stands out because it combines both accounts payable and receivable services, providing a complete accounting platform to manage cash inflows and outflows in one place.
Its integration with popular software like QuickBooks, Xero, and Sage Intacct further enhances its value, ensuring seamless data synchronization and improved financial management.
Key features:
- Automated Accounts Payable & Receivable
- Recurring Billing
- Electronic Payments
- Custom Approval Workflows
- Complete Accounting Platform
- Seamless Integration with QuickBooks, Xero, and Sage Intacct
- Cash Flow Management
- Mobile Access
- Payment Reminders and Alerts
- Vendor Management
Website: https://www.bill.com/
Pricing:
Essentials Plan: Price: $22.50 per user/month
Team Plan: Price: $27.50 per user/month
Corporate Plan (Most Popular): Price: $39.50 per user/month
Enterprise Plan: Custom pricing
3. Tipalti
Tipalti is known for having strong global payment capabilities: it supports over 190 countries, 120 currencies, and multiple payment methods.
That makes it a great fit for businesses with international suppliers and partners, making cross-border transactions easier and fewer errors in payments.
Tipalti also has advanced tax compliance features, such as automated tax form collection and built-in regulatory compliance checks, to help organizations maintain compliance with global financial regulations.
In addition, its supplier management portal makes the payment process more efficient by allowing vendors to manage their own payment details and preferences.
Key features:
- Global Payment Capabilities
- Advanced Tax Compliance
- Supplier Management Portal
- Cross-Border Payment Simplification
- Automated Payment Workflows
- Integration with Accounting Software
- Real-Time Reporting and Analytics
- Scalability
Website: https://tipalti.com/
Pricing:
Starter Plan: Price: $99/month
Premium Plan (Most Popular): Custom pricing
Elite Plan: Custom pricing
4. Stampli
Stampli is a top pick for invoice management, thanks to its AI-driven platform that automates key processes such as invoice capture, coding, and approval workflows.
The platform’s intelligent system, Billy the Bot, minimizes manual tasks by learning from user actions to automate repetitive processes and decision-making.
Stampli’s interactive invoice dashboard offers live insights into invoice statuses, approvals, and exceptions, giving businesses greater control over their accounts payable process.
Plus, the collaboration tool will have given team members direct avenues within the invoice itself where communications in resolving discrepancies or queries should be facilitated.
Key features:
- AI-Driven Automation
- Billy the Bot
- Interactive Invoice Dashboard
- Client Collaboration Tools
- Real-Time Tracking
- Exception Handling
- Seamless Integration
- Customizable Approval Workflows
Website: https://www.stampli.com/
Pricing: Stampli offers custom pricing based on your business needs.
5. Airbase
Airbase stands out as a comprehensive spend management platform, integrating accounts payable, expense management, and corporate card programs under one solution. This brings about better visibility and control over non-payroll spending for businesses.
With features such as real-time reporting and customizable approval workflows, Airbase allows businesses to enforce their spending policies effectively.
Additionally, the company can issue virtual and physical cards with built-in spend controls to help them better manage and track employee expenditures.
Key features:
- Integrated Spend Management
- Real-Time Reporting
- Custom Approval Workflows
- Virtual and Physical Corporate Cards
- Built-In Spend Controls
- Expense Management
- Enhanced Financial Insights
- Policy Enforcement
Website: https://www.airbase.com/
Pricing: Airbase offers three pricing tiers:
- Enterprise: For big companies with up to 10,000 employees. Advanced features, accounting automation, and full platform experience.
- Premium: For businesses with up to 500 employees, it provides advanced integrations and workflows for scalability.
- Standard: For small businesses (~200 employees), offering a more entry-level solution with core functionalities such as AP automation and expense management.
6. Yooz
Yooz uses AI, machine learning, and OCR to automate accounts payable, ensuring the accuracy of invoice processing with a minimal amount of manual input.
