Accounts payable software offers features such as processing and recording vendor invoices for transactions as-well-as services with trade credit terms, approvals, general ledger posting, document matching, bill payments, and more.
Top 7 Invoice Automation Software in the Market
With a massive variety of payable software providers available in the market, it can get baffling to pick the right one for your needs. To help you decide, here the top seven payable software as recommended by a majority of users:-
Docsumo is an automated document processing solution that helps operation teams extract data accurately from any document, regardless of its layout with no manual setup.
- Intelligent data capture and transfer
- Abbreviation Detection
- Data Quality Control and Replication
- Data Aggregation and Publishing
- Email and IP Address Extraction
- CRF Tracking
- Clinical Study Management
Three price segments -
- Free Trial - Ideal for testing features.
- Growth - Ideal for businesses to capture specific data points and train on data.
- Enterprise - Ideal for enterprises that wish to capture specific data points and train on their data.
- The API documentation needs to encompass more details.
- Inability to process handwritten documents.
Tipalti is a cloud-based integrated SaaS add-on software solution that helps automate accounts payable. This software appeals to a mid-market audience as-well-as small businesses.
- Self-service supplier onboarding
- Invoice automation
- Automated invoice approval workflows
- Several payment methods in a plethora of currencies
- Fraud reduction
Tipalti Express - $299 a month
Tipalti Pro - $447 a month
- Once you have paid the bill, there is no altering it, even to add a memo.
- Tipalti does not pull directly from your account, and you must make deposits individually.
- The platform must let clients see the memo without going all the way into the bill.
Rossum is an AI-powered, cloud-based invoice data capture platform that facilitates invoice processing 8x while delivering a whopping 98% accuracy.
- Capture data from any invoice without setting up rules or templates and receive up to 98% accuracy.
- Swift deployment in your invoicing process within a couple of days.
- Enjoy a 97% reduction in keystrokes to secure the same data.
- Seamlessly integrate Rossum through email, RPA, or API.
- Cloud data protection and data control.
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- Rossum does not let employees track time or review other business expenses.
- Extra charges for increased communication security.
ABBYY FlexiCapture is a robust data capture and document processing solution designed to convert streams of documents of any layout and complexity into business-ready data.
- Data Verification
- Document Classification
- Document Imaging
- Forms Management
- Distributed Capture
- CRF Tracking
$29.99 a month for 500 pages, with price proportionally increasing with the number of pages processed each month.
- Relatively more technical and complex to navigate.
- Massive updates that require reinstalling the software.
- Sometimes delivers slow results.
Kofax is an Intelligent Automation software platform that digitally transforms document-intensive workflows. Kofax Capture offers an excellent batch capture speed, OCR, scanner recognition, VRS functionality, as-well-as an extensive array of scanners with other Kofax tools.
- Unified Design Environment
- Robot Lifecycle Management
- Built-In Analytics and Process Intelligence
- Centralized Robot Deployment and Management
- Cognitive Document Automation
- Multiple Data Sources and Types
$3,500 for 100,000 pages captured each year and 10,000 pages converted per year with an individual concurrent user.
- Lack of customization due to fewer configuration tools.
- Sluggish integration between the OS and the DB.
- The GUI requires improvements.
Xero is a New Zealand-based cloud accounting platform that offers accounts payable and vendor payments. This cloud-based accounting software platform is ideal for small and medium-sized businesses.
- Simplistic UI provides a clear financial view.
- Seamless accessibility from anywhere.
- Automated daily bank feeds.
- Interactive credit control to manage outstanding sales invoices.
Three price segments -
- Early - $11 per month
- Growing - $32 per month
- Established - $62 per month
- Some features are complicated to understand and require experience.
- No longer includes built-in payroll in any of its plans.
- Limited expense claims, projects, as-well-as multi-currency support.
- Does not offer a built-in ‘Debtor Chasing’ function.
7. Sage Intacct
Sage Intacct is a cloud-based ERP accounting software platform that is endorsed by the AICPA. It offers accounts payable software alongside automated payables workflows.
- Approval Process Control
- Cash Management
- Duplicate Payment Alert
- Electronic Funds Transfer
- ACH Payment Processing
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- No capability to mass approve/post invoices from the Invoices screen.
- No tool for approval of Journal Entries or AP Payments at the summary level.
- The platform charges extra costs for core features rather than including all internal upgrades in the annual expenses.
Accounts payable software helps organizations deal with their debts as-well-as other financial liabilities. With so many software options in the market, it can get baffling to make the right choice for you.
While there is no definite answer as to which platform is the best in the business, you can narrow down your list of preferences as per your business requirements.
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Everyday I speak to people who use our product to automate their workflow. Contact us and we will be happy to see how we can improve your processes.
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