This article reviews and compares the top Accounts Payable AP Automation Software to help you choose the best AP Automation tool:
Accounts Payable is the amount an organization owes to its vendors or suppliers for the goods and services it receives from them. Thus, it is vital for the smooth functioning of any thriving business. However, managing Accounts Payable isn’t child’s play.
Fortunately, there are several advanced and intuitive Accounts Payable software available today, which can aid in the convenient management of this fundamental task. Many successful businesses use AP automation software to handle huge volumes of financial transactions between companies and their vendors/suppliers.
What You Will Learn:
- Accounts Payable Software
- Frequently Asked Questions
- List of Top AP Automation Software
- Comparison of the Best AP Automation Tools
- #1) PaperSave AP Automation (Recommended)
- #2) Paramount WorkPlace AP Automation (Recommended)
- #3) DOKKA
- #4) Nanonets
- #5) Melio
- #6) Payhawk
- #7) Helcim
- #8) Bonsai
- #9) Stampli
- #10) Tipalti
- #11) Beanworks
- #12) Basware
- #13) FastPay
- #14) SAP Concur
- #15) Oracle Netsuite
- #16) Sage Intacct
Accounts Payable Software
Although most of these tools provide business entities with tons of great features, many still fail to manage AP processes that are more complex in nature. AP automation tools help accountants decipher such complex AP processes while also managing a higher volume of invoices.
Moreover, they also possess the ability to greatly decrease human error and manual work. Suffice to say, the ideal AP software can help both accountants responsible for handling accounts payable and managers who seek to monitor the AP process.
Alas! Finding the ideal AP tool for your business can prove more arduous than the actual process of managing accounts payable itself. We made a list of our own, highlighting some of the best AP automation software out there based on our own experiences.
In this article, we take a deep dive into 10 of the most popular AP Automation software, share valuable insights on the features they offer, take a look at their pricing, and ultimately let you settle on a tool that resonates with your business requirements most.
Fact Check: According to a report published by Markets and Markets, the AP automation software market is expected to grow from $1.9 billion in 2019 to a whopping $3.1 billion by 2024.
Frequently Asked Questions
Q #1) What are some of the biggest challenges in the traditional management of accounts payable?
Answer: The biggest challenges facing traditional management of accounts payable include slow processing, glaring human errors, double payment, fraud, theft, and unauthorized purchases.
Q #2) Is Accounts Payable a Liability?
Answer: Accounts Payable is considered a short-term liability, as it refers to the amount a business owes to its vendors and suppliers. Once these payments are cleared, the amount is deducted from the accounts payable balance.
Q #3) What are workflows in AP automation?
Answer: Workflows in AP automation tools determine the accuracy of invoices before they are scheduled for clearance. The ideal AP automation tool handles this otherwise complex task electronically, thus saving precious time.
List of Top AP Automation Software
Here is the list of AP Automation Software:
- PaperSave AP Automation (Recommended)
- Paramount AP Automation (Recommended)
- Stampli AP Automation Software
- SAP Concur
- Oracle NetSuite
- Sage Intacct
Comparison of the Best AP Automation Tools
Name Best For Ratings Price
PaperSave AP Automation Small and Medium-Sized Businesses. Contact for Pricing
Paramount WorkPlace AP Automation Mid-Sized and Enterprise businesses. Contact for Pricing
DOKKA Integration with popular Accounting ERPs Quote-based
Nanonets Business owners, teams & self-employed. Starter: Free
Pro: $499 per model per month
Enterprise: Custom pricing
Melio Small Businesses • 2.9% fee for Credit card payments
• $20 for international transfers
Payhawk Mid-sized and large enterprises Premium Cards: $199/month, All-In-One Spend: $299/month.
Helcim Mid-to-large sized enterprises Adheres to an interchange-plus pricing structure
Bonsai Small businesses and freelancers Starter plan: $17 per month, Professional plan: $32/month, Business plan: $52/month. (Billed Annually).
