Each accounts payable automation software has its own pros and cons and is suited to certain specific use cases. With so many options of software to choose from, it can indeed be very hard to make the right choice.
In this blog, we have compiled a detailed list of the top 10 AP automation softwares of 2022 to help you choose the one that meets your needs.
Let’s get right into it:-
Accounts Payable (AP) automation is essentially the process of automating manual tasks usually done by humans using cutting edge tools and software. Owing to the advanced capability of machines to carry out complicated tasks with consistency and precision, it can help ensure the functioning of the accounts payable processes at minimal cost and maximum efficiency. Since the work is done using modern technology and software instead of humans, it also helps in cutting the margin of error down to negligible levels. It also boosts accountability by ensuring that the processes are transparent and can easily be tracked via the digital records. However, if you still want to know more about the advantages of accounts payable automation, do visit our blog.
An accounts payable automation software is essentially a software solution which is programmed to carry out the entire automation process. It uses digital codes to execute AP processes that were earlier carried out manually by humans. Due to its advanced processing capabilities, the software can provide efficient and accurate outcomes which substantially reduce the margin of error. Accounts payable automation software has garnered increasing significance as more and more businesses prioritize efficiency, precision and cost reduction. This has led to several new software solutions with advanced features being developed to meet the increasing market needs.
Before moving ahead, it's a great opportunity to brush up a few facts about AP automation:-
As mentioned above, there are multiple software for accounts payable automation and choosing the right one can be a mammoth task.
Let’s go through our curated list of the top 10 Accounts Payable Software in 2022:-
Docsumo is an intelligent document processing software which helps users extract data from any document efficiently, irrespective of its layout or structure without the aid of a manual setup. The software accurately captures information from a variety of invoices with remarkable efficiency.
It offers users with a pre-trained Invoice Capture API that offers increased customisation to enable users to capture data conveniently with little professional training. The captured data can be converted into different formats such as excel, json, csv, txt, etc. which allows users to easily feed it into their system or any third party software.
Best known for its ability to process invoices in real time, Stampli has several features that set it apart from the rest of the automation software. It also ensures efficiency by automatically capturing invoices onto its platform for immediate processing. Apart from that, it has one of the best User Interfaces (UI) in comparison to its counterparts. The easy to use interface goes a long way in making the platform simple and accessible.
The platform provides a centralized communication hub to enable cooperation and instant resolution of queries with anyone using Stampli. This tool also provides the enterprise with an ability to enact and enforce internal controls using customisable permissions.
Tipalti is a cloud based integrated SaaS software for automating your Accounts Payable processes that is best suited for large & medium sized businesses. It provides integral features like end to end payment solutions that could be essential for small businesses with high growth potential.
The platform integrates several advanced features such as invoice automation, automated approval and self-service supplier automation to ensure efficient management of the AP processes. It also allows enterprises to make global mass vendor payments in multiple currencies.
Beanworks provides users with a system capable of fast invoice processing and making remote payments seamlessly while reducing the overall cost of the Accounts Payable processes drastically. It enables users to exercise more control over their work flows using custom rules which allow them to assign POs, invoices and payment receipts to the most suitable members as per the discretion of the manager.
The Beanworks AP allows users to manage multiple locations or legal entities and set spending limits for various departments. Additionally, it also streamlines the payment processes by allowing seamless and timely automated payments to vendors and suppliers.
Available pricing packages:-
Nanonets is essentially a one-stop solution for all your Accounts Payable processes and workflow automation. It enables you to transform all your unstructured receipts, POs and invoices into a well-structured and easy to use format. You can upload your invoices in multiple ways, be it as PDFs, digital or scanned invoices.
The platform supports multiple document types including ID Cards, invoices, income proofs, POs, etc. Additionally, it allows enterprises to create categories for text detection, uploading and image annotation along with OCR review. It also facilitates seamless integration with cloud storage services like Google Drive, Dropbox, etc. ERPs such as Salesforce, Yardi, Netsuite and even databases like MSSQL, MySQL, etc.
Sage Interacct is a cloud-based ERP accounting automation software which is endorsed by the AICPA. In addition to providing efficient accounts payable software along with automated payment workflows, it also offers multiple features such as Salesforce Integration, data flows between CRMs and business financials.
The platform delivers a range of core functions such as general ledger, accounts receivable, accounts payable, cash and order management, etc. Further, it enables users to easily manage their processes with the aid of system generated customizable reports which provide essential insights into the system operations.
Kofax is an intelligent automation software with an ability to intelligently transform document intensive workflows with remarkable efficiency using excellent batch capture speed, OCR, scanner recognition, VRS functionality, and an extensive array of scanners with other Kofax tools. It uses Robotic Process Automation (RPA) to streamline and speed up the document automation workflows. Additionally, it uses zero code deployment, reduces system disruptions and is also able to integrate data with legacy systems.
ABBYY Flexicapture is an efficient data capture and document processing software designed to be able to convert complex documents in any layout into business ready data. Users can avail automatic document classification, paperless document capture and has a highly scalable architecture which can be utilized by enterprises to realign their core business operations while reducing costs and improving efficiency.
Another advantage of this platform is its advanced security protocols which ensures that your data remains protected in a secure and trusted environment. It also allows added flexibility by enabling businesses to deploy the software either on premises or via cloud depending upon the organizational needs of the businesses.
Oracle NetSuite is a powerful AP automation software tool with some interesting features that enables improved business liquidity and efficient management of the Accounts Payable Processes. It helps in reducing funding gaps and generating higher profits by automating the invoice processing procedures for your business.
The tool expedites the process of invoicing in its entirety by automating the discount calculations and reducing the margin of errors in data entry. It also has added safeguards to prevent double payments and offers real time visibility features to reduce the loss of invoices and bills.
Thus, it is an efficient automation software that streamlines the entire accrual process, retrieves historical records and ensures that the financial statements produced are accurate.
FastPay is a software automation tool that specializes in simplifying complex and time consuming payment processes and helps expedite the process of making payments to vendors and suppliers. It looks beyond financial convenience to empower users with access to faster payment processing.
In addition, it possesses the ability to seamlessly execute electronic payments and essentially boosts the entire payment process by providing rich remittances for all the payments it executes. The tool is also powered by the intelligent smart search function which helps retrieve historical records with ease and efficiency.
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
The traditional supply chain management approach relies heavily on manual work and is time-consuming, error-prone, and expensive. As documentation is an important part of the supply chain that consumes considerable efforts of enterprises in the supply chain workflow, it makes sense to automate the process with the help of intelligent document AI software.
Optical Character Recognition (OCR) is the technology to convert an image of text into machine-readable text. It is the underlying technology for various data extraction solutions including Intelligent Document Processing. However, OCR is not smart enough to figure out the context in a document - it works simply by distinguishing text pixels from the background and finding a pattern. This limitation could cause inaccuracy in captured data that could directly impact the output of your data extraction model.
Accounts payable is a key financial function for any business. Corporations can have thousands of suppliers; even for relatively smaller businesses, the number of suppliers could be in hundreds. All the invoices they receive from these suppliers come in multiple formats, layouts, and templates - some semi-structured, some unstructured. Therefore, firms expend time and resources to capture invoice information through manual data entry and verification of accounts payable. Manual data entry is not feasible in the long run, definitely not on a large scale. Before we talk about how intelligent invoicing solves the problems associated with manual invoicing, let’s discuss the challenges in much detail.