Best Account Payable Software 2023 | Tips to choose the best one

What is Account Payable Software? 

Accounts payable (account payable) is a process of managing the payment of invoices. It involves tracking, approving, and paying invoices to ensure all bills are paid on time. In most organizations, accounting systems are integrated with account payable software to automate invoice processing.

Account payable software is an accounting software system that helps businesses manage and automate their accounts payable processes. This software can streamline invoice processing, automate payments, and provide real-time visibility into payment status and vendor data. Accounts payable software typically includes features such as:

• Invoice processing: The software automates the receipt, processing, and approval of invoices, reducing manual data entry and streamlining workflows.
• Payment automation: The account payable system software can automate payment processing, including scheduling payments, selecting payment methods, and generating payment files.
• Vendor management: The software provides a central repository for vendor information, including payment terms, contact information, and payment history.
• Reporting and analytics: Account payable software can generate reports and provides analytics on key accounts payable metrics, such as aging reports, cash flow projections, and vendor spend analysis.

See also: Account Receivable Definition: Understand to Develop Management Strategies

What are the benefits of account payable invoicing software?

There are many benefits of using account payable software to manage your business's accounts payable process. Here are some of the most important ones:

Increased Efficiency

In general, account payable automation software helps businesses automate many manual tasks, such as the invoice approval process, payment management process, and invoice data entry. Thanks to that, businesses can reduce the risk of payment delays and fraud losses, and process invoices faster and with greater accuracy. This can save precious time spent on duplicate processing and manual data entry.

Improved Control

Account payable software provides greater visibility and control over the accounts payable process. It can enforce approval workflows, ensure compliance with contract terms and payment policies, and reduce the risk of errors and fraud.

Better Cash Management

With account payable invoice software, companies can get real-time insights into payment status and vendor data. Thanks to that, businesses can ensure all payments are made on time, and the business does not face any credit risk or liquidation risk. This is the foundation for businesses to better optimize their cash management.

See also: Liability in accounting 

Enhanced Supplier Relationships

Timely payments, accurate reporting, and transparent communication via account payable software can help businesses build stronger relationships with their suppliers. This leads to better pricing and terms, improved supplier performance, and increased customer satisfaction.

Cost Savings

Account payable software helps businesses save money by reducing the time and resources required to manage the accounts payable process. In fact, account payable automation software has proven to reduce processing time by 73% and processing costs by 33%. It also helps businesses avoid late payment fees and duplicate payments, and reduces the risk of fraud and errors.

Better Analytics and Reporting

Account payable invoice software generates reports and provides analytics on key account payable metrics, such as invoice aging, cash flow projections, and vendor spend analysis. This can help businesses identify areas for improvement and optimize their accounts payable process.

The best account payable software platforms 2023

Viindoo Accounting

Pricing: $8/user/month 

Viindoo Accounting is a cloud-based accounting software that offers a complete accounts payable solution. It features invoice management, payment processing, vendor management, and reporting and analytics capabilities. Viindoo Accounting's account payable automation tool is designed to simplify the accounts payable process, improve accuracy, and increase efficiency. 

Moreover, Viindoo Accounting can automate all other business accounting tasks and closely integrate, and keep track of data in real-time. Using Viindoo Accounting, users can take advantage of the smart and multi-criteria filters and grouping, searching tool. 

NetSuite

Pricing: Provide upon request 

As one of the popular cloud-based business management software, NetSuite offers an Accounts Payable Solution that enables businesses to increase efficiency, improve control, and enhance productivity. NetSuite account payable software automates the processes of invoice processing and payment, as well as the calculation of discounts, thereby eliminating manual data entry. Thanks to that, users can reduce the time and effort required to process invoices.

Additionally, NetSuite can handle exception processing seamlessly, ensuring that mismatches between invoices and purchase orders are addressed. The platform also offers real-time insights into the entire accounts payable process, mitigating the risk of lost bills or fraudulent invoice payments.

