This year, a variety of cutting-edge and effective accounts payable software options are available, and they may help you manage this essential work. Account Payable Automation software is used by many prosperous firms to manage large amounts of financial transactions between them and their suppliers and vendors.
While some of these technologies offer plenty of fantastic functionality to corporate entities, many still want assistance managing AP procedures that are more feature-rich. Accounting professionals can manage a bigger volume of invoices while decoding such complex AP processes with the aid of AP automation solutions.
We’ll go over their use cases, pricing structures, and customer testimonials so you can choose which one best suits your company’s requirements. So, these are the top 6 most well-liked and user-friendly AP Automation programs.
Top 6 Account Payable Automation Software for 2024
#1: SAP Concur
A software program called SAP Concur is intended to assist businesses in automating their accounts payable procedure. with features like a Trip Benefit, Advanced OCR and Machine Learning-Powered PDF/Image Reading Capability, and a Duplicate Payment Prevention System, producing and amending invoices made easier.
Many businesses utilize it to cut down on human data entry and save time and money. Employing this type of technology, which is linked to the company’s existing travel and credit programs. It also reduces the chance of fraud or error.
SAP Concur Features:
1. Duplicate Payment Prevention System
An automated system that aids in preventing multiple payments is known as a duplicate payment prevention system. It’s intended to make sure that an invoice is only ever paid once and for the right amount. To find any potential duplicate payments and notify users to take action, this system uses machine learning.
For businesses that have a lot of payments to manage promptly and properly, this function is crucial. Ensuring that just one payment is made on an invoice and the right amount is paid, saves time and money, and fraud and error risk is also decreased.
2. Advanced OCR and Machine Learning-Powered PDF/Image Reading Capability
Digital reading and processing of documents are made possible by this capability. Documents are scanned using optical character recognition (OCR), and data is subsequently extracted using machine learning. Then, this information can be utilized to automatically generate invoices or update information on current bills.
Companies that want to use Ap Automation Software must have this feature. It makes it simpler to create, update and manage invoices as well as to keep track of them. Additionally, it reduces the quantity of manual data entry, saving time and enabling staff to concentrate on other important activities.
3. Trip Benefit
Companies that frequently need to arrange travel for their employees can benefit from Trip Benefit. The procedure is streamlined, and employees may get paid for travel costs much more quickly.
The amount of time spent on administrative tasks, the frequency of lost papers, and the likelihood of making mistakes are all significantly decreased by incorporating this capability into SAP Concur.
Pros and cons of SAP Concur
Pros
- Automates AP processes.
- Minimizes manual data entry.
- Connects to existing programs.
- Secure and user-friendly.
- Accurate OCR scanning.
Cons
- False alarms.
- Delay in NetSuite connector.
- Poor customer support.
SAP Concur Pricing
The starting price of $9 per report. This price is considered affordable compared to similar Ap Automation Software tools. SAP Concur offers a free trial for up to 30 days, You may also get a quote.
Verdict
SAP Concur offers a more comprehensive Ap Automation Software tool with a range of features such as a Duplicate Payment Prevention System, Advanced OCR, Machine Learning-Powered PDF/Image Reading Capability, and Trip Benefits. It also offers a more affordable pricing plan, with a free trial for up to 30 days.
The top spot goes to SAP Concur since it is a comprehensive piece of software for automating the process of managing accounts payable. Additionally, it provides a free trial and a reasonable pricing structure, making it a desirable choice for businesses wishing to automate their accounts payable procedure.
#2: Sage Intacct
Sage Intacct is an Ap Automation Software created to increase business financial performance and optimize corporate operations. It offers a suite of features that make it unique from other software tools, including Automated Invoice Matching, Multi-Entity Consolidation, and Reporting and Dashboard.
These features enable users to quickly and easily manage their accounts payable and receivable, streamline financial reporting, and make informed decisions based on real-time data. Sage Intacct is an efficient and cost-effective solution designed to save users time and money while providing them with the insights they need to make informed business decisions.
