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 2023 to help you choose the one that meets your needs.
Let’s get right into it:-
What is Accounts Payable automation?
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.
What is Accounts Payable automation software?
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:-
Best 10 Accounts Payable automation software in 2023
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 2023:-
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.
- Intelligent data capture
- 3-way matching
- Advanced cloud data protection
- Data validation
- Accurate key-value pairing and table extraction
- Real time document fraud detection
- Growth - Ideal for start-ups & businesses that need to automate one or two document types.
- Business - Perfect for businesses that need to capture specific data points from documents and train on their data.
- Enterprise - Ideal for enterprises that need to process multiple document types, train on their data, and implement custom workflow.
- Inability to process handwritten documents
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.
- Intelligent AP automation
- Real-time, accurate invoice capture and coding
- Easy-to-use, intuitive AP automation interface and dashboard
- Multiple device support
- Audit ready access
- Full-365 visibility aided by advanced search and reports
- Contact Stampli for Pricing
- Limited functionality in trial mode
- No feature to seamlessly stamp invoices
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.
- Automated approval workflows
- Self-service supplier on-boarding
- Invoice automation
- Multiple currency support
- Contact Tipalti for Pricing
- Lack of immediate image generation feature
- Problematic payment processing and tax compliance facilities
- Limited customizations and delayed updates
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.
- Invoice and purchase order matching
- Centralized Accounts Payable database
- Automated approval of invoices, receipts and POs
- Easy clearance of vendor payments
- Advanced search options for document retrieval
Available pricing packages:-
- Enterprise plans
- Limited search functionality
- Numerous instances of wrong vendor number and invoice errors
- Sync tool may malfunction sometimes
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.
- Expense workflow
- Automated learning and data entry
- Automation of end to end workflows using Zapier
- Exactable line items
- Reconcile invoices and invoice matching
- Email bill fetch
- Starter: Free
- Pro: $499 per model per month
- Enterprise: Custom pricing
- Results can be delayed at times
- Requires a powerful processor for efficient functioning
6. Sage Interacct
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.
- Easy cash management
- Control over approval processes
- Duplicate payment detection
- Electronic Funds Transfer
- ACH payment processing
- Contact Sage Interacct for Pricing
- Mass approval of post invoices from Invoices Screen is unavailable.
- Absence of a tool to approve Journal Entries or AP Payments summarily.
- Added charges for accessing core features.
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.
- Centralized design environment
- Intellect analytics and data processing
- Cognitive document automation
- Multiple source data capture
- Robot lifecycle management
- $3500 for 100,000 pages captured and 10,000 pages converted annually with an individual concurrent user.
- Limited customisation features
- Sluggish integration
- GUI needs improvement updates
8. ABBYY Flexicapture
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.
- CRF tracking
- Document imaging
- Automated data verification
- Distributed document capture
- Streamlined form management
- $29.99 per month for up to 500 pages with proportional increase in price in accordance to the amount of pages processed.
- Complex interface and navigation
- Large updates that require uninstallation of the software
- Sometimes output of results tends to slow down
9. Oracle Netsuite
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.
- Automated invoice processing
- Secure storage and quick retrieval of payment records
- Improved payments control
- Provides access to SuiteApps Marketplace to enable seamless integration with other business softwares
- Contact Oracle NetSuite for Pricing
- Limited customization capabilities
- Complex set up and User Interface (UI)
- Limited customer support
- Better suited for large-scale businesses
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.
- Proper remittance data for both old and new payments
- Advanced search function for easy retrieval
- Automated invoice processing
- Automatic and scheduled release of payments
- Contact FastPay for Pricing
- Limited tools and functions in comparison to other softwares
- Relatively new to this domain
- Instances of errors and malfunctions