Sage Intacct

Pricing: Provide upon request

Sage Intacct Accounts Payable offers comprehensive account payable invoicing software to manage the entire accounts payable cycle. Its automated processes and efficient workflows help to streamline the accounts payable processes. The platform also offers real-time access to accounts payable transactions and data, providing better visibility into financial operations. 

Tipalti

Pricing: 

• Tipalti Express – $149/month – basic capabilities
• Tipalti Pro – $179/month per user (minimum 3 users) – advanced capabilities

Tipalti is a leading end-to-end payables solution that offers a streamlined approach to global supplier payments, eliminating 80% of the workload associated with accounts payable. Tipalti offers a range of features, including invoice processing, PO matching, supplier onboarding, cross-border remittance, early payment status communication, ERP integration, reconciliation, and more. 

The platform's advanced data extraction features, OCR, and supplier portal make it easy to upload invoices, while its approval routing functionality minimizes delays and maximizes the opportunity for early payment discounts. 

Stampli

Pricing: Provide upon request

Stampli is an all-in-one account payable automation software designed to streamline and automate the entire account payable cycle. It brings together all aspects of corporate spending, including communications, documentation, corporate cards, and payments. By focusing on invoice communications, Stampli facilitates faster approvals.

Moreover, Stampli's AI uses machine learning to automate approval notifications, detect duplicate invoices, and reduce manual data entry. The platform can connect to financial systems like Acumatica, Microsoft Dynamics, Oracle NetSuite, QuickBooks, Sage 100, Sage Intacct, Saccount payable, etc. However, the system cannot handle bank reconciliation and expense tracking, and it sometimes may read some information, requiring users to carefully check automatically-entered information.

AvidXchange

Pricing: Provide upon request

AvidXchange’s account payable invoice software improves the efficiency of the accounts payable process and reduces paper-based problems. This system provides custom approval and payment workflows, a central data repository, and real-time reporting on accounts, performance, and growth.

In addition, AvidXchange integrates with over 180 brands, including NetSuite, Sage Intacct, and Microsoft Dynamics. With bill payment automation and purchase order automation, businesses can gain efficiency and maintain control over spending while cutting processing costs and reducing security risks. 

What factors to consider when choosing an account payable automation tool?

When considering an account payable automation software for your enterprise, there are several factors to keep in mind to ensure that the chosen solution fits the specific needs of your business. Here are some of the key factors to consider:

• Match with the account payable workflow of the enterprise: The AP software needs to be compatible with your existing account payable workflow, ensuring a smooth transition from manual to automated processes. Before choosing a solution, evaluate how the tool will fit in with your current processes and ensure that it complements them.
• Accurate data capture: Accurate data capture is critical for efficient account payable processes. In this aspect, account payable software must be able to capture data from invoices accurately and automatically. This includes key data such as invoice numbers, amounts, and due dates.
• Easy invoice approvals: AP automation software makes it easy for users to approve invoices from any device, anywhere, and at any time. It should also allow for customizable approval workflows based on the specific needs of your enterprise.
• Real-time monitoring/tracking of account payable invoices: Real-time monitoring and tracking of invoices are essential for timely payments and avoiding late fees. Therefore, account payable software is expected to provide real-time visibility into invoice statuses, enabling users to monitor and track invoices throughout the entire payment process.
• Integration with existing accounting system: The AP system should integrate seamlessly with your existing accounting system, ensuring accurate and up-to-date financial data. The tool should be compatible with the accounting software your enterprise uses.
• Automation of payments: Automated payments can save time and reduce errors. The AP software needs to automate the payment process, ensuring that payments are made on time and accurately.
• Centralized information storage and management: The account payable software provides centralized storage and management of all account payable-related information, including invoices, purchase orders, and payment details. This ensures that all relevant information is easily accessible and organized, reducing the risk of errors and missed payments.
  

In conclusion, selecting the right account payable software is critical for streamlining financial workflows and managing cash flow. By selecting a solution that aligns with account payable workflow and meets their specific needs, businesses can improve their efficiency and reduce processing costs. Follow Viindoo to read more useful blogs on the topics of business management. 

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