Stampli Businesses of all sizes. Contact for Pricing
Tipalti Small businesses with 20 employees, Med-Sized and Large Businesses. Contact for Pricing
Beanworks Small, Medium, and Large enterprises. Contact for Pricing
Let us review each tool in detail.
#1) PaperSave AP Automation (Recommended)
Best for small and medium-sized businesses.
PaperSave is an intuitive AP automation solution that focuses on simplifying the process of document capture and uses electronic workflows to streamline business processes.
It seamlessly integrates with leading ERP solutions such as Intacct, Blackbaud’s Financial Edge NXT, Dynamics 365 Business Central, and Microsoft Dynamics GP and SL to automate Purchase Order and non-PO/AP Transactions.
PaperSave makes it incredibly simple to capture invoices in any format you desire, whether it is in the form of email or fax. Powered by a smart OCR engine, the tool is capable of instantly reading new invoice formats and extracting the data accurately.
It is also capable of automatically indexing the information in your documents, which makes retrieving them easier whenever needed. Perhaps PaperSave’s most compelling offering is its cloud deployment feature that allows employees to access documents securely even when they are away from their office.
- Automated Invoice Data Extraction
- Fast processing
- Seamless ERP integration
- Intuitive search functionality
- Reliable security
Verdict: PaperSave is a phenomenal tool that makes the otherwise cumbersome management of accounts payable considerably more convenient. Automatic processing of invoices, easy retrieval of old and new records, and impeccable data security qualifies it as one of the best AP automation solutions you can get your hands on.
Free Demo Available
Price: Contact PaperSave for Pricing.
#2) Paramount WorkPlace AP Automation (Recommended)
Best for Med-Sized and Enterprise businesses.
Paramount WorkPlace Spend Management is capable of delivering powerful Accounts Payable Automation and experience given its innovative and easy-to-use features, which makes it a very compelling solution.
With Paramount, you get to also transform your paper invoices into digital data via OCR and robust document management capabilities that allow for paperless invoice processing while providing a centralized and secure invoice retention system for easy retrieval of information.
Paramount WorkPlace features one of the most powerful OCR technology on the market. It accurately recognizes and captures invoice data down to the line-level details, which is then routed through the standard approval process.
The Paramount WorkPlace Invoice Attachments function streamlines uploading scanned invoices and makes attachments available for users from the solution. Users can add attachments easily without relying on access to remote file systems when hosted in the cloud or another location. Additionally, users can initiate check requests using scanned invoices and route them into an approval process.
The invoice attachment maintenance page allows users to upload scanned invoices and then makes attachments available from the check request page entry. Users can add attachments without relying on access to remote file systems when hosted in the cloud or another location.
This simple drag and drop one or more files into repository, secure interface, flexible configuration, and quick ‘Select Invoices’ attachment process support documents, contracts, schedules, terms and conditions, timesheets, etc.
Paramount WorkPlace also allows users to manage both purchase order and non-purchase order invoices from vendors and enforce consistent spend management policies and approval workflows to both PO and Non-PO invoices.
Other features such as the ability to manage the approval structure and organization hierarchy workflow, a self-service portal to empower vendors/suppliers, and the ability to create unlimited personalized charts to measure your business’s KPI, makes Paramount WorkPlace one of the finest tools on this list.
- Intelligent, AI Powered Invoice Capture
- Secure Repository for Invoice Retention
- Robust vendor Invoice Portal
- Centralized Invoice Matching
- Advanced Reporting Metrics
- Check Request
- 1099 entry and payments
Verdict: Paramount WorkPlace makes for one of the most powerful solutions out there with its ability to capture, store, and process invoices. It works as both a standalone solution or with ERP integration for powerful automation and streamlining of workflows.
Free Demo Available
Price: Contact Paramount WorkPlace for Pricing.
Best for Integration with popular Accounting ERPs.
