Accounts payable software provides businesses with automation solutions and ERP (enterprise resource planning) systems. It can even help with other small business solutions such as Quickbooks Online. Thanks to accounts payable software, businesses are able to record, process, and pay vendor invoices with ease.
The very best accounts payable software solutions are designed to help reduce manual tasks by as much as 80 percent. That’s because it helps automate the process involved in the usual daily tasks, such as matching paper invoices with purchase orders and data entry.
There are also additional functions offered by this type of software: recording and processing vendor invoices for services and purchases with trade credit terms, and document matching, discounts, approvals, bill payments, cash disbursement reports, and account coding of short-term liability.
However, not all accounts payable software platforms are the same, so we’ll touch on what we consider to be the best of the best.
Oracle-owned NetSuite is a cloud-based system that includes a wide range of modules to compensate for different business functions. This includes accounts payable software along with seamlessly integrated AP automation with NetSuite to help boost its efficiency and features.
This is another cloud-based platform that is based on the original QuickBooks accounts payable software. It offers one of the very best solutions for small businesses since it includes AP software and also offers seamless integrated third-party add-ons for accounts through the QuickBooks Apps Store.
This is a fantastic accounts payable software platform for midsize and large enterprise companies or for small businesses that have high-growth potential. Tipalti is able to help with a wide variety of features, including multiple payment methods, automated invoice approval workflows, self-service supplier onboarding, bill pay, fraud reduction, and tax compliance.
This is a New Zealand-based cloud accounting software that includes vendor payments and accounts payable software. It is very much like QuickBooks Online with how it is able to integrate with Bill.com. Bill.com is lacking in some areas though, such as some payment features, so that’s where Xero comes in handy, especially by those who need those certain features, such as global businesses with cross-border transactions.
Much like the others, Sage is a cloud-based ERP accounts payable software system. Sage Intacct has been endorsed by the AICPA and includes automated payables workflows with real-time tracking, approvals, views of payments, and reports. There are third-party AP automation apps available that can help to increase Sage Intacct’s capabilities and also help to improve its efficiency.