Top Sage Intacct Features
1. Automated Invoice Matching
Automated Invoice Matching is a feature of Sage Intacct’s Ap Automation Software that allows you to match invoices automatically. This feature allows you to upload invoices and other related documents into Sage Intacct, automatically searching for discrepancies and matching the invoice data to the purchase order or contract.
This saves time and money, as manual searching and matching of invoices are no longer necessary.
Automated Invoice Matching is a great feature for businesses that process a large number of invoices every day. It saves time and money because it eliminates manual searching and matching of invoices and the need to enter data into the system manually. The automated matching feature also ensures accuracy, eliminating the possibility of human error.
2. Multi-Entity Consolidation
Multi-Entity Consolidation is a feature of Sage Intacct’s Ap Automation Software that allows companies to consolidate the financial data of multiple entities into one financial statement. This feature helps businesses visualize the financials of their entire organization and allows for better decision-making.
Multi-Entity Consolidation is a valuable tool for businesses with multiple entities or subsidiaries. It allows for streamlined and accurate consolidation of financial data and gives businesses the ability to have a global view of their financials.
This enables companies to make informed business decisions, identify opportunities and trends, and track performance across all entities.
3. Reporting and Dashboard
Reporting and Dashboard allow users to create, customize, and view comprehensive financial reports and dashboards. This feature is designed to give users an in-depth look into their finances and help them make informed decisions about their businesses. Reports and dashboards can be generated in real-time, with the ability to customize them to fit specific needs.
Dashboards and reporting are essential for giving a complete financial picture of a company. Reports and dashboards can give a fast overview of the company’s financial situation as well as insights into financial trends and patterns. Users that use this feature will be able to save time and money while making well-informed business decisions.
Pros and cons of Sage Intacct
Pros
- Automated invoice matching.
- Multi-entity consolidation.
- Intuitive reporting and dashboard.
- Comprehensive financial insights.
- Cost-effective and time-saving.
Cons
- Limited capabilities in adjacent markets.
- Difficult to develop financial reports.
- Manually adjust accounts payable and receivable.
Sage Intacct Pricing
Sage Intacct offers a variety of pricing options depending on your needs. Their entry-level price is $0, which is very affordable for a tool that does Ap Automation Software. They can also offer a free trial, so you can test the software before committing. Additionally, you can request a quote for a customized pricing plan tailored to your company’s needs.
Verdict
Sage Intacct ranks #2 on our list because it offers a comprehensive suite of features that streamline accounts payable and receivable processes. It offers automated invoice matching and multi-entity consolidation, saving users time and cost.
It also provides comprehensive reporting and dashboard capabilities, which allow users to quickly and easily access real-time data and generate reports that fit their specific needs. Additionally, Sage Intacct is cost-effective and offers a free trial and customizable pricing plans.
These combined features make Sage Intacct one of the top Ap Automation Software tools for 2024.
#3: Airbase
Airbase is a software tool used for Ap Automation Software that is designed to streamline the processes of expense reporting and management, invoice management/billing, and automated payments. This tool makes it easy to manage team members’ expenses, keep track of invoices, and set up automated payments.
It also features unique features such as virtual or physical corporate credit cards and automated reminders to ensure that expenses are submitted on time. Airbase stands out from other tools for Ap Automation Software due to its ease of use, effectiveness, popularity, support, and pricing.
Top Airbase Features
1. Invoice Management/ Billing
Invoice Management/ Billing is a feature in Airbase that allows users to easily add new vendors to the system, even in managing and paying invoices promptly. This feature streamlines the entire process, from verifying billing information to sending out payments. It simplifies the entire process, making managing vendor payments and keeping track of invoices easy.
Invoice Management/ Billing is an essential feature for companies that need to manage their vendor payments. It allows companies to easily add new vendors, verify their billing information, and quickly pay invoices. This feature also helps to ensure that vendors are paid on time, which helps to maintain a good relationship with vendors.
2. Automated Payments
Automated Payments is a feature of Airbase’s Ap Automation Software that allows users to set up payments to vendors and suppliers to be made automatically. This feature allows users to set up payments to be made regularly or one-time payments, eliminating the need to process payments manually.