DOKKA is a software that makes it to our list for its ability to process, record, and publish accounts payable processes and invoices in a considerably quick time. Once deployed, DOKKA can gather and process invoices from multiple sources. Thanks to the solution’s use of AI algorithms, DOKKA can capture invoice data in seconds, irrespective of the layout or language at play.
We also like how simple DOKKA is to set-up and configure. If needed, DOKKA’s team provides you with the assistance necessary for seamless deployment and set-up. Plus, DOKKA integrates well with most popular ERPs out there to make the process of managing accounts payable as hassle-free as possible.
- Automated Invoice Process Workflow
- Smart Document Management
- Automated Journal Entries
- Google-Like search functionality
Verdict: With DOKKA, you get a powerful, comprehensive, and collaborative solution that’s suitable for the entire AP team. It can seamlessly integrate with your entire accounting system and considerably expedite your accounts payable processes.
Price: You’ll need to contact the DOKKA team for a quote. Alternatively, you can request a free demo.
Best for business owners, teams & self-employed.
Nanonets is a one-stop solution for automating all of your Accounts Payable processes & workflows. Turn your AP team into a driver of efficiency and growth.
Transform all unstructured invoices/POs/receipts into structured, valuable information – Nanonets is completely template-agnostic.
- Upload Invoices as PDFs or scanned images via your accounting email inbox, RPA, ERP or API, Google Drive, Dropbox, or any other cloud storage platform.
- Reconcile & match invoices and set up rule-based conditions/validations.
- Send the captured data to your favourite business tools, ERP system, or Accounting Software.
Nanonets integrate seamlessly with ERPs (Salesforce, Quickbooks, Netsuite, Yardi, Entrata, Dynamics, etc.), cloud storage services (Drive, Dropbox, email, etc.), and databases (MySQL, PostGres, MSSQL, etc.).
- Automated data entry
- Email bills fetched
- Reconcile invoices
- Invoice matching
- Extract line items
- Set up rules for validations & approvals
- Expense workflow
- Zapier connector to automate end-to-end workflows
- Automated learning
Verdict: Nanonets is a versatile AP automation software with some neat automation capabilities. It offers a wide range of integrations and can automate all your accounts payable workflows.
Pro: $499 per model per month
Enterprise: Custom pricing
Trial: Yes | 7-day
Best for small businesses.
Melio is a simple yet extremely useful Accounts Payable software.
The software does not charge any fees for signing up, monthly subscriptions, or sending checks. It also lets you pay for free through bank transfers. Moreover, an unlimited number of users can be added to a single account, with no charges.
You can rest assured of the security of your personal information, as Melio is PCI DSS compliant and keeps all the clients’ data 100% secure.
- Lets you track payments.
- No cost for paying invoices through bank transfer.
- You can pay with your card, even when the vendor does not accept cards.
- Seamless synchronization with QuickBooks.
- Let’s you pay bills for your phone and other utilities.
- Get live customer service.
Verdict: Melio lets you pay through a bank transfer or a card. The recipient does not need to have a Melio account to receive the payments, which is a plus point. You can just upload a photo of a bill or connect with QuickBooks online, then choose the method of payment. It’s as simple as that.
Another plus point of Melio is that you can pay through your card, even if the vendor does not accept cards. Melio will send a check or do a bank transfer on your behalf. Plus, you get points for paying through your card.
Prices set by Melio are as follows:
2.9% fee for Credit card payments
No monthly charges
$20 for international transfers
Best for Mid-sized and large enterprises.
Payhawks arms you with a software that can track expenses and transactions in real-time. The platform presents you with actionable insights that can be leveraged for planning and forecasting. The reports you get can be shared easily with your team members and stakeholders.
Whether it is an individual or team leader, the platform grants each budget owner better visibility over their budget. You can set up budget management per cost center and then track your payment and expenses in real-time against them. You can set spend limits, easily define approval flows and spend policies, as well as take actions based on clear comprehensive reporting.
