Top 10 Accounts Payable Software in 2023

[vc_row pix_particles_check=””][vc_column][vc_column_text]Are you looking for the best accounts payable software for your organization? You’ve landed on right place because we have prepared a comprehensive list of 15 best accounts payable software and tools after a detailed research. 

What is Accounts Payable Software?

Accounts payable software is used to streamline and automate the process related to managing and paying a vendor’s bills and invoices. The primary purpose of using AP software is to facilitate the accurate and timely money management owed by a business to its suppliers, vendors, and creditors.

How does Accounts Payable Software Works?

Accounts payable software aka traditional accounts payable software  isn’t same as accounts payable automation software. Let’s first understand how accounts payable software works. 

Step 1: The service provider or supplier generates an invoice in your organization’s name.

Step 2: The AP team check the data from the supported documents and then manually enters the invoice data from paper or electronic invoices into the AP system.

Step 3: The invoice gets reviewed by any concerned authorized person in the AP team and marked as ‘Approved’ in the system.

Step 4: Once the invoice is approved, the software helps in generating a payment request. This step may require manual processes such as making payments from outside the system and preparing checks.

Step 5: Paper-based invoices are marked as ‘Paid’ with the necessary documents. 

Processing invoices and performing other tasks manually in the accounts payable software may be time-consuming and increase the risk of errors and fraud. Accounts payable automation software benefits an organization in several ways. 

• It enhances the team’s efficiency and saves time by automating data extraction.
• Automation software reduces the risk of human errors in data entry and human calculations.
• Automation software is easy to integrate into the financial management system. 
• Automation software is scalable according to the business’s increasing requirements. 

Criteria to choose the Best Aaccounts Payable Software

While selecting the right software for accounts payable for your business, several key factors should guide your decision. Let’s explore these criteria:

• Features

Consider the specific features offered by the software. Does it include automation capabilities, document management, reporting tools, and integration options with your existing systems?

• User-Friendliness

The software should be intuitive and easy for your team to use. Complex software can lead to resistance and inefficiencies.

• Scalability

Ensure that the software can accommodate your business’s growth. It should be capable of handling an increased volume of invoices and transactions.

• Customer Reviews

Research what other users have to say about the software. Positive customer reviews and testimonials can provide valuable insights into its effectiveness.

• Budget

Assess the pricing model of the software and how it aligns with your budget. Be mindful of any hidden costs, such as implementation fees or ongoing support charges.

• Compatibility

Ensure that the software integrates seamlessly with your existing accounting and ERP systems. Compatibility issues can lead to data discrepancies and operational disruptions.

Best 15 Accounts Payable Software in 2024

#1. KlearStack

KlearStack is an intelligent document processing (IDP) solution and one of the best software for accounts payable. KlearStack leverages OCR technology to scan documents such as credit notes, invoices, etc. 

The tool is built on advanced technologies such as artificial intelligence (AI) and machine learning (ML). With these technologies’ help, the tools extract the data from the document with 99% accuracy without human intervention. It is easy to integrate with RAP, QuickBooks, and APIs. 

It eliminates manual data entry, making the accounts payable process efficient. It supports 15+ document types. Its model is so advanced that even if you give it a completely new document, it processes it significantly more accurately than other solutions.

Request a KlearStack demo. It’s free of cost!

#2. Melio

Melio is an online B2B payment platform to pay bills to vendors, suppliers, contractors, and other business expenses such as rent, utilities, etc. The only condition is that it can’t be used for individual use cases; here, both entities must be businesses. 

On Melio, you can make payments using a bank transfer or credit card to improve the cash flow and get rewards. Any business payment you make is a part of accounts payable and hence Melio helps in automating the accounts payable upto an extent. You just need to scan the bill or invoice, take approval, and schedule the payment.

It streamlines the approval workflow and saves hours through recurring and combined payments. It can be easily integrated with accounting software like QuickBooks Online and Xero to keep bills, vendors, and payments up-to-date on both software.

