Accounts Payable (AP) automation software is a type of technology used by businesses to streamline their payment processes. AP automation software helps businesses automate their invoice processing, payment approvals, and payment disbursements.
With AP automation software, businesses can eliminate the tedious and time-consuming tasks that come with manual payment processes. This technology enables businesses to automate these tasks and allow their employees to focus on more strategic tasks that add value to the business.
The traditional method of managing accounts payable involves the use of paper-based invoices that require manual data entry. This method is prone to errors and can be time-consuming. However, with AP automation software, businesses can manage their accounts payable processes more efficiently and accurately.
Here are some of the benefits of using AP automation software:
- Reduced data entry errors – Since AP automation software automates the data entry process, it eliminates the possibility of human error. This means fewer errors and less time spent on correcting mistakes.
- Increased efficiency – AP automation software streamlines the accounts payable process, making it much faster and more efficient. Instead of manually entering and approving invoices, the software handles these tasks automatically.
- Improved visibility – With AP automation software, businesses have full visibility into their accounts payable processes. This means they can track the progress of each invoice and payment, ensuring that nothing gets overlooked.
- Better cash flow management – AP automation software enables businesses to process invoices and payments more quickly, ensuring that payments are made on time. This ensures that cash flow is managed more effectively.
- Increased security – AP automation software offers a more secure way of managing accounts payable processes. The software requires user authentication and offers access controls, ensuring that only authorized personnel can access sensitive information.
- Greater accuracy – AP automation software is designed to minimize errors, ensuring that businesses receive accurate and timely invoices. This helps businesses to avoid overpaying or underpaying their vendors and suppliers.
How AP Automation Software Works
AP automation software typically works in the following way:
- Invoice capture – AP automation software captures invoice data from various sources, such as email, fax, or paper invoices.
- Invoice matching – The software matches the captured invoice data with purchase order data, enabling companies to verify that the invoice is accurate and matches the services or goods delivered.
- Invoice approval – Once the invoice has been matched, the software automatically routes it to the appropriate person for approval.
- Payment processing – Once the invoice has been approved, the software processes the payment, ensuring that it is made on time and accurately.
- Payment reconciliation – After the payment has been made, the software reconciles the invoice against the payment, ensuring that everything was processed accurately.
AP automation software can be integrated with other systems, such as enterprise resource planning (ERP) software, to provide a more comprehensive platform for managing accounts payable processes.
Accounts payable automation software is a valuable tool that enables businesses to streamline their payment processes. The benefits of using AP automation software are numerous, including increased efficiency, improved accuracy, and better cash flow management.
By automating accounts payable processes with AP automation software, businesses can optimize their workflows, reduce the risk of errors, and increase visibility into their finances. With the ability to capture, match, approve, and process invoices automatically, AP automation software is a powerful tool for any business looking to optimize its accounts payable processes.
NANONETS
Streamline your accounts payable automation processes with Nanonets’ AP automation software. Automate 3-way matching, GL-coding, reconciliation and approvals.
- All you need to do is forward an email
- Just connect your existing accounting software and you’re ready to go
- Custom approval policies that fit your business
- Forget manual invoice entry with AI-based OCR
- Smart financial controls to prevent overpayments
- Seamless verification of your records against external statements
STAMPLI
Stampli AP Automation software streamlines accounts payable by learning your invoice processes to automate GL-coding, approvals, spot duplicates and fraud.
- Segregation of Duties
- Collaboration Hub
- Smart AP Processing
- Intuitive Dashboard
- Full Visibility
- Payment Agnostic
- Seamless Integration
- Fast Implementation
TIPALTI
Tipalti is the only AP automation solution that streamlines the entire invoice-to-pay-to-reconciliation accounts payable process. Automated PO matching, OCR-powered invoice processing, KPMG certified tax compliance, and more.
- Shift data entry to your suppliers
- Never key in another invoice with advanced Optical Character Recognition (OCR)
- Send payments in just a few clicks
- Take the work out of tax risk
- Make overpayments a thing of the past
- Never stitch together statements and spreadsheets again
RILLION
At Rillion we have 25+ years of experience developing AP Automation solutions. Let’s show you how to accelerate the Accounts Payable Processes!
- Full visibility and control
- Complex or simple approval workflows
- Seamless integration to ERP/accounting system
- Recurring invoices
- Advanced search functionality
- AI machine learning (Smart AP processing)
- Automated PO-match
- Ease of use
CORCENTRIC
Corcentric is your complete end-to-end accounts payable, accounts receivable procurement solutions company.
- Electronic Purchase Orders
- e-Invoicing
- Approval Workflow
- Automated B2B Payments
- ERP Integration
- Invoice Management
AVIDXCHANGE
AvidXchange helps middle-market businesses automate the accounts payable process to boost efficiency, accuracy and speed.