Automated Payments may allow users to track payment history and manage payment schedules easily.
Automated Payments are essential for companies that want to do Ap Automation Software because it allows for efficient payments to vendors and suppliers. Automatic payments reduce the risk of missed payments, late payments, and payment errors, ensuring that vendors and suppliers are paid on time.
This kind of feature also helps reduce a load of manual processing required for payments, allowing for more time to focus on other tasks.
3. Expense Reporting & Management
Expense Reporting & Management is a feature that allows you to manage and track employee expenses easily. You can create custom expense reports, set up rules and policies to control spending, and create virtual or physical corporate credit cards. The feature also allows you to set up automated reminders to make sure that expenses are submitted promptly.
It gives you access to keep track of team members expenses easily, manage expenditures, and ensure that expenses are submitted promptly. It also allows you to set up automated reminders, so you don’t have to remind employees to submit expenses manually.
Pros and cons of Airbase
Pros
- Easy to use.
- Streamlines Ap Automation.
- Automated payments.
- Virtual/physical cards.
- Real-time visibility.
Cons
- Payment lag time.
- No multi-receipt upload.
- Limited integration options.
Airbase Pricing
“The pricing for Airbase varies depending on the organization’s size and the needed features. Airbase offers monthly subscription plans ranging from $9 to $49 per user. For larger organizations, they offer custom Enterprise plans as well. Airbase also offers a free trial of its product, allowing users to try out the features before subscribing.
In addition, Airbase also offers a “pay-as-you-go” option, allowing users to pay for the features they need and when they need them.
The pricing for Airbase is quite affordable in the market for Ap Automation Software. It is not the most expensive or cheapest, but the features and user experience make it worth the money. Additionally, Airbase does not require a quote for pricing, allowing users to quickly and easily sign up for their subscription plans.
Verdict
Airbase ranks #3 on our list because of its powerful Ap Automation Software tool that offers a great set of features and a user-friendly experience. It is not the most expensive tool on the market, but its features, effectiveness, and popularity make it worth the money.
With its unique features, such as virtual or physical corporate credit cards, automated payments, and expense reporting & management, Airbase stands out from the competition. It is an excellent choice for any organization looking to automate its Ap processes.
#4: Stampli
Stampli is a software tool for Ap Automation Software that provides users with various features to streamline their payments, such as Billy the Bot, Auto Fill & Coding, and Virtual Cards.
Billy the Bot uses machine learning to suggest the best action for each invoice, while Auto Fill & Coding automates the filling of invoice data and the coding of invoices and expenses.
Virtual Cards provide a secure way of making payments, with the added bonus of being able to set spending limits. Stampli provides easy-to-use features that save time and resources, and its pricing is competitive with other software tools for Ap Automation Software.
Top Stampli Features
1. Billy the Bot
Billy the Bot is an AI-powered feature of Stampli’s AP Automation Software that helps automate the process of approving invoices. Billy the Bot uses machine learning to automatically remember your team’s decisions and suggest the best action for each invoice.
Billy the Bot is a great feature for companies who want to automate their AP process. It helps the team save time and energy by automating the approval process, allowing them to focus on other tasks. In addition, Billy the Bot increases accuracy and reduces errors by providing accurate and consistent decisions.
2. Auto Fill & Coding
It takes input from the user and auto-populates the fields with the corresponding data. It also allows the user to assign a “code” to the invoice, which is used to categorize and track expenses.
Auto Fill & Coding is a critical feature for any AP Automation Software tool, as it saves time and resources. By automatically filling in invoice data, users save time by not manually entering the data. Similarly, users can quickly categorize and track expenses by coding invoices and expenses. This makes it easier to generate reports and analyze spending patterns.
3. Virtual Cards
These are virtual payment cards used to make payments without a physical card. With Stampli, you can create multiple virtual cards with different spending limits, allowing you to control and monitor spending by different vendors and categories of expenses.
Virtual cards provide a secure way of making payments, with the added bonus of being able to set spending limits. This is an excellent way for companies to ensure that their vendors are getting paid promptly while also gaining greater control over their spending.
