6 Best Accounts Payable Software
Accounts Payable management can be challenging, but there are solutions available to make the task simpler. Selecting an accounts payable software solution depends on several factors including number of bills/users/customization options/financial control etc.
Melio is an ideal solution for small businesses, providing comprehensive yet intuitive features such as invoice scanning, central storage and easy records retrieval.
1. DocuWare
DocuWare’s smart search function facilitates fast document retrieval, OCR automates indexing and version history enables text changes to be tracked easily and logged. Users can access it both via desktop application or the web, making it ideal for companies that utilize multiple business programs simultaneously.
Intelligent indexing identifies important details on an invoice and converts them to usable data. During the capture process, key index terms like supplier name, product or invoice number are recognized and saved into DocuWare for easy searching later on.
DocuWare makes approval workflows faster by enabling departments to send and receive electronic approvals. The software also provides accurate financial data visibility, helping managers plan ahead and make informed decisions.
2. Kissflow
Kissflow is a workflow automation software that enables businesses to organize their operations more efficiently, offering low-code and no-code development capabilities, case management tools, and external portals among its many features.
The platform boasts an expansive library of workflow templates designed to streamline business processes. These include Kanban board and dataset templates that users can utilize in creating automated workflows with visual studio. Furthermore, there is a Bird’s-Eye view of task assignments which assists operational managers in prioritizing tasks, while providing cost-effective pricing structures tailored for SMEs.
3. Open
Make sure your AP software provides essential features like invoice processing, payment automation, vendor management and financial reporting. Also look out for advanced capabilities like data analytics and fraud detection.
Consider investing in a solution that provides a secure payment gateway that supports various B2B payment methods, such as ACH, check, virtual card payments and international wires. This can streamline the procure-to-pay process and improve efficiencies overall.
Centralize all invoice collaboration, interaction, documentation and workflows onto one platform for easier collaboration among team members and more efficient accounting process flow. Automate invoice capture, coding and approvals for increased accuracy and efficiency.
4. Sage Intacct
Sage Intacct is a cloud-based accounting solution that automates an organization’s entire finance operation, relied upon by organizations like Room to Read, Penn Station, ACUI and BIG. With agile business agility and scalable scalability features built-in, Sage Intacct ensures business agility and growth potential for its users.
This solution combines Accounts Payable, Receivables, Cash Management, General Ledger, Order Management and Purchasing functions into one comprehensive system with customizable dashboard for greater visibility. Users can tag transactions using custom dimensions for easier reporting flexibility – eliminating Excel spreadsheet reliance and improving reporting flexibility in one convenient solution.
Professional services users appreciate the customizable dimension features in this solution that allow them to track project costs against budget and estimate actuals vs estimates. Furthermore, it helps them enhance profitability by automating quote-to-cash processes, increasing efficiency and improving accuracy.
5. Beanworks
Beanworks automates time-consuming invoice coding and approval procedures to streamline accounts payable workflows and increase efficiency, reduce errors, speed up processes and expedite vendor payments faster.
Beanworks provides accounting teams with an efficient means of moving quickly from purchase to payment. By automating invoice import from top accounting and ERP systems such as Intacct, Sage, NetSuite Rent Manager etc, Beanworks eliminates manual data entry for faster invoicing processes. Once invoices have been coded they are routed for approval effortlessly no matter their device or location.
A centralized account payable platform offers increased visibility and control, reduced risk mitigation measures, and cost savings of 83%. Furthermore, remote teams and approvers can access the workflow from any device.
6. Microsoft Dynamics
Management of an enterprise’s finances can be complex. An accounts payable software solution that automates invoice capturing, data entry, payment scheduling and vendor management makes this task simpler and more effective.
Errors can also be quickly identified, leading to improved fund management. Furthermore, some AP tools offer dashboards and analytics for more informed decision-making by business owners of all sizes.
Accounting tools that offer efficient invoice processing and accounts payable automation also reduce manual work, strengthen vendor relations, and enable more in-depth reporting. They’re scalable enough to meet growing business needs; capable of handling high volumes of transactions while offering more complex approval workflows and connecting with ERP systems for deeper integration into financial models of businesses.