- Track company spend in real-time
- AI-based automation
- Build spend policies with advanced workflows
- Customize approval chain
Verdict: Payhawk is a great all-in-one accounts payable software that we cannot recommend enough to finance teams and CFO’s. It is easy to use, facilitates AI-driven accounting, and arms you with actionable reporting.
Price: The All-in-One Spend plan costs $299/month. The Premium Cards plan will cost you $199/month. A custom enterprise suite plan is also available.
Best for Mid-to-large sized enterprises.
With Helcim, you get an all-inclusive merchant service and payment process platform. It is bolstered by several capabilities. For instance, it can be used as a merchant platform that can accept debit and credit card payments.
It also comes as a mobile app, which allows you to accept payments on the go. The mobile app is available for both iOS and Android smartphones. The platform also allows you to charge customer online via a virtual terminal.
- Virtual Terminal
- Payment Gateway
- Send Invoices online for free
Verdict: With capabilities like merchant account, point-of-sale, payment gateways, invoicing, etc. in one centralized platform, Helcim is a fantastic and cost-effective payment process platform that’s especially ideal for mid to large enterprises.
Price: Helcim adheres to an interchange-plus pricing structure. This basically means you’ll have to pay a mark-up above the interchange rate.
Free Demo Available
Best for Small businesses and freelancers.
Bonsai is a great tool for start-ups and small businesses who seek a clearer picture of their business’s finances. The visibility it grants business owners into their daily finances is just one aspect of what makes Bonsai a great accounts payable software. This is also a tool you can use to estimate your taxes and get reminders (both quarterly and annually) pertaining to their due dates.
Bonsai is great at tracking business spend. Your finance team will be able to import all your expenses in this software. They will be saved automatically with tax write-offs during filing. It also allows you to track the profits or losses of your business throughout different times of the year. In addition, an automated expense tracking feature makes this software a godsend for accounting teams.
- Track Expenses
- Track Profit and Loss
- Get annual and quarterly tax reminders.
- Automatically imports expenses from back account.
- Tons of tax templates for simplified taxing.
Verdict: Easy to use and bursting with austere potential, Bonsai is a great accounts payable software that is ideal for small businesses and self-employed professionals. It facilitates financial reporting that is easy to comprehend and takes the stress out of taxing with ingenious tax estimating capabilities. This one is worth checking out.
Price: Starter plan: $17 per month, Professional plan: $32/month, Business plan: $52/month. All of these plans are billed annually. The first two months of Bonsai with a yearly plan are free.
Best for Businesses of All sizes
Stampli is perhaps best known for its remarkable ability to process invoices in real-time. It can automatically capture invoices onto its platform for immediate processing. However, there is so much more to this software than that. It is graced with one of the best UI’s of any AP automation software solution in existence today.
Since the software is very easy to use and access from anywhere. It provides enterprises with a centralized communication hub through which they can communicate and address queries with anyone using the application. The tool also promotes easy access to all activities associated with the processing of invoices for convenient auditing.
The tool also goes above and beyond to empower business entities with the ability to enforce internal controls with the help of standard and customizable permissions. This helps in greatly reducing the risk of fraud.
- Smart UI and Dashboard
- Real-Time Invoice Processing
- Audit Ready Access
- Full 365 Visibility with Advanced Search and reports
Verdict: Stampli is powered by an incredibly smart UI and the ability to seamlessly integrate with both existing and new financial systems for efficient AP management. It is simple to use and incredibly fast with its processing of invoices. It is a tool we are comfortable recommending if you seek to simplify and streamline your AP process.
Free Demo Available
Price: Contact Stampli for Pricing
Further Reading => List of the BEST AvidXchange Competitors
Best for Small businesses with 20 employees, Med-Sized and Large Businesses.
Tipalti distinguishes itself from other tools similar in nature by providing a cloud-based solution to automate accounts payable.
Apart from the above distinction, it provides several intuitive features that are essential for a competitive AP automation tool. The tool an end-to-end payment solution that is ideal for small companies desperately seeking growth.
