Top Accounts Payable Software for 2023

Last updated on March 4th, 2023 at 01:36 am

Having the right accounts payable software is vital for efficiently paying vendors, suppliers, and customers. Timely payments guarantee that your business can build strong relationships with its partners.

Choosing the right software from the multitude of options available can be a challenge. What are the differences between these tools?

To make it easier for you to pick the right payables software, we’ve chosen 8 of the best options. Obtaining the correct tool is critical for growing your company and gaining an advantage over competitors.

Check out the video infographic below if you’re an impatient sod.

Video Infographic: Best Accounts Payable Tools

An infographic video of accounts payable software.

Breaking Down the 8 Best Accounts Payable Software Platforms

Bill.com

Bill.com is an accounts payable software that claims to help users save up to 50% of their time on their accounts payable process. It is designed to streamline the entire AP process, from invoice processing and approval to payment and reconciliation.

It provides users with an easy-to-use platform to pay bills, track invoices, and reconcile payments. The software also offers features such as automated payment reminders, vendor management, and customizable approval workflows to help businesses stay organized and efficient.

Bill.com Features

Multiple ways to import invoices
Customizable approval workflows
Access to millions of vendors
Multiple payment options–including automated checking, credit card, and international wire transfer
Data syncing with accounting software

Bill.com Pricing

For accountants: $49 per month

For businesses:

Corportate: $79 per user per month

Enterprise: Contact Bill.com

What People Are Saying About Bill.com

Customers generally have a positive experience with Bill.com and find it to be a useful and efficient AP solution.
Some customers have had issues with the AR function and sales tax integration, as well as compatibility with companies that use POs and inventory.
Customers appreciate the ease of collecting payments from other users within the Bill.com network, but some wish they did not have to pay extra to access both sides of the payment process.
Customers find the document storage feature to be helpful for organization and quick retrieval.
Some customers find the interface a bit difficult to navigate initially, but become more comfortable with it over time.
Customers like the option to invite vendors/contractors to join Bill.com for faster payment, but also appreciate the option for them to receive a check if they prefer.
Customers have mixed experiences with customer service, with some finding it helpful and others having difficulty reaching agents or getting satisfactory resolutions to issues.
Customers appreciate the virtual storage and organization of invoices, but some have had difficulty with editing and entering certain types of invoices.

FreshBooks

FreshBooks is a comprehensive invoicing and accounting system that helps businesses of all sizes streamline their financial processes and connect with their clients and team members.

You can customize invoices, make payment reminders, do late fee automation, invoke credit card acceptance, and recurring invoices. No matter what, FreshBooks makes it easy for you to manage your business’s finances.

In addition, Freshbooks integrates with over 100 other apps, which gives businesses even more flexibility and control over their financial management.

FreshBooks has a highly-rated support team, which is available globally to help users with any issues or questions they may have. Sad to say, there is no live chat, but phone and email support are readily available.

Freshbooks Features

Receipt management
Multi-currency billing
Multi-language support
Tax calculation
Inventory tracking
Expense management
Proposals and estimates

Freshbooks Pricing

***Pricing is as of 1/15/23, subject to change***

Lite: $1.50/month

Plus: $3/month

Premium: $5.50/month

Select: You will need to contact Freshbooks.

What People are Saying About Freshbooks

Customers appreciate the web-based delivery of FreshBooks and the ease of use for micro-business accounting.
The Project and expense tracking feature is particularly useful for invoicing and organization.
Customers find the interface easy to navigate and appreciate the customization options for expense categories.
Customers also appreciate the ease of exporting for tax purposes.
Some customers would like to see an interface that generates end-of-year tax forms for contractors.
Some customers find FreshBooks easy to use but would like to see more specific features for small businesses.
Other customers find FreshBooks adaptable for freelance work and appreciate its security and easy-to-use interface, but feel it is not developed for larger companies and had better functionality in previous versions.
Many customers appreciate the ease of creating and sending invoices with FreshBooks, but one customer notes that the discontinuation of the Tickets module was a reason for switching to a different invoicing platform.

