10 Best Accounts Payable AP Automation Software In 2023

In the ever-evolving business landscape, managing accounts payable (AP) efficiently is crucial for success. As companies grow, they often struggle with the cumbersome process of handling invoices, tracking expenses, and making payments to suppliers and vendors. This is where AP automation software comes into play, helping to streamline these tasks and improve overall efficiency. In this guide, we will explore the top 10 AP automation software solutions for businesses in 2023.

What is Accounts Payable Automation Software?

AP automation software is designed to simplify and streamline the process of managing and tracking financial transactions between a company and its vendors or suppliers. By automating various tasks such as invoice processing, payment scheduling, and data entry, these tools can significantly reduce human error and save time for finance teams.

Why Use AP Automation Software?

There are several compelling reasons to implement AP automation software in your business:

• Efficiency: Automating manual tasks can save time and effort, allowing your finance team to focus on more strategic tasks.
• Accuracy: Reducing human intervention in the AP process minimizes the potential for errors and discrepancies.
• Visibility: AP automation software provides real-time insights into expenses and cash flow, enabling better decision-making.
• Scalability: As your business grows, AP automation software can adapt to handle increasing volumes of invoices and transactions.
• Cost Savings: By streamlining the AP process, businesses can realize cost savings through reduced labor and overhead expenses.

Top 10 AP Automation Software Solutions

Here is our list of the top 10 AP automation software solutions for 2023:

1. Tipalti

Tipalti is a cloud-based AP automation solution that streamlines the entire payable process, from invoice capture and approval to payment processing and reconciliation. With its user-friendly interface and robust feature set, Tipalti is suitable for businesses of all sizes looking to improve their AP workflows.

Key Features:

• Invoice capture and approval
• Global payment processing in multiple currencies
• Tax compliance and fraud detection
• Integration with popular accounting software
• Customizable reporting and analytics

Best for: Businesses of all sizes seeking a comprehensive AP automation solution.

Price Range: Contact for pricing.

2. QuickBooks Online

QuickBooks Online is a popular cloud-based accounting software that includes built-in AP automation features. By integrating with third-party AP automation solutions like Tipalti, users can further enhance the software's capabilities and efficiency.

Key Features:

• Invoice management and payment processing
• Integration with third-party AP automation solutions
• Accepts multiple payment methods, including credit cards and bank transfers
• Real-time financial reporting and analytics

Best for: Small and mid-market companies looking for a versatile accounting software with AP automation capabilities.

Price Range: $-$$

3. Sage Intacct

Sage Intacct is a powerful cloud-based accounting software that offers accounts payable automation features like automated payables workflows and real-time tracking of payments and approvals. By integrating with third-party AP automation solutions, Sage Intacct users can further increase the efficiency of their AP processes.

Key Features:

• Automated payables workflows
• Real-time tracking and reporting
• Integration with third-party AP automation solutions
• Multi-dimensional reporting capabilities

Best for: Businesses interested in GAAP compliance and multi-dimensional reporting.

Price Range: $$-$$$

4. NetSuite

NetSuite is a comprehensive cloud-based ERP system that includes accounts payable functionality. By integrating with popular AP automation platforms like Tipalti, NetSuite users can further streamline their payable processes and improve efficiency.

Key Features:

• Invoice management and payment processing
• Customizable approval workflows
• Real-time financial reporting and analytics
• Integration with popular AP automation platforms

Best for: Small to large enterprises looking for a scalable and flexible AP automation solution.

Price Range: $$$

5. Microsoft Dynamics 365

As a Microsoft product, Dynamics 365 offers a wide range of ERP and CRM functionalities, including accounts payable. With its seamless integration capabilities and familiar interface, Dynamics 365 is an ideal choice for Microsoft-friendly businesses of all sizes.

Key Features:

• Comprehensive accounts payable functionality
• Seamless integration with other Microsoft products
• Customizable workflows and reporting
• Cloud-based platform for easy access and scalability

Best for: Microsoft-friendly businesses of all sizes looking for an integrated AP automation solution.

Price Range: $-$$$

6. Acumatica

Acumatica is a modern, cloud-based ERP solution that offers an intuitive user interface and robust accounts payable features. With its support for cross-function workflows and easy collaboration, Acumatica is an excellent choice for businesses looking to streamline their AP processes.

Key Features:

• Invoice management and payment processing
• Collaboration and cross-function workflows
• Real-time financial reporting and analytics
• Unique pricing model based on features and functionality, allowing for unlimited users

Best for: Businesses looking for an intuitive AP automation solution with unlimited user pricing.

Price Range: $$

7. Epicor

Epicor offers both on-premises and cloud-based ERP solutions with built-in accounts payable features. Its flexible and customizable options make Epicor an ideal choice for businesses looking to gain greater visibility and control over their AP processes.

Key Features:

• End-to-end payables management
• Customizable workflows and reporting
• Integration with third-party AP automation solutions
• Scalable platform suitable for businesses of all sizes

Best for: Companies of all sizes looking to gain greater control and visibility over their AP processes.

Price Range: $$-$$$

8. Oracle EPM Cloud

Oracle EPM Cloud is a high-end cloud-based software solution designed for resource planning, budgeting, and forecasting. With its advanced AP features, Oracle EPM Cloud is ideal for large enterprises with complex accounting needs.

Key Features:

• Comprehensive accounts payable functionality
• Advanced analytics and reporting capabilities
• Integration with other Oracle products for seamless data management
• Scalable platform suitable for large enterprises

Best for: Large enterprise companies with complex accounting needs.

Price Range: $$$

9. SAP

SAP offers a range of high-end cloud-based ERP solutions, including accounts payable software for large businesses. With its advanced features and integrations, SAP is an excellent choice for businesses seeking a comprehensive AP automation solution.

Key Features:

• Robust accounts payable functionality
• Integration with other SAP products and accounting software
• Advanced analytics and reporting capabilities
• Scalable platform suitable for businesses of all sizes

Best for: Large enterprise companies, as well as small and midsize businesses using other SAP software offerings.

Price Range: $$$

10. Stampli

Stampli is an AP automation platform that combines invoice processing, communication, payment processing, and reporting into a single, user-friendly platform. Its AI-driven capabilities and customizable workflows make Stampli an excellent choice for businesses looking to improve the efficiency and accuracy of their AP processes.

Key Features:

• Invoice capture and approval
• Automated payment processing
• AI-driven capabilities for improved efficiency and accuracy
• Customizable workflows and reporting

Best for: Businesses of all sizes looking to streamline their AP processes.

Price Range: $-$$

Choosing the Best AP Automation Software

When choosing the right AP automation software for your business, consider the following factors:

1. Integration with existing systems: Ensure the AP automation solution integrates seamlessly with your existing accounting or ERP software.
2. Scalability: Choose a solution that can grow with your business, allowing you to handle increasing invoice volumes and complexity.
3. Ease of use: Look for a user-friendly interface that your finance team can quickly adopt and navigate.
4. Customization: Opt for a solution that offers customizable workflows and approval processes to match your unique business requirements.
5. Reporting and analytics: Select a solution that provides real-time financial insights and reporting to support better decision-making.

By carefully evaluating your business needs and considering the features and benefits of each AP automation software solution, you can choose the best tool to streamline your accounts payable process and drive efficiency in your organization.