#3. AvidXchange

AvidXchange is a cloud-based account payable software which helps the AP team eliminate manual data entry and time-consuming tasks such as invoice processing and auditing. It helps organizations reduce paper-based invoice processing and streamline approval workflows. 

It is easy to integrate with your existing accounting software and ERP solutions so that you can automate the complete accounts payable process. It scans the electronic invoices and stores the data in the cloud, which makes it easier for managers to approve the invoice. AvidXchange gives real-time visibility of the AP process. 

#4. Bill

Bill is one of the best accounts payable automation software that automates the end-to-end accounts payable. Bill leverages artificial intelligence (AI) and machine learning (ML) to extract that data automatically from digitally scanned and electronic invoices. 

With Bill, you can set up as many approval workflows as you want and then make the final payment after approvals from the Bill. The payments can be scheduled in various ways, such as ACH, virtual card, paper check, and international wire transfer. It can be easily integrated with your accounting software to automatically sync the AP and payment information.

#5. Oracle NetSuite

Oracle NetSuite is an account payable automation product of a renowned software technology multinational company, Oracle. NetSuite automates the accounts payable processing from reviewing, approving, and processing the bills and invoices. 

It helps the AP team free up time and focus more on strategy-based productive tasks. It eliminates manual data entry, ensuring accurate payments.

#6. Docuware

Docuware is another accounts payable automation software. Its OCR technology scans paper-based invoices and converts them into digital invoices. Docuware extracts the data automatically from scanned and electronic invoices and then matches them to the provided purchase orders. It streamlines the approval process by providing a customized approval workflow. 

It posts the approved amount into the general ledger through pre-built ERP integrations. It saves time and efficiency by eliminating manual data entry and invoice processing.

#7. Lightyear

Lightyear is a cloud-based intelligent accounts payable payment automation tool. It enables you to reduce the AP team’s manual efforts in information entry. 

The tool extracts line-item data from invoices, credit notes, etc. It matches the bills against the purchase orders. It automates the approval workflow by notifying the concerned parties. The approved amount is synced directly to your accounting systems. The data stays for seven years in the lightyear cloud.

#8. Xero

Xero is a cloud-based accounting software with built-in accounts payable and vendor payment systems. With the help of Xero, you can make cross-border transactions. It seamlessly integrates with your accounting systems. 

#9. SAP Concur

SAP Concur is an accounts payable software. SAP Concur provides tools for invoice creation, submission, and tracking. It helps automate the accounts payable invoicing process and facilitates faster approval and payment cycles.

SAP Concur helps save time, reduce errors and enhance visibility and control over an organization’s spending. 

#10. Stampli

Stampli is another AP automation software that leverages OCR to capture invoices and bills into the system. Stampli is built on advanced technologies such as artificial intelligence(AI) and machine learning (ML). Using these technologies, Stampli data automatically extracts critical data from bills and invoices without manual effort. It also matches the amount against purchase orders and identifies the duplicate invoice.

For approval, the managers get reminders and notifications. It is another tool that can help you automate your accounts payable.

It is specially designed for AP teams that want to leverage automation but don’t want to rework their ERP. Stampli can be easily integrated with 70+ ERPs and your accounting system.

#11. Kofax AP Agility

Kofax AP agility is an automated accounts payable and invoice processing solution. It enables organizations to transform their accounts payable process digitally. With the help of Kofax AP Agility, businesses can capture data from invoices in 30+ languages. It can be easily integrated with your ERP systems.  

While it offers powerful capabilities, its price and potential customization requirements should be considered. 

#12. Freshbooks

FreshBooks is a cloud-based accounting software with accounts payable and accounts payment systems. This solution is ideal for small and medium-sized enterprises (SMEs). It simplifies your financial tasks and streamlines payments with ease. 

#13. QuickBooks Online

QuickBooks Online streamlines your finances. It is a cloud-based accounting software that offers seamless integration for accounts payable automation through the QuickBooks Apps Store. 

You can also simplify national and global payments with QuickBooks Payments, accepting various methods like credit cards, Apple Pay, and more through Intuit Merchant Services.

