Introducing and implementing automation into your processes is an overwhelming procedure that concerns multiple factors and impacts operational efficiency. Although, by making the right choice of software, this task can be uncomplicated and can guarantee better results. That said, learn more about the top-ranking accounts payable automation software in the market and choose yours.
14+ Accounts Payable Automation Software
1. Stampli
2. AvidXchange
3. Concur
4. Tipalti
5. Corcentric
6. Hyland
7. Onpaysolutions
8. Kofax
9. Basware
10. Ipayables
11. Papersave
12. Proactis
13. Esker
14. Zycus
15. Bill.Com
What Is Accounts Payable Automation Software?
Accounts payable automation software, sometimes referred to as AP automation software is a modern solution that allows users to design and structure their workflows in processing invoices and transactions to complete them automatically. With this end, users can oversee multiple processes and run activities using an integrated platform. It uses artificial intelligence to extract, store, and route data to specific recipients.
Also, it allows you to process documents and transact electronically, making the flow of purchase order processes with vendors more seamless. In addition, it measures metrics and leverages data analytics to give users better insights into the success of accounts payable automation workflows.
Benefits
Using this software minimizes the human intervention for the complicated and repetitive tasks involved in securing documentation and auditing. Going digital using this software solution also increases the accuracy of your accounts payable process, diminishing the possibilities of human errors that can cause issues or pose risks. Another one of its benefits is it optimizes your costs.
Features
When incorporating workflow automation in your accounts payable processes, your choice of software is a crucial make-or-break factor for the success of this operation. It should be user-friendly and easy to navigate to make it easier for your staff to understand and use daily. Also, aside from those mentioned earlier, you should check on essential aspects such as the pricing plans and software packages they offer. Their list of digital devices and whether or not they have the following features are also factors you should consider to weigh in your options in the software market:
- Invoice management tools
- Compliance management features
- Document management functionalities
- Approval process controls
- Optical character recognition capabilities
- Data analysis and reporting tools
- Fraud detection features
- Payment reconciliation functionalities
- Third-party applications integration
Top 10 Accounts Payable Automation Software
1. Concur
With this expense report software, you can use features for improving your spend management and reimbursement management. They have a revenue of 1 billion dollars and have 5,000 employees in their team.
2. Hyland
Hyland is financial services software that has functionalities for business process automation and financial aid management. They have 2,200 employees and have 827.71 million dollars in generated revenue.
3. Kofax
Kofax is a data extraction software with digital tools for document generation and classification. They have a revenue of 399 million dollars and have 1,900 people on their team.
4. AvidXchange
This billing & invoicing system has payment processing and check writing functionalities. They have 1,500 employees and have a generated revenue of 185.9 million dollars.
5. Basware
Functionalities for spend control and supplier management are accessible in this accounting software. They have employed 1,336 people and have a revenue of 183 million dollars.
6. Tipalti
With this accounts payable solution, you can streamline the complicated tasks of transaction monitoring and audit management. They have 643 people working for them and have 52.8 million dollars in revenue.
7. Corcentric
With Corcentric, you can simplify the complexities involved in vendor management and cash management. They have employed 177 people and have a revenue of 30.8 million dollars.
8. Stampli
This accounts payable software has tools for fraud detection and invoice processing. They have 13.9 million dollars in generated revenue and have 114 people on their team.
9. Ipayables
PO reconciliation and electronic funds transfer tools are features you can use in this accounts payable automation software. They have generated a revenue of 7.5 million dollars and have employed 52 people.
10. Onpaysolutions
Onpaysolutions is an accounts payable solution with multiple payment options and electronic signature capabilities. They have 31 employees and have a generated revenue of 6.5 million dollars.
FAQs
How does accounts payable automation work?
Accounts payable automation involves utilizing advanced capabilities for receiving invoices and extracting data to match them with purchase orders. After, it processes data and routes them to specific individuals and teams assigned for review and approval. Lastly, it saves essential AP data and organizes them to prepare them for access.
What is accounts payable?
Accounts payable refers to the short-term debts purchasing businesses owe suppliers and vendors. It involves services rendered and products provided by vendors that have not been paid for yet by a firm. Some examples of accounts payable include internal reimbursement payments, expenses paid during business travels, and amounts paid to suppliers.
What are essential tips for automating accounts payable?
Continuously collecting and analyzing data to optimize operations and fill in gaps in your automation processes tops the list of the best practices you should follow. Also, ensure to focus on enhancing network security to eliminate the possibility of breaches and threats. Another tip is to define your goals and ensure compliance.
Ensure accurate records and streamlined processes in your accounts payable automation and take it from there to start a positive impression and nurture relationships with suppliers. Enjoy the benefits and advantages of this software and enjoy a seamless AP automation experience using the best accounts payable automation software for you.
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