It indulges its users with a plethora of advanced features such as invoice automation, automated approval workflows, and self-service supplier on-boarding for efficient management of accounts payable. It also promotes global mass vendor payments by providing enterprises with multiple methods for payment in many valid currencies.
- Invoice Automation
- Supports multiple payment methods for Global payments
- Self-Service Supplier Onboarding
- Automated Approval Workflows
Verdict: Tipalti provides users with an automated AP solution that seeks to expedite the process of invoicing to save valuable time and money for enterprises. Its Global payments system alone makes it an ideal tool for businesses dealing with international suppliers and vendors.
Free Demo Available
Price: Contact Tipalti for Pricing
Best for Small, Medium, and Large Enterprises
Beanworks understands the challenges that come with efficient AP management. Thus, it provides users with a system capable of fast invoice processing and paying vendors remotely while reducing costs associated with AP drastically.
With Beanworks, users have more control over their AP workflow with the help of custom rules. The tool allows managers to assign PO’s, invoices, and payment approvals to the most suitable team member, at the most appropriate time.
You can also easily check up on invoice details and gain a better understanding of your vendor spending anytime you wish. Beanworks works to largely automate the entire AP process with easy approvals, centralized AP for multiple locations, and quick retrieval of archived documents.
- Match Purchase orders to invoices
- Centralize AP for multiple locations
- Automated approval of invoices, PO’s and payments
- Easily clear vendor payments
- Advanced Search mechanic for quick retrieval of documents
Verdicts: Beanworks is a tool that emphasizes why a business should move away from manual AP in favor of automated solutions. The tool provides tons of intuitive features to help businesses save crucial time and valuable money on AP management.
Free Demo Available
Price: Standard, Pro, Premium, and Enterprise plans available upon request.
Best for Small and Med-Sized Businesses
The former Verian, Basware offers businesses with anyone who has come to anticipate from accounts payable automation solutions. It is a tool that allows you to capture invoices electronically, no matter the format in which you receive them from vendors.
It is also a tool that allows you to automate the entire invoice process along with automated workflows and matching.
The software supports invoices in over 70+ electronic formats and complies with VAT ordinances in more than 50 countries. The software is intuitive enough to ensure you have complete invoice information at your disposal. This is imperative to help you make strategic decisions based on accurate invoice data.
- Support Invoices in 70+ e-formats
- Faster Invoice Processing
- 100% spend visibility
- Streamline AP process to reduce redundancy in Workflows
- Competent Matching and Coding
Verdict: Basware carries the legacy of Verian forward by providing an AP automation tool that promotes agile invoice processing that expedites payments to suppliers and vendors.
The overall automation process of invoicing, workflow streamlining, seamless ERP integration, and apt invoice matching offered by Basware can help businesses generate unprecedented profits.
Free Demo Available
Price: Contact Basware for pricing
Further Reading => List of the TOP Legal Billing Software
Best for Small, Medium and Large Enterprises
FastPay specializes in simplifying inefficient and complicated payment processes and expedites the process of payments to suppliers and vendors. It is a tool that not only focuses on your financial convenience but also emphasizes providing suppliers with access to faster payment processing.
This tool also possesses the ability to execute electronic payments without a hassle. It essentially boosts the entire payment process and provides rich remittance for all the payments executed by it, both old and new.
The tool is also powered by a smart search function that helps you retrieve historical records quickly, whenever you need them.
- Proper Remittance Data for both old and new payments
- Automated Invoice processing
- Advanced Search functionality
- Automated and Timely release of payments to suppliers
FastPay is a tool that was passionately designed by some of the best financial experts in the industry, and that passion shows in its functioning. It is a tool that fundamentally automates the payment process to reduce delays and costs associated with the inefficient execution of electronic payments.
