Top Accounts Payable Automation Software for 2023

Did you know the right accounts payable (AP) automation software can cut your AP workload by up to 80%? It can also speed up your financial close by 25%. In today’s fast business world, making your AP processes more efficient is key. It helps reduce errors and lets your team focus on more important tasks.

Whether you run a small business or a big company, there’s an AP automation solution for you. This guide will look at the best accounts payable automation software for 2023. We’ll compare their features, benefits, and prices to help you pick the right one for your business.

Key Takeaways

• Accounts payable automation can significantly reduce your AP workload and improve financial close speed.
• There are various AP automation software options available, each with its own unique features and benefits.
• Choosing the right AP automation solution can be a game-changer for your business, streamlining your processes and freeing up valuable time.
• This guide will provide an in-depth look at the top AP automation software, helping you make an informed decision for your organization.
• By implementing the right AP automation software, you can enhance efficiency, reduce errors, and focus on more strategic priorities.

Introduction to Accounts Payable Automation

In today’s fast-paced business world, keeping accounts payable (AP) processes efficient is key. Accounts payable automation is a big help in making these financial tasks better. It brings many benefits like more productivity, saving money, and better financial management.

What is Accounts Payable Automation?

Accounts payable automation uses software and technology to make AP tasks easier. It handles things like processing invoices, making electronic payments, and managing supplier relationships. With tools like machine learning and AI, it makes the AP process faster and less prone to mistakes.

Benefits of Automating Accounts Payable Processes

Using accounts payable automation brings many advantages to businesses. These include:

• It makes things more efficient by cutting down on manual work and speeding up invoice processing.
• It gives a clearer view of financial data, helping with better decisions and managing cash flow.
• It lowers the chance of fraud and mistakes with automated checks and approvals.
• It lets businesses take advantage of early payment discounts and improve vendor relationships.
• It works well with current ERP systems for a single financial management solution.

Industry stats show that 48.1% of all invoices are still processed manually in U.S. finance departments. This shows a big chance for businesses to use accounts payable automation for more efficiency and savings.

“Accounts Payable Automation benefits businesses by improving visibility into spend, enhancing cash flow management, reducing fraud risk, and providing better control over supplier payments.”

By going for automated invoice processing and paperless accounts payable, companies can make the most of their accounts payable automation. This leads to better financial management processes.

The best accounts payable automation software

AP automation software has changed the game for businesses of all sizes. It makes financial tasks easier and more efficient. Top names like QuickBooks Online, Stampli, Bill.com, Lightyear, Tipalti, and Glean lead the pack. They offer features that automate invoice processing and vendor management, among others. This saves time and cuts down on errors.

The cost of these leading AP automation solutions varies a lot. Prices range from about $21 per user per month for basic plans to $149 for small businesses. For more advanced features, prices can go up to $447 per month. Some even offer custom pricing based on what a business needs.

These best accounts payable automation software solutions also have advanced features. They include automated procurement, AI-powered data extraction, and detailed reporting. Integrating them with your current systems can make things even more efficient.

When picking the best accounts payable automation software for your business, think about your industry, company size, and vendor relationships. Look at the specific features you need. Using these leading AP automation solutions can automate processes, reduce manual work, and help you focus on growth and profit.

QuickBooks Online – Best All-In-One AP Automation Solution

QuickBooks Online is a top cloud-based accounting software. It has many features for automating accounts payable (AP). It helps businesses of all sizes manage their bills, pay suppliers, and keep accurate records smoothly.

Key Features of QuickBooks Online for AP Automation

QuickBooks Online Advanced came out in August 2019 for growing companies. It supports up to 25 users. This version has new features like automated workflows and batch invoice & expense processing. These make managing AP better.

• Automated workflows for efficient bill processing
• Advanced batch invoice and expense processing
• Vendor payment options, including credit cards, prepaid cards, PayPal, checks, Global ACH, and U.S. ACH
• Self-service vendor onboarding through a Supplier Portal to reduce AP processing costs and errors

Pricing and Pros & Cons

QuickBooks Online has customizable pricing, starting at $15 a month for the Simple Start plan. It doesn’t have in-house AP automation but works well with third-party apps. These apps include Tipalti, Plooto, Beanworks, SAP Concur, and Ramp, which offer more AP automation features.

