Accounts Payable (AP) automation systems streamline the accounts payable process, providing benefits beyond automation such as increased efficiency, better control, and greater visibility of the overall financial process.
AP automation tools save time and money while enhancing accuracy and delivering detailed dashboards for greater insights. They improve data accessibility, provide you greater control over cash flow, and better fraud protection. In this article, we will look at the 8 Best Accounts Payable Automation Software.
What does an Accounts Payable Automation Software do?
Accounts Payable (AP) Automation Software streamlines and automates the process of managing a company’s accounts payable. Here’s an overview of its functions and benefits:
- Automatically captures invoices from various sources (email, electronic data interchange (EDI), or scanned paper invoices) and extracts relevant data using optical character recognition (OCR) or similar technologies.
- Matches the invoice data with purchase orders and receiving reports to ensure accuracy and prevent discrepancies.
- Schedules and processes payments through various methods such as electronic funds transfer (EFT), automated clearing house (ACH), checks, or virtual credit cards.
- Integrates seamlessly with enterprise resource planning (ERP) systems and other financial software.
1. Payhawk
Payhawk delivers powerful and user-friendly accounts payable and invoice management software to assist your firm in successfully managing and handling invoices. Using a centralized platform, businesses can optimize payment methods, manage reimbursements, and control invoicing on a larger scale.
The invoicing process can be automated with OCR data extraction and machine learning. Payhawk helps you extract and integrate data from invoices in over 60 languages while digitizing your bookkeeping.
Payhawk’s invoice management software improves efficiency by automating financial activities, saving more than two hours daily. It provides audit readiness by retaining an audit trail and necessary spending data.
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2. Melio
Melio provides a flexible payment option for invoices, allowing consumers to pay with a card or ACH bank transfer for free. This improves cash flow and eliminates superfluous paperwork.
Melio allows you to conveniently pay invoices and company expenditures online, and vendors can receive instant direct deposits or paper checks without signing up. When using a credit card, multiple payments can be made simultaneously, saving time and earning reward points.
Melio supports approval workflows to define roles and responsibilities for payment permissions, making it easy to pay business expenses from any device. It also enables seamless international payments.
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3. Tipalti
Tipalti is a smart accounts payable platform that streamlines and automates corporate processes, improving efficiency and scalability. It allows firms to focus on growth while Tipalti tackles administrative responsibilities.
Tipalti simplifies the payable cycle by decreasing workload, speeding up financial closes, and minimizing payment errors. It modernizes financial operations by automating manual payables procedures.
Tipalti provides real-time insight, reduces your workload from manual invoicing, and delivers a touchless invoice solution with sophisticated approvals, PO matching, and machine learning technology. In addition, make payments in a range of methods and currencies around the world.
4. Bill
Bill.com is ideal for small to midsize businesses wishing to streamline their accounts payable process. Its ability to automate complex operations and provide features such as recurring billing, electronic payments, and custom approvals makes it an ideal choice for developing businesses.
Bill.com provides a unique combination of accounts payable and receivable services, as well as a comprehensive accounting platform that allows businesses to handle cash inflows and outflows in one place. Its connectivity with popular software such as QuickBooks, Xero, and Sage Intacct add to its popularity by assuring easy data synchronization and enhanced financial management.
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5. Procurify
Procurify seamlessly combines procurement and accounts payable processes, allowing firms to manage the whole spend lifecycle from purchase request to payment. This interface promotes communication between procurement and finance departments, resulting in better spend visibility and control.
The Procurify UI is fairly mobile-friendly, allowing users to handle purchase orders, approvals, and expenses on the go. The platform’s real-time budget tracking and customisable reports provide significant insights into spending trends, allowing organizations to make sound financial decisions.
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6. Stampli
Stampli is a smart accounts payable automation platform that combines invoice and bill processing, communication, payment methods, and credit card administration into a one convenient solution.
Stampli AP increases visibility and control over corporate spending, allowing AP departments to communicate more effectively with vendors, stakeholders, and approvers involved in approvals and purchases.
Streamline all of your financial processes five times faster. Stampli employs Artificial Intelligence technology to automate AP invoice processing and learns your specific patterns to automate approval notifications, simplify GL coding, identify duplicates, and more.
Stampli is a platform that allows organizations to quickly track and manage their bill activities, ownership, and statuses through real-time invoice capture and coding, fostering accountability and transparency. It also enables firms to grow and adapt to change.
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7. Airbase
Airbase combines accounts payable, expenditure management, and corporate credit card programs into a single platform, providing a comprehensive spend management solution. This integration gives firms unrivaled access and control over their non-payroll spending.
Airbase’s real-time reporting and custom approval workflows enable businesses to enforce expenditure policies and gain visibility into their financial operations. Its ability to issue virtual and physical cards with built-in spend controls expands its usefulness by allowing businesses to oversee and regulate employee spending proactively.
Conclusion
Selecting the best Accounts Payable (AP) Automation Software depends on your specific business needs, budget, and existing systems. Here are some considerations and recommendations to help you make an informed decision:
- Ensure the software integrates seamlessly with your existing ERP, accounting, and financial systems.
- Consider the quality of customer support and training resources provided by the software vendor.
- Opt for software with an intuitive interface that is easy for your team to learn and use.
Frequently Asked Questions
Why should my business invest in AP Automation Software?
Investing in AP automation can significantly reduce manual data entry, minimize errors, speed up invoice processing, improve accuracy, enhance visibility into financial operations, and help capture early payment discounts.
What should I consider when choosing AP Automation Software for a global business?
Global businesses should consider Tipalti for its ability to manage multi-currency payments, compliance with international regulations, and extensive global payment network.
How does AP Automation Software enhance security?
AP automation software enhances security through features like secure data storage, encryption, user access controls, and audit trails that track all activities within the system.
