Manual accounts payable (AP) methods such as data entry and invoice processing can take a lot of time out of your day. The process is lengthy, and if human error intervenes, it’s further drawn out. Time costs money. So much so that Sterling Commerce found that manually-processed invoices costs almost 10 times more than fully-automated invoices.
Enter accounts payable software.
Save time, streamline your process, increase security, efficiency, and control with an accounts payable software. It can process large volumes of invoices, match supplier invoices with corresponding purchase orders to accurately track the amounts owed, and — of course — automate your accounts payable processes, reducing manual tasks and giving you more visibility and control of financial data. The software integrates with your accounting solution or with accounting modules of ERP systems.
We’ve chosen five solutions for small businesses who employ freelancers, contract workers, and the like. These vendors are in no particular order.
Not sure where to start when choosing a software vendor? Click the image below or use our Accounting Software Product Selection Tool. Our Technology Advisors will listen to your needs and match you with a list of five accounting software vendors who meet your requirements. If you’re still doing research, read on for the top five accounts payable software vendors.
Compare the best accounts payable software
|Automated invoice||Automated approvals||Supported across all operating systems||Mobile app||Optical character recognition|
Pyrus is a cloud-based system designed to streamline invoice workflow developed by Simply Good Software, Inc. Alongside workflow management and service desk products, Pyrus offers an AP software that automates workflow from capture to payment. It features an easy-to-use interface for data validation, general ledger coding line items, and purchase-order matching. Invoices can be routed depending on the amount, vendor, location, or any other attribute. Pyrus integrates with Salesforce, G Suite, Dropbox, and more. It has pre-built integrations with popular accounting software such as Microsoft Dynamics GP and QuickBooks. Best of all, Pyrus is free for unlimited users for an unlimited time. Of course, other pricing plans with more features are available.
Pyrus replaces manual data entry with automatic image capture technology. Forward a vendor invoice to a Pyrus email, and Pyrus will automatically capture the data and fill out an invoice payment request form.
The invoice is important, but communicating the details often go beyond the invoice. Stampli is an AP automation platform that automates invoice and approval workflows with technology that learns and adapts to your accounting process. Stampli features an intuitive platform that provides customized views based on the user’s role. There’s easy access to reports and insights with advanced search, dashboard, and audit-ready invoice. It only takes a day to set up, and integrates with software such as Sage Intacct, Oracle Netsuite, and QuickBooks. Pricing is quote-based.
Stampli uses AI technology with Billy the Bot. Billy automates AP processing by automating invoice capture, GL-coding, and approval notifications. It also aids in identifying potential fraud by alerting the necessary parties.
Designed for growing, middle-market companies, MineralTree offers end-to-end AP automation for invoice and payment processing. Provide the invoice and supporting documentation, and MineralTree extracts header and line item data and posts it back to your accounting software. Online invoice routing allows users to get requests to the appropriate approvers quickly. Checks and electronic payments are processed directly from your bank. MineralTree offers two-way integration with accounting software such as NetSuite, Sage Intacct, Quickbooks, and more. Users pay a fixed monthly or annual fee that’s based on your volume of invoices and payments.
MineralTree incorporates advanced payment security features such as two-factor authentication, two-factor payment verification, and payment limits. In addition, they offer Bank Positive Pay: a feature that ensures your bank automatically receives details of all checks authorized and issued.
Approval Donkey is a workflow management software that collects, automates, and tracks approvals, sign-offs, and decision requests. Automate any process requiring approval such as purchases, time-off requests, and expense claims. Approval workflows are multi-step, with group or unanimous settings. Collaborate with your team, so the approval process can move along quicker. Approval Donkey integrates with Zapier to bring you the option of integrating over 1,000 apps. Automate common tasks without leaving apps like Trello, Asana, and Gmail by creating ‘Zap’ templates via Zapier. Approval Donkey has a limited free option, or a cost per month option with more features available.
Approval Donkey sends status updates and up-to-date information to your email or to any app that Zapier integrates with, like Slack, Trello, or Google Sheets.
Track your spending and automate AP with SAP Concur, a product of the well-known ERP software company SAP. Concur is designed for small to midsized companies, and also offers expense and travel products within the software. Managers can approve expense reports and invoices at the same time. Vendors can see their payment status. Concur offers tools to track KPIs, and has an intuitive dashboard to track metrics. It integrates with any SAP product, and can scale up to meet the needs of larger companies. Pricing is quote-based.
Sap Concur features a three-way matching system to spot exceptions, stop errors, and eliminate manual tasks. With this, you can gain visibility into exceptions, mismatches and spend, and avoid duplicate payments and late fees.
Finding the best accounts payable software
Investing in an AP tool saves your company time and money. If you’re conducting most of your invoice processing on paper, you’ll also contribute in saving the planet due to the paperless switch. Who doesn’t love to go green?
Don’t see a software solution that meets your needs? Use our Accounting Product Selection Tool for five free recommendations tailored to you.
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