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Updated on: May 17, 2022
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Accounts Payable Automation Software

Accounts Payable (AP) Automation software helps accountants to streamline their repetitive tasks and avoid human errors. The accounts payable department handles large volumes of documents, purchase orders, invoices, credit notes and etc of suppliers and contractors. AP Automation can store all the documents and helps in matching all the supplier's documents to advance for payment approval. AP Processing can also integrate with ERP and Accounting Software.

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Hylobiz

Connected Banking Services
(1 Ratings)

Hylobiz pricing: Hylobiz Offers Free-forever and Custom plan.

Hylobiz is a business-focused Fintech platform with offices in India (HQ), the United Arab Emirates, and Bahrain. Small and medium-sized businesses, large corporations/enterprises, and professionals/freelancers can all benefit from Hylobiz's services. Hylobiz has integrated the most widely used ERP... read more

Checkrun

Monitor your cheques through online means
(3 Ratings)

Checkrun pricing: Starts at $9.95.

Checkrun helps maintain paychecks through online means. People can make payments through this platform without a hard chequebook. One can approve checks from the Checkrun application across any location anytime. It incorporates a digital wet-signature check that can be accessed from a mobile... read more

Goby

Get your company-wise ESG skills managed in an intuitive way
(20 Ratings)

Goby pricing: Goby Offers Custom plan.

Goby is a comprehensive Environmental, Social, Governance (ESG) management platform helping out businesses establish, discuss and monitor ESG initiatives in real-time. These initiatives enable businesses to attract and retain capital, boost sustainable and responsible growth & mitigate enterprise... read more

MineralTree Invoice-to-Pay

One stop solution to manage your finances.
(169 Ratings)

MineralTree Invoice-to-Pay pricing: MineralTree Invoice-to-Pay Offers Custom plan.

Mineral Tree provides secure, easy-to-use, end-to-end Accounts Payable and payment automation solutions that reduce costs by more than 75%, increase visibility and control, mitigate fraud and risk, while improving cash flow. User simply needs to select the invoices he/she like to pay and enter the... read more

Tipalti

Bring scale and efficiency to your business with Tipalti
(188 Ratings)

Tipalti pricing: Starts at $149.0.

Tipalti is an account payable automation, global payment and procurement platform. Businesses that are looking to scale finance operations and processes trust this platform to reduce their workload by 80% or more. Tipalti's end-to-end accounts payable interface comes with a built-in OCR, enabling... read more

Paypool

Streamline your entire AP process
(2 Ratings)

Paypool pricing: Paypool Offers Custom plan.

Paypool is an Account Payable (AP) automation software that helps businesses to take full control of their AP process, from invoice to approval. Paypool eliminates the need for manual tasks by automating the AP process. The software offers a host of facilities like transaction-level data, on-demand... read more

InvoiceWorks

A Simple AP Software for Business
(17 Ratings)

InvoiceWorks pricing: InvoiceWorks Offers Custom plan.

InvoiceWorks by iPayables is a Accounts Payable automation solution to make invoicing easier. The software offers support to online invoice payment processing. It supports Artificial Intelligence to manage suppliers to print the purchase order and can send acknowledgments and advanced ship notices.... read more

Nexus Systems

Automates your invoice processing and vendor payments
(13 Ratings)

Nexus Systems pricing: Nexus Systems Offers Custom plan.

Nexus Systems is a vendor payment and invoice processing software for real estate companies that automate invoice processing in a seamless way. The software eliminates the requirements of paper cutting checks and pays suppliers on users behalf with a Nexus Virtual Card, ACH or outsourced check. The... read more

AvidXchange

Improve your accounts payment processes and operations
(216 Ratings)

AvidXchange pricing: AvidXchange Offers Custom plan.

AvidXchange enables you to automate the entirety of your accounts payable process. As part of this functionality, AvidXchange allows you to reduce your processing costs, accelerate the approval process, as well as almost completely eliminate paper, which provides sustainability benefits for your... read more

Melio

A Secure and Simple Payment Tool for Better Cash Flow
(597 Ratings)

Melio pricing: Melio Offers Free-forever plan.

Melio is a secure yet straightforward payment management tool specifically designed for small businesses and startups. The tool can be effectively used to manage both receivables as well as payables. Organizations with the help of Melio can make bank transfers or even mail checks to their clients... read more

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List of Accounts Payable Automation Software

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Buyer's Guide on Accounts Payable Automation Software

What is Accounts Payable Automation Software?

Primarily used by accounting departments and teams, Accounts Payable Automation Software is a system that helps in automating accounts payable invoices and other related processes. With the help of OCR (Optical Character Recognition), this system can integrate both Machine Learning software and Artificial Intelligence software to automate accounting processes, including account payable invoices.

There are different levels of Accounts Payable Automation Software. For example, the main area of focus for basic Accounts Payable Automation Software lies with automation of capture, invoices, and invoice coding.

On an intermediate level, Accounts Payable Automation Software will help streamline and automate processes such as three-way matching (for products/services and their deliveries) and matching purchase orders. On this level, other fraud prevention functions such as mismatched notification and identifying duplicate invoices are available.