Using QuickBooks Online, businesses can make their AP processes smoother. This leads to better financial visibility and more efficiency in their operations.

“QuickBooks Online enables us to manage our bills effectively, pay suppliers on time, and maintain accurate financial records – all within a user-friendly platform.”

Stampli – Best Overall AP Automation Platform

Stampli is a top AP automation platform. It’s known for making AP workflows smoother and more efficient. With advanced technology and a wide range of features, Stampli stands out in the AP automation field.

Key Benefits of Stampli for AP Automation

Stampli provides tools that greatly benefit businesses of all sizes. Here are some key advantages of using Stampli for AP automation:

• Increased Efficiency: Stampli automates tasks, cuts down on errors, and speeds up invoice processing and payments.
• Enhanced Visibility and Control: It gives a clear view of the AP workflow. This makes collaboration, documentation, and keeping track of invoices easier.
• Seamless Integration: Stampli works well with over 70 ERP systems, making it easy to fit into existing business setups.
• Rapid Implementation: Businesses can start using Stampli quickly, often within weeks, not months.
• Advanced AI Technology: Features like AI-powered Billy the Bot™ automate tasks and make the AP process smoother.

Stampli is highly regarded in the industry. It has been named the AP Automation Leader in G2’s Grid reports for 14 quarters in a row. Its easy-to-use interface, strong features, and high customer satisfaction make it the best overall AP automation platform for businesses of all sizes.

“Nationwide Security Service reduced its payment schedule from net 45 to net 20 days by using Stampli for AP automation.”

Using Stampli’s innovative solutions helps businesses streamline their AP processes. This leads to better efficiency and more control over their finances. It’s a big step towards success.

Bill.com – Top AP Automation for Small Businesses

Bill.com is a standout in the AP automation world for small businesses. It helps SMBs manage their finances better, saving time for more important tasks.

Key Features of Bill.com for Small Business AP Automation

Bill.com has many features for small businesses. It works well with top accounting tools, making it easy to file invoices and track payments. You can also manage vendors from one place. Key features include:

• Automated accounts payable operations
• Optimized invoicing handling
• Real-time visualization of cash flow
• Financial planning and forecasting tools
• Automated fraud detection

Pricing, Pros & Cons of Bill.com

Pricing: Bill.com has tiered pricing starting at $45 per user per month. This makes it a budget-friendly option for small businesses.

Pros:

• Low implementation costs
• Intuitive user interface
• Robust security mechanisms

Cons:

• Limited customization for certain features
• Considerable learning curve for new users

Bill.com is the best choice for small businesses. It offers powerful AP automation, easy integration, and affordable pricing. This helps businesses streamline their finances and stay ahead.

Lightyear – Leading AP Automation for Large Enterprises

Lightyear is a top-notch invoicing and payment tech for big companies. It makes handling accounts payable easier by automating tasks. It supports complex approval processes, reconciles payments automatically, and manages vendors. Plus, it works well with big accounting tools like QuickBooks Online and Xero.

Lightyear is a favorite among big companies for good reasons. It handles over $20 billion in bills and has made customers very happy, with a 99% satisfaction rate. It’s also saved over 1 million hours of data entry work. Invoices get processed 9 times faster with Lightyear, and it has a stellar 5-star rating from over 30,000 users in more than 20 countries.

Lightyear has three plans – Starter, Business, and Enterprise – starting at £99 a month. Users love its ease of use, support, and value. Lightyear keeps improving based on what users say, making it a top choice for big companies.

“Lightyear has been a game-changer for our accounts payable process. The automation has saved us countless hours and improved our efficiency tenfold.”

If you’re a big company or growing fast, Lightyear’s Lightyear AP automation features can make your best AP automation for large enterprises better. It can help you reach new heights.

Tipalti – Best for International Business AP Automation

Tipalti is a top choice for businesses with global operations. It changes the game in accounts payable automation. It makes managing finances across borders easier and more efficient.

Key Benefits of Tipalti for Global AP Automation

Tipalti has features perfect for global businesses. Here are some main benefits:

• Automated invoice processing: Tipalti uses advanced OCR to read and process invoices. This cuts down on manual work and mistakes.
• Seamless vendor payments: The platform supports over 120 currencies in 196 countries. This makes it easy for companies to pay their international vendors.
• Robust multi-level approval workflow: Tipalti makes sure payments get the right approval. This boosts financial control and follows rules.
• Comprehensive analytics and reporting: The platform gives deep insights into accounts payable. This helps businesses make smart decisions based on data.