Pros and cons of Stampli
Pros
- Easy to use.
- AI-powered features.
- Automates AP process.
- Secure payments.
- Flexible pricing.
Cons
- Slow processing invoices.
- Limited UI options.
- Unable to view remittance address.
Stampli Pricing
“Stampli’s entry-level pricing starts at $99/month billed annually, and you can get a quote for pricing if you need a more tailored solution. They also offer a free trial, so you can try it out and see if it fits your needs before committing to a plan.”
Overall, the pricing for Stampli is quite affordable compared to other Ap Automation Software tools in the market. Considering the features and capabilities it comes with, the pricing is quite reasonable. With the free trial available, you can explore the software and decide if it suits your needs before committing to a plan.
Verdict
Stampli ranks #4 on our list because it provides a range of features to streamline payments, including Billy the Bot, Auto Fill & Coding, and Virtual Cards, all at competitive prices. It is easy to use and offers competitive pricing compared to other software tools.
With their free trial available, users can explore the software and decide if it fits their needs before committing to a plan. For businesses looking for an efficient way to streamline their AP process, Stampli is an ideal option.
#5: Laserfiche
Laserfiche is an Ap Automation Software solution designed to streamline Accounts Payable processes. It offers document routing, capture, and powerful search and reporting tools. Document routing enables users to create automated workflows to route documents securely and efficiently.
Capture enables users to quickly and easily scan and store documents in the system. Additionally, its powerful search capability allows users to access data and gain insight into spending quickly.
Laserfiche is an intuitive and easy-to-use software that is an excellent solution for businesses looking to reduce manual workload, improve accuracy, and speed up their Accounts Payable process.
Top Laserfiche Features
1. Ap Automation Software
It is a software solution designed to help businesses streamline their Accounts Payable process. This software automates the entire process, from invoice capture and data entry to approval routing and payment processing. It also offers powerful search and reporting tools, enabling users to access data and gain insight into spending quickly.
Ap Automation Software is essential for reducing manual workload, improving accuracy, and speeding up the Accounts Payable process. It eliminates manual data entry and automates the routing of invoices for approval and payment. Additionally, it provides enhanced search capabilities, allowing users to find the information they need quickly.
2. Document Routing
This is within Laserfiche which allows users to create automated workflows to route documents and content to the right people and places. This is done through a graphical user interface (GUI) that makes it easy to create and edit workflows. The workflows are designed to ensure documents are handled in an efficient, secure, and consistent manner.
Document Routing is a handy feature for businesses that want to do ap automation software. It allows for documents to be routed securely and consistently, eliminating the need for manual routing and ensuring that documents are distributed to the right people quickly and efficiently.
Additionally, this feature can help streamline processes, ensuring that documents are sent to the right place on time.
3. Capture
Capture is a feature of Laserfiche’s Ap Automation Software that lets users quickly and easily scan and store documents in the system. Documents are scanned using a scanner or mobile device and stored in various formats (PDF, TIFF, etc.). Capture also provides a way to index documents automatically, allowing users to search for documents within the system quickly.
Capture is essential for businesses that want to streamline their accounts payable processes. By scanning and storing documents in Laserfiche’s Ap Automation Software, companies can reduce the time it takes to find and access documents and eliminate the need to search through paper files manually.
This saves time and funds by allowing businesses to quickly and accurately process accounts payable documents.
Pros and cons of Laserfiche
Pros
- Easy to use
- Intuitive interface
- Automates processes
- Secure document routing
- Powerful search tools
Cons
- Costly upfront
- Limited customization
- Slow customer support.
Laserfiche Pricing
Relatively affordable compared to other Ap Automation Software tools in the market. We paid $50.00 for its entry-level package. It does not have a free trial, but they offer custom pricing quotes depending on the business requirements.
Verdict
Laserfiche ranks #5 on our list because it offers a comprehensive solution for automating Accounts Payable processes. It comes with features such as document routing, capture, and powerful search and reporting tools. Additionally, it is intuitive and easy-to-use software with relatively affordable pricing.