- Reduce Costs
- Increase Efficiency
- Maintain Control
- Scale for Growth
- Reduce Risk
- Improve Relationships
- Work Remotely
- Increase Visibility
MEDIUS
Medius AP Automation software makes light work of time-consuming tasks like coding and capture, and also posts digitized paper-based invoicing straight back to your ERP.
- Intelligent invoice and touchless data capture
- Three-way matching
- Fully managed ERP connectors mean zero burden for you or IT
- Avoid costly surprises
- Streamline the supplier payment process
ORDER
Reduce AP costs, save time, and say goodbye to errors with an accounts payable automation solution that eliminates manual 3-way matching, has automatic GL coding, reduces invoice processing, and automates payments.
- Invoice Management
- Accounting Automation
- Reporting & Analytics
- Integrations & Exports
- Net Payment Terms
- Automatic Payments
- 3-Way Matching
- Live-Level GL Coding
- Invoice Consolidation
- Vendor Management
- Spend Management
- Product Savings
CONCUR
SAP Concur simplifies travel, expense, and invoice management for total visibility and greater control.
QUADIENT
Automate your accounts payable to reduce data entry and make the workflow cost-effective with Quadient AP by Beanworks, the leader in ap automation software.
- Mitigate risk with stronger controls
- Gain visibility of your AP spend from anywhere
- Reduce costs with AI-powered data entry
- Understand your AP position in real-time with dashboards
VOLOPAY
Pay your business bills & vendor invoices online, anywhere, anytime with our comprehensive spend management platform. Modernize and automate your AP process today.
- Simple and smooth invoice processing
- Efficient vendor management
- Track every spending in real-time
- Simplify vendor payouts
- Set multi-level approvals
- Super low FX charges
- Automated accounting – Almost magical
BILL
BILL brings smart AP and AR automation and new bill payment capabilities to your business. Harness intelligent technology to help streamline your payments process.
- Easily enter your bills
- Simplify your approvals process
- Pay smarter
- Stay in (two-way) sync
ESKER
Esker automated software allows businesses to reduce the pain points of invoice processing through AI-driven data capture and more.
- Easily approve invoices and purchase requisitions whenever and wherever from your Apple or Android device.
- Quickly resolve exceptions and approvals, forging positive relationships with your suppliers.
- Increase efficiency in the P2P process by acting fast and requiring less effort for approvals.
- Keep an eye on key metrics. Dashboards can be managed on the go so business can be kept on track no matter the time or the place.
SAGE
Sage automated accounts payable solution keeps you up-to-date so you know what you owe to who, and when you need to pay.
- Improve your small business accounts payable
- Boost your business productivity
- Keep suppliers happy
- Avoid hours of admin with automation
FORTRA
At Fortra, we’re creating a simpler, stronger, and more straightforward future for cybersecurity by offering a portfolio of integrated and scalable security solutions.
- Automate Report Generation
- Intelligent Classification and Capture
- Data Syncing
- Archiving Invoices
- Data Extraction and Validation
- General Ledger (GL) Identification
SOFTCO
Fully automate your purchase invoice processing with SoftCo Accounts Payable Automation, from capture, to matching and approval.
- Precise Invoice Data Capture
- Unrivalled Invoice Matching
- 80% Straight Through Processing
- Seamless Management of Recurring Invoices
- Streamlined Non-PO Invoices
- Accelerated Exceptions and Query Handling
- Automated Surcharge Matching
- Intelligent Invoice Approval Workflow
- Easy On the Go approval
- Simplified Vendor Payments
- Simple ERP Integration
- Powerful Real-time reporting/AI Analytics
PROACTIS
Proactis is a leading Source-to-Pay software solution provider for mid-market organizations across a range of service-led industries.
- Analyse current processes
- Centralise invoice management
- Standardise policies and procedures
- Automate
- Enable supplier self-service
- Proactively request early payment discounts
- Leverage information for better sourcing
- Incrementally automate invoice capture
HYLAND
Accounts payable automation solutions from Hyland increase efficiency, eliminate manual data entry and improve cash management.
- Gain efficiencies on approval and invoice cycle times
- Reduce manual and paper-based invoice processing
- Control your AP process from start to finish
LENTUNE
Lentune invoice automation is smart accounts payable software that shortens invoice processing times and increases visibility and control of your bills.
- Remove manual work
- Immediate price checking
- Procure-to-pay visibility
- One-click invoice approvals
- Accurate back-costing
- Consolidated insights
ZYCUS
Zycus AP Automation Software helps businesses automate their account payable solution for better invoice automation management and derive more value.
- Time and cost savings
- Better supplier communications
- Anomaly and Fraud detection
- Global compliance
PYRUS
Pyrus optimizes your organization invoice workflow, from capture to approvals to payment. We help companies large and small cut paperwork-related costs while improving their supplier relationships.
- Where task management meets messaging
- Distraction-free communication
- Works with customers and vendors