Using Tipalti, businesses can make their international accounts payable smoother. They can cut costs and get a better view of their finances. As the best AP automation for international business, Tipalti helps companies improve their global operations.

“Tipalti has been a game-changer for our international business. The platform’s ability to automate our AP processes and seamlessly manage global vendor payments has saved us time and money.”
– John Doe, CFO at XYZ Corporation

Glean – Top AI-Powered AP Automation Software

In today’s fast-paced world, businesses are always looking for new ways to make their work easier and more efficient. Glean is a leading AI-powered AP automation software that’s changing the game. It’s designed to make managing accounts payable easier and faster.

Glean uses AI to automate tasks like invoice capture, data extraction, and approval workflows. This means finance teams can spend less time on manual work, make fewer mistakes, and have better control over their accounts payable.

Glean is known for its smart invoice matching. Its AI can match invoices with purchase orders and contracts automatically. This reduces errors and prevents duplicate payments. It also has fraud detection to keep businesses’ finances safe by spotting unusual activities.

Glean offers different software plans to fit various business needs. The “Startup” plan starts at $95 per month. The “Basic” plan is $295 per month. The “Select” and “Growth” plans are $895 per month each. There’s also a custom plan for big companies.

“Glean is much cheaper compared to adding a dedicated AP clerk or using other AP platforms,” shared Zach C., a satisfied Glean user.

Magdalena K. from a case study found Glean saved a lot of time. It cut the time to process invoices from 20 hours a week to less than 5 hours. Glean can save businesses up to 50% of an FTE in monthly time savings.

Glean also helps businesses compare their spending with industry standards. This can lead to finding ways to save money. Its workflow improvements make accounts payable operations more efficient and productive.

For those looking for a top AI-powered AP automation solution, Glean is a great choice. It offers innovative features, affordable pricing, and has a proven track record of saving time and money. Glean is set to change how companies handle their accounts payable.

Evaluating the best accounts payable automation software

Choosing the right accounts payable (AP) automation software can change the game for your business. When looking at the top AP automation solutions, focus on several key features. These include invoice processing automation, vendor management, approval workflows, payment processing, integration with accounting software, reporting, analytics, and security and compliance features.

Key Features to Look for in AP Automation Tools

The best AP automation software should make your payables process simpler and more efficient. It should also improve visibility and control, and help you save costs. Look for solutions that offer these capabilities:

• Automated invoice capture and data extraction using optical character recognition (OCR) technology
• Intelligent approval workflows that route invoices to the right approvers based on predefined rules
• Seamless integration with your existing accounting software, ERP systems, and other financial tools
• Real-time reporting and analytics to gain insights into your AP data and performance
• Secure payment processing and reconciliation features to ensure compliance and reduce errors
• Vendor portal and self-service capabilities to streamline communication and collaboration
• Scalability to accommodate your growing business needs

By evaluating AP automation software with these features in mind, you can find the best solution. This will streamline your accounts payable operations, improve financial visibility, and help with strategic decision-making.

“76% of finance leaders expect the responsibilities of their AP department to increase soon, with 41% anticipating a greater strategic role for AP.”

Investing in the right AP automation tools can help you stay ahead. It ensures your business remains agile, efficient, and ready for growth.

Streamlining Business with AP Automation

Using the right AP automation software can greatly benefit your business. It automates manual AP tasks, cutting down on errors and improving relationships with vendors. This also helps manage cash flow better and lets your finance team focus on strategy.

AP automation gives you a clear view of your payables. This helps in making better decisions and controlling costs. A good AP automation system makes your business run smoother and more profitable.

More than 80 percent of AP teams still manually enter invoices, which is time-consuming and error-prone. Automation boosts productivity for over 65 percent of knowledge workers. It speeds up invoice processing, helps get early payment discounts, and reduces the risk of late fees.

AP automation does more than just speed things up. It gives you real-time data for better decision-making. Businesses see more accurate data, leading to smarter decisions and finding ways to save costs. It also makes financial reporting and forecasting easier, helping you keep track of important metrics and find areas to improve.