Quickbooks

Quickbooks is one of the most popular accounts payable software today; it helps users streamline financial processes and make informed business decisions.

You can also indulge in financial metric monitoring, customizable dashboards, and report creation, giving you a clear overview of your business’s performance.

Quickbooks is particularly convenient for businesses on the go; it allows users to snap photos of receipts and match them to existing expenses or create new ones.

In addition, receipts can also be easily uploaded or emailed to Quickbooks, which can be sorted into tax categories for ease of use during tax time. Overall, Quickbooks is a user-friendly and efficient solution for managing your business’s accounts payable.

Quickbooks Features

Automatic transaction sorting
Receipt management
Pay-enabled invoices
Invoice tracking and payment reminders
Customizable invoices

Quickbooks Pricing

Simple Start: $30/month

Plus: $85/month

Advanced: $200/month

Desktop Premier Plus: $799/year

What People Are Saying About Quickbooks

Quickbooks offers a variety of versions and modules that can be customized for different business needs
Easy to use for payroll, taxes, accounts payable, and bank reconciliation
Allows data to be exported to Excel for custom reports
Offers training and support for a small monthly fee
Can be difficult to reconcile mistakes without an accountant’s account
Provides an easy way to keep track of expenses and income, and connects to bank accounts and PayPal
Reporting can be limited for certain industries
Has a useful audit trail feature
Generally considered a reliable and effective accounting software

Lightyear

Lightyear is a cloud-based accounts payable platform that automatically reads standard bills (invoices), credit notes, and statements from suppliers and extracts individual line item data in real-time.

Bills are compared to related POs, then brought to managers for approval according to user-specific procedures. Once approved, the data is transferred to accounting and POS systems (if needed). All bills are stored online for 8 years for a seamless, paperless experience.

Lightyear Features

Three-way matching of purchase orders, deliveries, and invoices
Data extraction from invoices, credit notes, statements, and receipts
Automated bookkeeping rules
Fraud detection
Multi-tiered approvals process
Touchless supplier statement reconciliation
Integration with accounting, ERP, and inventory software

Lightyear Pricing

Starter: From $125/month

Business: From $199/month

Enterprise: From $1199/month

What People are Saying About Lightyear

Pros:

Invoice processing saves time and increases accuracy
Strong security features, including bank fraud detection and duplicate invoice flagging
Excellent support from the Lightyear team
Simple and effective handling of basic invoice processing tasks
Clear and useful features for bank account changes, statement reconciliation, and data searching/mapping
The mapping feature saves significant time
Automations and viewable history enhance efficiency
Supportive and responsive team

Cons:

The approval workflow is at the individual supplier level and cannot be configured at a department level
Some users may want more detail to be visible to department heads/authorizers

NetSuite

NetSuite is a cloud-based ERP system that provides businesses with a comprehensive suite of modules for different business functions, including accounts payable.

It offers real-time insight into customer invoicing and payment details, reporting, and analytics. This makes it an ideal solution for pre-revenue startups to small and mid-sized companies at a moderate price point.

NetSuite’s cloud accounting software automates the processing and payment of supplier invoices. This eliminates manual data entry by automating processes such as transaction matching, journal entries, approvals, and reconciliations.

Additionally, AP-specific dashboards, reports, and KPIs provide control over the accounts payable process. This allows businesses to gain visibility into their accounts payable process in order to make informed decisions about their finances.

NetSuite Features

Online invoicing
Vendor management
Real-time data/visual analytics
Templates
Integrations

NetSuite Pricing

You will need to fill out a form to obtain a custom quote.

