Best Accounts Payable Automation Software in 2024

Looking for the best automation tools to manage your accounts payable can be challenging. This article talks about the top AP automation software for enterprises, both large and small, to help make handling invoices easier and more efficient.

What is an accounts payable software?

Accounts payable software is a program that assists companies in organising their invoices and the payments they need to make. It monitors all the invoices from suppliers or service providers and ensures they get paid promptly.

This software also saves time by taking over the job of punching in the invoices, verifying them for correctness, and tracking the payments.

Think of it as a digital helper that takes care of all the document management and payments so companies can avoid the stress of missing an invoice payment or making mistakes in how much they pay.

What is accounts payable automation?

Accounts payable automation means using technology to make the process of dealing with a business's invoices and payments to suppliers easier and better. Instead of doing things by hand like sorting out invoices, typing in information, checking details, and giving approval for payments, this technology does all that work.

It processes invoices on its own, matches them with orders, gives the approval for payments, and can even handle the payments through electronic means. 

This speeds up the process, reduces errors, saves money that you would otherwise spend on employees to do these jobs, and helps control cash flow better. It's like having a smart system that ensures your invoices are correctly and timely paid, without needing your constant supervision.

What are the benefits of AP automation? 

AP automation helps businesses in several ways:

• Makes things more accurate:: When people enter data by hand, mistakes and mix-ups can happen, leading to wrong numbers in the books. AP automation uses special technology to read and understand data from invoices and other papers accurately, making sure information is recorded correctly without mistakes.
• Saves money: Automating tasks like entering data, handling documents, and not using as much paper lets your team focus on more strategic work. It also reduces costs like printing, posting letters, and keeping paper files.
• Keeps things in line with rules: Companies must follow certain rules about taxes and reporting their finances. AP automation helps collect data correctly, figures out taxes automatically, and keeps records well, making it easier to check on things later if needed.
• Nurtures a good vendor relationship: By making it easier to talk to and keep track of what's happening with invoices and payments, AP automation can help build better relationships with the people you buy from. This can lead to better deals and prices over time.

Top 10 best accounts payable automation software in India 

Finding the perfect AP automation software for your business can be challenging, with many options available. Here's a curated list of top AP automation software solutions, prioritising our highly recommended solution:

Clear AP:

Our solution, Clear AP, is created to fit what your business needs. It makes the process of managing invoice payments simpler and automatic, making sure everything is done efficiently and correctly. It also fits perfectly with the systems you already use, making your work process smoother. Explore more about our AP solution here.

Nomentia: 

Based in Finland, Nomentia excels in payment services and offers a broad range of cash and treasury management solutions, making it an excellent choice for businesses looking for comprehensive financial management tools.

Basware: 

Also from Finland, Basware specialises in AP automation, e-invoicing, and procure-to-pay solutions, providing valuable insights into AP performance and automation for recurring payments.

Medius: 

Originating from Sweden, Medius offers business spend management solutions, including AP automation, procurement, and supplier management, focusing on eliminating bottlenecks in accounts payable.

Stampli:

A US-based provider, Stampli integrates payable processes with ERPs and accounting systems, centralising AP communication and documentation for more efficient payment approval processes.

Invoice: 

Catering primarily to smaller and mid-sized companies, invoice, based in the US, offers solutions for accounts payable, invoice approval, payment control, and expense management.

Tipalti: 

This North American software provider addresses AP, procurement, invoicing, and PO management challenges with cloud-based solutions for global payment management and financial controls.

Oracle NetSuite: 

NetSuite, based in the US, offers a wide range of tools including an accounting part that makes handling invoice payments automatic, giving instant updates on payment info.

All these options have their own advantages, fitting different types of businesses and what they need. It's important to think about what you specifically need, like how well the software works with other systems, how easy it is to use, and if it can grow with your business, to choose the best one for you.

Best AP automation software for small businesses

For small companies, some top software choices for managing invoices and payments include Clear AP, NetSuite, Sage Intacct, Microsoft Dynamics 365, Acumatica, Stampli, Epicor, and Lightyear. These programs come with different features designed to make handling money matters easier, work well with other business management systems, and improve how invoices and payments are managed.

Best AP automation software for large businesses

Large enterprises with substantial budgets often opt for Clear AP, alongside high-end solutions like Oracle EPM Cloud and SAP ERP systems, to manage their accounts payable processes efficiently. These software solutions are designed to handle the complex financial workflows of large organisations, offering scalability, robust integration capabilities, and comprehensive financial management features.

How to choose the best AP automation software for your business

Picking the top software for automating invoice payments in your company means following some important steps to make sure the software fits what you need:

• Understand Your AP Processes: Start by examining how your company handles invoices. Consider the formats you receive (paper, XML, PDF) and how they are processed. The ideal software should accommodate various invoice formats and support digital conversion through optical character recognition (OCR).
• Map Your Invoice Processing Workflow: Identify the steps in processing both PO and non-PO invoices, focusing on manual tasks and bottlenecks. Understanding these elements helps incorporate the software features that will address your specific pain points.
• Seek Centralised Information Management: Choose software consolidating all AP activities in one central location. This makes it easier to manage invoices and collaborate, especially if your team works from multiple locations.
• Automated Tax Form Collection: Managing tax information for vendors, especially international ones, can be tedious. Opt for a solution that automates tax form collection to ensure compliance and save time.
• Workflow Rules and Enforcement: Efficiency improves when AP software allows you to define and enforce specific workflow rules, such as purchase order matching tolerances. This minimises errors and duplicate payments.
• Cloud-Based Solutions: Cloud-based AP software offers flexibility, scalability, and access to advanced analytics without needing on-premise servers and configurations. This can streamline your AP processes and adapt as your business grows.

Picking the best software to manage invoices and payments is really important for companies, big or small. Softwares like Clear AP Automation, Oracle EPM Cloud, SAP ERP, and Tipalti help businesses handle their money matters smoothly, grow, and run their financial tasks well.