Free Demo Available
Price: Contact FastPay for pricing
#14) SAP Concur
Best for Med-Sized and Large Enterprises
SAP concur provides users with a state-of-the-art cloud ERP integration system. As such, it is a tool that concentrates its might on providing users with a system that seeks to eliminate the hassle that comes with managing paper invoices.
It promotes capturing and processing of Invoices electronically, no matter the format you receive them in. The tool arms you with everything you need to simplify and automate the invoice process for convenient AP management.
The software also comes with a compelling mobile-friendly version that makes the management of AP incredibly more accessible and convenient. You get to track every cent spent by you or your enterprise. Thanks to the mobile app, you also get to monitor your expenses on the go.
- Capture and Automate Invoice Process
- Record and Monitor all your expenses in one place.
- Enforce Spending policies
- Get Analytical reports and comprehensive insight into your spending
Verdict: Unlike other tools of its nature, SAP works not only as a great AP automation tool but also as a tool that manages, tracks, and helps you control your expenses. It is an ideal tool to have if you are someone who is constantly on the move, and need a mobile-friendly tool to manage your invoices in real-time.
Free Demo Available
Price: Contact the SAP Concur sales team for a price.
Website: SAP Concur
#15) Oracle Netsuite
Best for Med-Sized and Large Enterprises
Oracle Netsuite comes packed with some intuitive features that spell efficient AP management. It is a tool that grants you the ability to improve your business’s liquidity, reduce funding gaps, and generate higher profits by automating the processing of invoices on behalf of your enterprise.
The tool works to expedite the entire process of invoicing by automating the calculation of discounts and eliminating manual errors in data entry. The software also minimizes double payments, and prevents loss of bills, because of its real-time visibility feature.
The software also works competently in streamlining the entire accrual process, retrieving historical records whenever you need them, and producing accurate financial statements when required.
- Automated Processing of Invoices
- Improved Control over payments
- Retrieve and store payment records is secure repositories
- Access to SuiteApps marketplace for seamless integration with other business software.
Verdict: If you seek high-end cloud software that helps you automate the entire AP process then Oracle Netsuite is the tool for you. It is software specifically designed to process payments faster, reduce human error considerably, and generate higher profits for your business.
Free Trial Available
Price: Pricing disclosed upon request
Website: Oracle Netsuite
#16) Sage Intacct
Best for Small and Med-Sized Enterprises
Sage is a robust cloud-based ERP software that aims to simplify the accounting system. AP automation is just one of the services it offers from its huge catalog of accounting services. It is a tool that promotes faster invoice processing, automated payable workflows, and real-time tracking of payments.
The tool also goes a step further in providing real-time insights and analytical reports on the performance of your accounts payable department.
Moreover, the tool is highly adaptable and can integrate with other cloud-based services to make the entire AP management process all the more convenient.
- Automated processing of invoices
- Get insights and analytical reports of performance
- Automated Payable workflows
- Integrates with other cloud-based financial services
Verdict: Sage is an intuitive cloud-based financial tool that can be used for efficient AP management and It is a software that works even better when it is integrated with other tools to make the tasks associated with accounts payable considerably more simple.
Further reading =>> Best Invoice Automation tools for Sage Intacct
Free Demo Available
Price: Contact for pricing
Website: Sage Intacct
Keeping track of an enterprise’s outstanding dues is crucial in building its reputation and scaling it to new heights. That is why a business must manage its AP effectively and efficiently. As managing accounts payable can be overwhelming and tedious, employing an account payable automation solution is undoubtedly a wiser decision.
All of the above tools have earned their place on this list because of their comprehensive interface, remarkable features, and formidable reputation in the industry.
As for our recommendation, if you are looking for full-service AP automation tools then you will find PaperSave and Paramount WorkPlace more in line with your requirements and for software that complements small businesses with less manpower, we suggest you try Tipalti.
- We spent 12 hours researching and writing this article so you can have summarized and insightful information on what AP automation tools will best suit you.
- Total Accounts Payable Software Researched – 26
- Total Accounts Payable Software Shortlisted – 10