What People Are Saying About NetSuite

Pros:

Potential for automating processes
Great ERP for big companies or big startups
Allows for subsidiaries with proper rollups and consolidation/eliminations
Enhances previous business processes and creates process efficiencies/financial transparencies
Revenue Management feature is amazing
Multi-subsidiary and multi-currency work well
Automation for monthly postings, amortization calculations, and reconciliation tool save time
Integration with Salesforce is easy with out-of-the-box connector
Support is generally knowledgeable, problems are quickly fixed and answers quickly answered
Help tool (SuiteAnswers) and active Enhancements Requests database
Provides one single source of truth, allowing for real-time access to information

Cons:

Limited literature and learning material, reliance on consultants
Complex to implement
Integration with previous business processes can be difficult
User adoption can be slow due to automation
Sales tax management for Canada is not fully adapted
Standard inventory module is basic and item/bin location reporting can be tricky.

Stampli

Stampli is a powerful and easy-to-use tool for AP management that offers businesses real-time invoice processing with a smart UI and dashboard. It provides enterprises with a centralized communication hub and audit-ready access, enabling them to enforce internal controls with standard and customizable permissions.

Stampli combines AP communication, documentation, and payments into one collaborative platform, making it ideal for all-sized companies with complex communications that need fast results.

The AI solution, Billy the Bot, learns as it goes to make coding and notification automation more efficient.

Businesses can take advantage of fast invoice processing and integration with existing financial systems.

A free demo is available so users can get an idea of how the system works before committing to purchase.

Stampli Features

Integrations with SAP, Sage, Quickbooks, and Microsoft Dynamics.
Pay by ACH, paper check, or Stampli card.
5x faster approvals.

Stampli Pricing

Pricing information is available by contacting Stampli directly.

What People Are Saying About Stampli

Stampli is a complete Accounts Payable Automation (AP Automation) software solution
Provides central communication platform for AP departments to collaborate and communicate with approvers, vendors, and other stakeholders
Uses Artificial Intelligence technology (Billy the Bot) to automate AP invoice processing and learn an organization’s unique patterns
Gives users visibility into bill activities, statuses, and ownership with greater transparency and accountability
Stores audit-ready histories of approved bills and allows invoices to be accessed anytime
Allows payment to vendors using any payment system and allows easy updating of payment information
Can be easily integrated into specific procurement and accounting processes and financial systems without IT support
Fast and easy setup process with guidance from Customer Success team
Automates invoice capture and coding with AI, machine learning, and advanced AP Automation technologies
Allows for the transition from paper to virtual trays using familiar AP Automation dashboard.

Xero

Xero is a cloud-based accounting software from New Zealand that offers accounts payable and vendor payments. It has become increasingly popular among small business owners and accountants due to its ability to be accessed from anywhere in the world.

Xero integrates with Bill.com, an accounts payable add-on, making it even more convenient for users to manage their finances.

However, Xero does lack some payment features that may be necessary for international businesses needing to complete cross-border transactions within regulatory compliance. For these businesses, other accounting software may be better suited for their needs as they will have access to more comprehensive payment options.

Despite this limitation, Xero remains a great choice for many small business owners and accountants who need an easy way to keep track of their finances without having to worry about complicated software or hardware installations.