#14. Sage Intacct

Sage Intacct is a cloud-based accounting and financial management software for businesses of any size. Since it is cloud-based software, accessing financial data from anywhere is possible.

It is the only financial management software endorsed by the AICPA (American Institute of Certified Public Accountants). With the help of Sage Intacct, you can easily automate your accounts payable and integrate the software with your system.

It enhances efficiency in financial processes and offers tailored solutions for businesses.

#15. Tipalti

Tipalti is an invoice management & bill processing software. It offers you a complete, integrated processing for accounts payable. 

You can capture supplier invoices via email or web portal. With the help of this software, you can quickly eliminate data entry with OCR, match POs to invoices and receipts, route approvals intelligently, and schedule batch invoices for payment. It can easily identify duplicate invoices.

Why Choose KlearStack? 

KlearStack is on the list of some of the best accounts payable software in the market. It is known for its features like 99% accuracy, budget-friendly, and 70% cost saving. 

1. High Accuracy: KlearStack boasts an impressive 99% accuracy rate with AI-driven OCR.
2. Budget-Friendly: KlearStack offers flexible pricing to fit your budget.
3. Effortless Setup: Its hassle-free setup saves time and resources.
4. Versatile Data Extraction: Extracts data from a wide range of document formats with ease.
5. Cost Savings: Can lead to significant cost savings, up to 70%, compared to manual entry.
6. No Templates Required: Quick and hassle-free setup with no need for templates.

How to Integrate KlearStack into Your Business?

Here’s a step-by-step guide to integrating KlearStack as your accounts payable software:

Step 1: Assess Your Needs

Begin by evaluating your specific accounts payable requirements. Identify the types of documents you handle and your data sources.

Step 2: Choose a Plan

Select the KlearStack pricing plan that best fits your budget and document volume. Consider your business size and needs.

Step 3: Integration Planning

If you have existing accounting or ERP systems, collaborate with KlearStack’s integration team to ensure a seamless connection. Discuss data transfer and compatibility.

Step 4: Data Input

Start inputting your invoices, receipts, and relevant documents into KlearStack. You can choose between manual entry or automated data capture, depending on your preference.

Step 5: Data Processing

Allow KlearStack’s AI-driven OCR to process and extract data accurately from your documents. Review the extracted data for completeness.

Step 6: Verification and Approval

Verify the accuracy of the extracted data and validate invoices. This step ensures that your payments are error-free.

Step 7: Payment Execution

Utilize the processed data from KlearStack to execute payments to vendors and suppliers. This simplifies the payment process.

Step 8: Reporting and Analytics

Explore KlearStack’s reporting and analytics features to gain insights into your accounts payable operations. Use these insights for decision-making and process optimization.

Conclusion

Stop wasting time on traditional accounts payable process!

Choose KlearStack, an AI-based OCR solution, that helps in processing document without any human intervention.

Request a FREE demo!

FAQs on Accounts Payable Softwares

What is account payable software?

Accounts payable software simplifies invoice processing, automating tasks like data entry, approvals, and payments, streamlining financial operations in organizations. It enhances efficiency and reduces errors.

How much does AP software cost?

AP software costs vary based on features and scalability. Small businesses may pay monthly fees, while larger enterprises may have custom pricing. It’s essential to choose a plan that aligns with your budget.

What is the AP process in ERP?

In ERP, the Accounts Payable (AP) process involves managing vendor invoices, approvals, and payments, ensuring efficient financial operations within an organization. It centralizes financial data for better control.

What is accounts payable automation software?

Accounts payable automation software uses technology like OCR and AI to streamline invoice processing, reducing manual effort, errors, and enhancing efficiency. It revolutionizes how invoices are managed.

What are some of the features of accounts payable automation software?

Key features include automated invoice capture, approval workflows, vendor management, reporting, integration capabilities, and support for various document formats. These features enable end-to-end AP automation.

How much does AP automation cost?

AP automation costs vary based on the provider and the scale of the implementation. It can range from a monthly subscription fee to custom pricing for larger enterprises. The cost depends on your specific requirements.[/vc_column_text][/vc_column][/vc_row]