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
- Video Infographic: Best Accounts Payable Tools
- Breaking Down the 8 Best Accounts Payable Software Platforms
Breaking Down the 8 Best Accounts Payable Software Platforms
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.
- 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
For accountants: $49 per month
Corportate: $79 per user per month
Enterprise: Contact Bill.com
What People Are Saying About Bill.com
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.
- Receipt management
- Multi-currency billing
- Multi-language support
- Tax calculation
- Inventory tracking
- Expense management
- Proposals and estimates
***Pricing is as of 1/15/23, subject to change***
Select: You will need to contact Freshbooks.
What People are Saying About Freshbooks
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.
- Automatic transaction sorting
- Receipt management
- Pay-enabled invoices
- Invoice tracking and payment reminders
- Customizable invoices
Simple Start: $30/month
Desktop Premier Plus: $799/year
What People Are Saying About Quickbooks
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.
- 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
Starter: From $125/month
Business: From $199/month
Enterprise: From $1199/month
What People are Saying About Lightyear
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.
- Online invoicing
- Vendor management
- Real-time data/visual analytics
You will need to fill out a form to obtain a custom quote.
What People Are Saying About NetSuite
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.
- Integrations with SAP, Sage, Quickbooks, and Microsoft Dynamics.
- Pay by ACH, paper check, or Stampli card.
- 5x faster approvals.
Pricing information is available by contacting Stampli directly.
What People Are Saying About Stampli
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.
- Bill tracking and payment
- Bank reconciliation
What People Are Saying About Xero
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.
- 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
You will need to contact AvidXchange for pricing.
What People Are Saying About AvidXchange
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.
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
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