Its dynamic workflow can adapt to unique organizational processes, offering custom approval routes and automated matching of invoices, purchase orders, and delivery receipts.
The user-friendly interface of the platform enhances its adoption across various technical skill levels, streamlining the accounts payable process and increasing efficiency.
Key features:
- AI and Machine Learning Integration
- Smart Data Capture Technology
- Dynamic Workflow Automation
- Customizable Approval Routes
- Invoice, PO, and Receipt Matching
- Intuitive User Interface
- Easy Adoption for All Technical Levels
Website: https://www.getyooz.com/
Pricing: Yooz offers two plans:
- Free Trial: 15-day trial with no commitments, designed for production environments.
- Gold Edition: Subscription-based pricing depending on document volume, with unlimited users and 4 hours of complimentary setup service.
7. Procurify
Procurify integrates the procurement and accounts payable process to allow businesses to control every phase of the spending lifecycle.
It enables effective collaboration between procurement and finance teams to increase visibility and control. Its mobile-friendly interface lets users handle purchase orders and approvals on the go while offering real-time budget tracking and customizable reports to identify spending patterns for better financial decision-making. For more information, visit their official website.
Key features:
- Procurement and Accounts Payable Integration
- Mobile-Friendly Interface
- Real-Time Budget Tracking
- Customizable Reports
- Purchase Order and Approval Management
- Spend Lifecycle Management
- Collaboration Between Finance and Procurement Teams
Website: https://www.procurify.com/
Pricing: Procurify offers custom pricing based on your organization’s unique needs.
8. MineralTree
MineralTree is unique with its strong focus on security and compliance in accounts payable.
The platform offers advanced features such as two-factor authentication, payment fraud detection, and role-based access control, which ensure that sensitive financial data is kept safe.
Direct integration with banks enhances the security and efficiency of the payment process.
In addition, it has industry-leading key certifications such as SOC 1, SOC 2, Type 2, SOC2+, and PCI DSS Level 1, ensuring the highest levels of compliance.
The Invoice-to-Pay tool fully automates and streamlines the entire accounts payable workflow, from capture to payment execution.
Key features:
- Two-Factor Authentication
- Payment Fraud Detection
- Role-Based Access Controls
- Bank Integration for Payment Processing
- SOC 1, SOC 2, Type 2, SOC2+, and PCI DSS Level 1 Certifications
- Invoice-to-Pay Tool
- Invoice Capture and Payment Execution Automation
Website: https://www.mineraltree.com/
Pricing: MineralTree uses a volume-based pricing model that includes a one-time fee for onboarding, ERP integration, and training.
9. Precoro
Precoro leads in the simplification of financial workflows by integrating it with the most popular QuickBooks Online, NetSuite, and Xero.
That way, there are lesser chances of manual errors and correct financial reporting. Power BI allows businesses to use advanced analytics for deeper insights into spending patterns.
The API further increases flexibility and allows businesses to customize the software according to their unique needs, thus providing a scalable solution for all business sizes and complexities.
This makes Precoro a perfect choice for companies that want to optimize their accounts payable processes.
Key features:
- Integration with QuickBooks Online, NetSuite, and Xero
- Power BI Integration for advanced analytics
- API for custom integrations
- Automated data transfer between systems
- Flexible and scalable to meet specific business needs
Website: https://precoro.com/
Pricing: Precoro has three pricing plans:
- Core – Starting at $499/month
- Automation – Starting at $999/month
- Enterprise – Custom pricing
10. Basware
Basware differentiates itself with a global supplier network that boosts the use of electronic invoicing and communication.
This increases the efficiency of processes, cuts errors, and develops closer supplier relationships.
More over, Basware uses predictive analytics and AI-driven insights to help businesses refine their procurement and spending strategies.
Being able to support any process – from sourcing to contract management, the platform can effectively help in the optimization of procurement.