Xero Features

Bill tracking and payment
Bank reconciliation
Payroll
Analytics

Xero Pricing

Early: $13/month

Growing: $37/month

Established: $70/month

What People Are Saying About Xero

Xero is a cloud-based accounting system that is easy to use and offers mobility and access from anywhere in the world.
The system has a mobile app that allows users to track invoices and payments on-the-go.
Xero is reasonably priced compared to competitors.
The system is primarily used for invoicing and payroll, and has not caused any major technical issues.
Customizing financial reports is easy with Xero.
The system needs more tutorials to make it more user-friendly for those with little knowledge in accounting and finance.
Customer support can be improved.
Xero benefits from clever AI functionality, and it is easy to keep an eye on the business with the dashboard.
The system has a wide range of integrations with other third-party systems.
Payroll module is clunky and there are better options available.
An enhanced cash flow and forecasting element would improve the software.
Making it easier to post customer payments on account would also improve the product.
The software may not work as expected and bank feeds have not been accurate for some users.
The system has good integration with other apps and the customer support is good enough for accountants.
There is a large community available to help with issues.
Some users would like more reporting options and some strange issues around perpetual revaluing of forex that have not been resolved.
The system is perfect for reconciling the books and autogenerating monthly expense reports for some users.
The process of adding new assets to the balance sheet is cumbersome and not well explained in the help documentation.
Running depreciation is a simple process once set up.

AvidXchange

AvidXchange provides accounting solutions tailored for real estate, HOA, construction, financial services, media and healthcare industries that range from purchasing to payment.

It also offers integrations with many popular accounting systems, such as NetSuite, QuickBooks, Sage and Microsoft Dynamics.

AvidXchange revolutionizes how rapidly developing businesses manage their accounts payable and payments with cutting-edge automation.

Our services and technology provide a streamlined experience for your AP workflows, enabling you to pay suppliers quickly and eliminating paper-based processes.

The invoice-to-pay service links up to your current financial or ERP system, giving you full control while automating the AP process.

AvidXchange Features

Integrates with over 220 widely-used accounting systems.
Reduces costs associated with paper invoices and payments.
Purpose-built for industries such as real estate, HOA, construction, financial services, media, healthcare, and social services.
Customizable workflows to ensure data accuracy

AvidXchange Pricing

You will need to contact AvidXchange for pricing.

What People Are Saying About AvidXchange

AvidXchange allows time stamping on transactions and eliminates the need to mail checks.
The software allows easy routing of invoices between departments for approval and is easy to implement.
The AvidXchange Administrator program helps users understand various aspects of the software including Purchase Order, Suppliers, Users, Invoices, Payments and Administration and Reports.
The certification program is delivered in a structured and well-planned manner.
The software does not allow for partial payments on invoices.
Users have to manually select for changes on invoices or payments to be downloaded again into their accounting software.
The software has some bugs that cause excess pop-ups and additional windows.
The system allows the tracking of invoices and payments in a central location.
The system saves time and makes audits easier.
The reporting portion of the system could be improved.
The system saved users from hiring additional employees when they expanded.
Some users have experienced that during the upload process when errors occur there is not always a good explanation of the error and they are looking for a needle in the haystack especially when large batches are completed.

Conclusion

Overall, automating accounts payable is essential for any business that wants to build its reputation and scale up operations. With the right AP automation solution in place, enterprises can streamline their financial processes and ensure timely payments to suppliers and vendors. This will help them maintain good relationships with their partners and ensure smooth operations in the long run.

Author Bio

Dani Lehmer is the Founder and Head Honcho of Dani Digs In.

She is a Quality Assurance Analyst and blogger whose natural curiosity allows her
to dig in (pun intended) to help people build their businesses and satiate curiosity
in regard to data science, analysis, and crypto.

Connect with Dani on LinkedIn.

Video Infographic: Best Accounts Payable Tools

Breaking Down the 8 Best Accounts Payable Software Platforms

Bill.com

Bill.com Features

Bill.com Pricing

What People Are Saying About Bill.com

FreshBooks

Freshbooks Features

Freshbooks Pricing

What People are Saying About Freshbooks

Quickbooks

Quickbooks Features

Quickbooks Pricing

What People Are Saying About Quickbooks

Lightyear

Lightyear Features

Lightyear Pricing

What People are Saying About Lightyear

NetSuite

NetSuite Features

NetSuite Pricing

What People Are Saying About NetSuite

Stampli

Stampli Features

Stampli Pricing

What People Are Saying About Stampli

Xero

Xero Features

Xero Pricing

What People Are Saying About Xero

AvidXchange

AvidXchange Features

AvidXchange Pricing

Conclusion

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