It is an excellent solution for businesses looking to reduce manual workload, improve accuracy, and speed up their Accounts Payable process.
#6: Bill.com
Bill.com is a software tool designed to streamline the accounts payable process. It offers Vendor Direct Payments and Smart Audits to reduce manual effort, save time, and ensure accuracy and compliance. Its AI-enabled invoice processing allows businesses to quickly and accurately process the invoice and reduce the risk of errors.
While it is relatively easy to use, some users have needed help with its AI technology, only sometimes accurately detecting the data on invoices. Despite these drawbacks, Bill.com is an efficient and cost-effective solution for businesses looking to automate their accounts payable process.
Top Bill.com Features
1. Vendor Direct Payments
Vendor Direct Payments is a feature of Bill.com’s Ap Automation Software that allows users to make payments directly to their vendors and suppliers without going through the traditional bank transfer process. The feature allows vendors to enter their bank information, and Bill.com will securely transfer the money from the user’s bank account to the vendor’s bank account.
Vendor Direct Payments is a great way for companies to save time and money by eliminating the need for manual bank transfers. It also lets users pay their vendors and suppliers quickly and securely without worrying about associated fees.
2. Smart Audit
Smart Audit is a feature of Bill.com’s Ap Automation Software that allows you to track and audit all payments, invoices, and vendors in real-time. It uses AI technology to detect any inconsistencies or irregularities in payments and invoices and can generate reports to identify potential issues.
Smart Audit is an essential feature for companies that want to ensure accuracy and compliance in their accounts payable process. The real-time tracking and auditing capabilities of Smart Audit make it a valuable tool for companies that want to ensure that their payments and invoices are accurate and comply with any applicable regulations.
3. AI-enabled Invoice Processing
This feature uses AI to read and process invoices, allowing businesses to enter and approve invoices quickly and accurately. The AI can detect vendor information, invoice numbers, and other relevant data so businesses can quickly review and approve invoices.
With AI-enabled invoice processing, businesses can quickly and accurately process invoices, reducing the time it takes to enter and approve invoices and reducing the risk of mistakes. This can save businesses time and money and reduce the manual effort associated with invoice processing.
Pros and cons of Bill.com
Pros
- Streamlined accounts payable process.
- Quick and secure vendor payments.
- AI-enabled invoice processing.
- Smart Audit for accuracy and compliance.
- Easy to use and set up.
Cons
- AI is only sometimes accurate.
- Poor customer service.
- Emails vendors with ads.
The entry-level pricing for Bill.com is $45.00 per month. This is considered an affordable price compared to other AP Automation software tools, making it an excellent value. Bill.com also offers a free trial to test the product before committing. For more in-depth pricing information, you will have to contact Bill.com for a quote.
Bill.com Pricing
Compared to alternatives like” SAP Concur, Bill.com offers a comprehensive yet cost-effective solution for automating the accounts payable process.
Bill.com’s features, such as Vendor Direct Payments, Smart Audit, and AI-enabled invoice processing, make it an efficient and accurate tool for businesses looking to streamline their accounts payable process. Moreover, it is entry-level pricing of $45.00 per month makes it an affordable solution for businesses of all sizes.
Verdict:
Bill.com ranks #6 on our list because it is an efficient and cost-effective solution for businesses looking to automate their accounts payable process. Its features, such as Vendor Direct Payments, Smart Audit, and AI-enabled invoice processing, make it an efficient and accurate tool for businesses looking to streamline their accounts payable process.
Furthermore, its entry-level pricing of $45.00 per month makes it an affordable solution for businesses of all sizes.
Final Words
Saving time and money, and workload by automating the accounts payable process is highly recommended. Additionally, it helps improve accuracy, expedite procedures, and lessen errors. The effectiveness of your company can greatly vary depending on the automation software you choose.
The top 6 Account Payable Automation Software currently on the market have been compiled by us. Each of these software options stands out from the competition and gives your business the finest performance because of its special features and advantages.
Keep in touch with us on Twitter and LinkedIn to be informed about the newest products and trends in the market. We are here to support your growth and competitiveness in business.