Key features:
- Global Supplier Network
- Electronic Invoicing
- Predictive Analytics
- AI-Driven Insights
- Procurement Optimization
- Contract Management Support
- Sourcing Capabilities
Website: https://www.basware.com/en/
Pricing: They offer customized pricing based on the specific needs of your business, including factors like volume and integrations.
How to Choose the Right Accounts Payable Software
Selecting the right accounts payable solution is a decision that can greatly affect the financial efficiency of your business. Here’s a step-by-step guide to help you make an informed choice:
1. Assess Your Business Needs
- Determine the volume of invoices and payments your business handles.
- Identify pain points in your current accounts payable process, such as manual errors, delays, or lack of integration.
- Consider specific needs such as multi-currency support, regulatory compliance or mobile accessibility
2. Determine Your Budget
- Establish a budget for your costs, including your setup and subscription fees, not to mention any upgrade cost.
- Software that provides high value should not compromise essential features
3. Examine Primary Features
- Primary features will include invoice automation, payment processing, and approval workflows.
- Find out if the software allows for higher-level functionalities such as reporting and analytics and possibly integration into existing systems.
4. User-Friendliness
- Choose software that has an intuitive interface that is easy for your team to learn and use.
- Training resources, tutorials, or customer support can be useful for onboarding.
5. Check for Integration Capabilities
- Ensure the software integrates seamlessly with your existing accounting tools, ERP systems, and bank accounts.
- This will avoid manual data transfers and enhance operational efficiency.
6. Scalability
- Select a program that evolves with your business: add or remove more users, vendors, or even transactions at will.
- Search for easy-to-switch flexible plans and add-ons, that would adjust to accommodate more business and growth
7. Safety and Compliance
- Check for industry security standard, especially encryption, as well as two-factor authentication
- Does the software align with tax policies of any country as well as compliance with world financial rules
8. Look at Support from Customers
- Look for software providers that offer reliable and responsive customer support via multiple channels, including email, phone, and chat.
- Consider providers that offer regular updates and have a dedicated support team to help troubleshoot.
9. Read Reviews and Testimonials
- Research customer reviews and case studies to understand how the software performs in real-world scenarios.
- Ask around for recommendations from peers or industry experts.
10. Request a Free Trial or Demo
- Take advantage of free trials or demos to test the software’s functionality, ease of use, and compatibility with your business processes.
- Use this opportunity to involve your accounts payable team and gather their feedback.
11. Evaluate Pricing and Contract Terms
- Understand the pricing structure—whether it’s a subscription model, per-user fee, or one-time payment.
- Check for hidden costs, cancellation policies, and contract terms before committing.
Conclusion
Accounts payable software is important for businesses that look towards streamlining financial activities for improved accuracy and building efficient vendor relationships.
It offers higher efficiency, cost cutting and better compliance by automating basic tasks and providing timely analytics.
Selecting a best software requires an examination of the business needs and resources available in terms of its budget and scalability.
Getting the right solution is pivotal to transforming your account payables process into a more effective one, accurate and sustainable, while maintaining long-term growth.
FAQs
1. How does accounts payable tool improve efficiency?
Accounts payable tool improves efficiency by automating repetitive tasks such as invoice processing and payment scheduling, thereby reducing manual workloads, minimizing errors, and speeding up financial workflows.
2. How does accounts payable solution ensure compliance?
The software has features like automated tax calculations, compliance checks, and audit trails that help businesses adhere to financial regulations and standards.
3. What are the cost benefits of using accounts payable tool?
The software reduces late payment penalties, allows for early payment discounts, reduces manual errors, and reduces paper and storage costs, thus saving a lot of money.
4. Can accounts payable software allow vendors to track payment solution?
Yes, most accounts payable solutions offer vendor portals through which vendors can track the status of their invoices and payments, thus increasing transparency and communication.
5. What type of support is available with accounts payable software?
Most of the software companies provide their support through channels such as a telephone, e-mail, or live chat. However, some software companies even have online resources like FAQs, video tutorials, or a knowledge base.
