Accounts Payable is the amount owed by a company to its vendors or suppliers for goods and services received.
As a result, it is critical for the smooth operation of any thriving business. Accounts payable management, on the other hand, is not for the faint of heart.
Fortunately, there is a wide range of advanced and user-friendly Accounts Payable software available today to assist in the efficient management of this critical task
Many successful businesses use AP automation software to manage massive amounts of financial transactions between businesses and their vendors/suppliers.
Accountants can use AP automation tools to help them decipher such complex AP processes while also managing a higher volume of invoices.
Best Accounts Payable Automation Software
In this article, we dive deep into 5 of the most popular AP Automation software and share valuable insights on the features they provide.
AvidXchange
AvidXchange is a full-service, end-to-end invoice management and payment automation suite that over 6,000 businesses in the United States rely on. AvidXchange can be an excellent solution if you are a small business owner or a midmarket company looking to transition from paper-based bill payment to an automated system.
AvidXchange eliminates paper invoices, automates lengthy payment processes, and reduces processing costs with cutting-edge automation features such as B2B payment processing, paperless invoicing, and purchase order automation.
The platform is divided into four modules that handle the various tasks associated with bill payments and accounts payable management.
Overall, AvidXchange can assist businesses in eliminating manual data entry, bulky filing cabinets, and payment processing backlogs. It also makes it simple to track your invoices and payments with search and filter tools as well as reporting features.
Features:
- Spending Control
- Application for Purchase Order
- Services for Billing
- Invoice Software
- Application for Payment
- Pay for Services
- Portal for Suppliers
- Accelerator for Invoices
- Bank Consolidation
- Accounts Payable
- Accounts Receivable
- The General Ledger
- Money Management
RapidAP
RapidAP is a user-friendly web-based account payable automation solution that helps businesses streamline their accounts payable and improve their cash flow.
It uses artificial intelligence and machine learning to automate and eliminate manual work in document-intensive processes.
The platform also includes features that assist businesses in achieving transparency, auditability, and complete control over the entire invoice lifecycle.
Non-purchase invoice processing and purchase invoice processing, task list, discrepancy resolution, and document repository are some of the key features.
In addition, the software includes a compliance tool and automated fraud detection to protect your company from anomalies and fraudulent behavior.
The app also provides administrators with granular control and user management capabilities.
You have control over who has access to what in the system.
Furthermore, RapidAP ensures that its users’ needs are met by allowing them to make configuration changes based on their business requirements via the system admin console.
Features:
- OCR Powered by Artificial Intelligence
- Dispute Resolution
- Repository of Documents
- Processing of Non-Purchase Orders
- Processing Purchase Orders
- Detection of Fraud
- System Administration Console
- List of Tasks
Circulus
Circulus is an easy-to-use, cloud-based accounts payable management (AP) platform that simplifies and speeds up payable processes and tasks.
The software assists users in staying on top of vendor payments and subscriptions, as well as streamlining reimbursements for employee expenses.
Businesses and organizations can use Circulus as an AP solution that automates payments via ACH or check.
Users can easily preview payables, manage the approval process, generate reports, set user permissions, and save an unlimited number of bill images.
The software collects all of the data required to efficiently manage all payables in one place and syncs it with the users’ QuickBooks Online or QuickBooks Desktop accounts.
Features:
- Exclusive web scanning interface
- Data accuracy of 99% or higher, including handwritten data
- Data center on the third level
- Compliance with SOC 1 Type II / SOC 2 Type 1 / SSAE 16
- Document history that complies with SOX
- Template mapping in documents
- Validation of data in three ways
- Turnaround time based on SLA
- Accessibility levels, tiers, and privileges can all be customized.
- Seats for users are unlimited.
Rossum
Rossum is an all-in-one gateway designed to automate business document management. The platform can help teams save time by collecting documents from multiple sources and storing them in an Intelligent Inbox, which acts as a curated feed for transactions. This feed allows you to easily filter documents and reject duplicates.
Rossum uses a self-learning AI technology that automates data capture to speed up document processing.
Rossum also connects with document senders and sends notifications on transaction status and data issues to ensure a smoother workflow.
A built-in Usage Reporting Dashboard also assists businesses in improving document management processes.
Rossum provides numerous out-of-the-box integrations with ERP, RPA, and document management systems to ensure ease of use.
Features:
- Mail channels that are unified
- Gateway for a single document
- Document curation that is intelligent
- Trails of evidence
- Capture of cognitive data
ZilBank
Zil is an all-in-one online banking solution that meets the financial needs of freelancers, startups, and corporations.
It supports free instant transfers between Zil accounts as well as free international wire and ACH transfers.
Add to that Zil’s zero initial fees and no account fees, and the platform offers a cost-effective banking solution.
Zil also provides free eChecks, check drafts, and checks by mail services, as well as 100 check stock papers when you deposit $1,000 into your account.
Corporations can use customized expense cards to help with employee cost management.
Employees can be given multiple expense cards, each with a different set of expenses that they can only use for.
Features:
- Banking Online
- Card Virtual
- Physical Identification Card
- Account for Multiple Businesses
Conclusion
Keeping track of a company’s outstanding debts is critical to building its reputation and propelling it to new heights.
As a result, a company’s AP must be managed effectively and efficiently.
Because managing accounts payable can be overwhelming and time-consuming, implementing an account payable automation solution is unquestionably a better choice.
All of the tools on this list have earned their place on this list due to their comprehensive interface, remarkable features, and formidable industry reputation.