However, another step is taken in the advanced levels of Accounts Payable Automation Software. Here, communication is paid the most attention. Advanced Accounts Payable Automation Software will turn invoices into a collaborative medium between accounting and non-accounting departments. This helps the transactions and payment procedure much more efficiently and under control.

What are the best features of an Accounts Payable Automation Software?

Intuitive Account Payable processings

Long gone are the days where you used registers and logbooks to keep a tab of all your invoices. Accounts Payable Automation Software provides top-class Account Payable automation technologies along with AI and machine learning integration that allows cloud-based software to seamlessly automate major invoicing processes.

Efficient integration abilities

Accounts Payable Automation Software allows easy integration options that can easily merge with your organization’s accounting systems and allow you to explore the best of what the system has to offer. What is the best is that you need not rely on IT support for such integration.

Collaboration efforts

Accounts Payable Automation Software supports impeccable collaborative efforts. With its devices, a company can easily track, view, and send invoices, as well as manage to keep a tab on all activities occurring around the invoices over multiple involved departments.

Transparency

Accounts Payable Automation Software offers great transparency, a much-needed facility when it comes to invoices and transaction records. With advanced search options, reports, and other such features, you can keep an eye on all invoice movements and activities without so much as lifting a finger.

Smart dashboard features

Accounts Payable Automation Software comes with an intuitive dashboard that helps you make the transition from paper to digital invoice keeping without any effort. The dashboards are designed in a way that gives you an insight into everything that the system has to offer so that you can utilize it to the best of your ability.

Versatile payment options

With Accounts Payable Automation Software, you get several payment options and systems. Paying vendors using these versatile payment options becomes easier and hassle-free. The system also allows easy updates of payment information so that all payment information is up-to-date and functioning.

Effortless delegation of roles

The system allows you to effortlessly and efficiently delegate roles and permissions to the different members of the department. This allows well-cut roles and responsibilities and controls the risk of possible fraudulent activities.

What are the elemental benefits of Accounts Payable Automation Software?

Understanding the features has given a clear image of what Accounts Payable Automation Software is and what it provides. But how does it help a business exactly? Below, we have listed down the most elemental benefits of having Accounts Payable Automation Software in a company.

Low cost on invoicing

With traditional invoicing methods, you would have to take care of labor, office, and other such costs. However, with Accounts Payable Automation Software, such costs are cut down to a bare minimum. Considering how most of the work is done digitally, and you do not need to invest in extra personnel, Accounts Payable Automation Software helps save you funds in the longer run.

Time and effort saving

What used to take hours of desk work can now be done in a matter of moments. Accounts Payable Automation Software, with its high specification features and automation, helps the right invoice go to the right person. Along with high functioning dashboards, you can easily keep an eye on invoice movements and processes, getting the work done on time, and effortlessly, at that.

Fraud prevention and protection

Companies are always open to the risk of fraud and other such risks. However, Accounts Payable Automation Software provides a good ground of protection and security from such. It allows proper delegation and permission protocols so that you know who is handling which payment and how. It also provides a transparent view so that any case of incorrect and missing data is immediately pointed out.

Accurate

Human errors are always a possibility, especially when it comes to jobs such as invoice recording and other related processes. However, support that with an efficient system, and you may as well reduce the risk of errors to zero. It becomes possible with Accounts Payable Automation Software and its automation functions.

Improved insights

Accounts Payable Automation Software provides insightful dashboards and high-end reports that help you get helpful insights and analytical data. It helps you get a better view of your payment cycle and other invoice procedures so that you have a complete view of what is happening and when.

Transparency of data

There is enhanced transparency of data as dashboards provide a clear view of employee activities. This allows for complete control over employee activities as well as the processes. Also, this transparency helps with employee review and improvement scopes.

Efficient auditing support

The best thing about Accounts Payable Automation Software is that it helps you manage all the activities in an organized manner. This offers you the support of arranged documents and whenever you need them. This helps ease out the process of auditing. There are clear records of every transaction and every activity, which makes it easier to track all movements made in the process.

Buying Guide for the best Accounts Payable Automation Software

You now understand what Accounts Payable Automation Software is, what it offers, and how it can be beneficial to you. However, there is numerous software out there in the market, and the question is— how do you know which one is the best for you? We have a solution for that as well. Here we have listed the basic few things that will help you tell a great software from the average ones.

Always opt for cloud-based

Always go for cloud-based software. Cloud-based software supports the feature of backing up your data without missing, and also makes it possible to access the software from anywhere and at any time. This is a smart, convenient, and efficient decision.

Automated collection of Tax forms

Tax management is a crucial and indispensable matter for all businesses. You would not want to make any mistakes. Therefore, look for a system that automates collecting tax forms from suppliers without the need for you to initiate it.

Centralized management of information

Your system will only be effective when it has a centralized management system for information. What good is a system if it only collects data to have them scattered all over the place? Therefore, when you are looking for software, always opt for one that provides centralized management for information. The system should have all your data gathered in one place for better access.

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