8 Best Accounts Payable Software for Small Businesses

Last updated on March 4th, 2023 at 01:25 am

Accounts payable software is a must-have for any small business. It helps manage accounts payable, automate invoice processing, and track payments.

The best accounts payable software should be user-friendly and offer integration with other accounting systems. Additionally, it should have a double-entry accounting capability and provide reporting capabilities.

When looking for the best accounts payable software for your small business, there are many factors to consider.

Our top eight picks for best accounts payable software for small businesses have all these features and more to help you make an informed decision about which one is right for you.

But first, how about a brief video?

Sage Intacct

Sage Intacct is a cloud-based financial management and accounting software provider that is perfect for small to midsize accounting firms. It was recently named a FrontRunner in 2022 for its cloud-based software solution.

Sage Intacct offers automated invoice processing, real-time insights, analytical reports, and automated payable workflows. It can be integrated with other cloud-based financial services to make AP management more convenient.

With Sage Intacct, businesses can gain greater visibility into their finances and operations while streamlining processes like invoicing and accounts payable. This makes it easier to manage cash flow and ensure accuracy in financial reporting.

Sage Intacct Main Features

• An intelligent virtual assistant that eliminates data entry.
• It allows for paperless routing of approvals.
• The system provides a higher-level of analysis to help save organizations money.
• The system leverages Sage Business Cloud to enable data to flow seamlessly from banks into the general ledger and reporting.

Sage Intacct Pricing

You will need to fill out a request form for pricing.

What People Are Saying About Sage Intacct

• People appreciate well-organized financial records and the automated payment schedules and reminders.
• The user interface is considered to be better than some competitors.
• The adoption of the software was positive among users.
• Some users would like the ability to have shortcuts to save time.
• Some users find the interface difficult to use for those not familiar with accounting systems.
• The software is great for managing the books of multiple entities and creating inter-company transactions.
• Some users have experienced difficulty using the credit card part of the software.
• The financial reports and custom reports are excellent; the UI is simple and easy to use.
• Users find that the software takes some time to get used to and can be finicky.
• The software offers great customization and reporting capabilities.
• The software is not recommended for those unfamiliar with accounting procedures and systems.

MineralTree

MineralTree is an AP automation platform designed to help businesses streamline their accounts payable process.

It covers the full AP process, from invoice capture to payment completion, and integrates with enterprise planning and accounting systems.

Additionally, MineralTree can help businesses turn their AP department into a profit center by reducing manual labor costs and increasing efficiency. However, due to its complexity, MineralTree may require a dedicated team of professionals to get the most value out of the platform.

MineralTree Main Features

• Automated data entry
• Real-time visibility into cash flow
• Integrated payment processing

MineralTree Pricing

You will need to contact MineralTree for pricing.

What People Are Saying About MineralTree

• People appreciate the reduction in manpower needed for invoicing and the low-effort review step built into the process.
• The automated workflows, multi-stage approvals, and payment method are considered to be the best features of the product.
• The software integrates well with QuickBooks.
• Some users find the cost to be high, but still consider it to be worth the money.
• The layout and functionality of the software are well-liked by users.
• Some users have experienced delays in the approval process due to multiple approvers or budget managers being involved.
• Editing or fixing pre-loaded invoices is not considered to be easy.
• The software allows for a paperless system, which reduces errors and missing invoices.
• The software is faster to process invoices compared to other systems.
• Some users have experienced glitches and unresolved issues with the software.
• Credit memo application is not possible within the software, and it requires an extra step.
• Some users mention that if they were a larger company, they would be hesitant about how much time they would have to spend on monitoring the process as invoices could get trapped and not paid in a timely manner.
• The software automatically adds purchase orders for vendors that have nothing to do with the invoice, which is not liked by some users.
• The software also adds new purchase orders even if one is already assigned to the invoice, which is not liked by some users.

Quadient Accounts Payable Automation by Beanworks

Beanworks is an accounts payable platform developed by Quadient to help businesses manage their entire accounts payable cycle.

It provides accounting teams, from CFOs to Accounting Professionals, the aptitude to collaborate from any location. Utilizing Quadient AP, one can minimize follow-ups, abolish 83% of data entry with artificial intelligence-empowered information capture, and decrease invoice dealing costs by 86%.

Fortify Accounts Payable controls with permission workflows for Purchase Orders, invoices, and payments that mechanically lead applications to the proper employees at the fitting period.

Beanworks also provides users with real-time visibility into their accounts payable process so they can make informed decisions quickly. It has an intuitive user interface and powerful automation capabilities, which makes it easy to streamline the accounts payable process for any business.

Features

• Matching purchase orders to invoices.
• Centralizing AP for multiple locations.
• Automated approval of invoices, POs and payments.
• Quick retrieval of archived documents.
• Integrates with Quickbooks, Sage, Sage Intacct, NetSuite, Xero, among many others.

Pricing

You will need to contact Quadient for pricing.

What People Are Saying About Quadient

• People appreciate the ability to tailor the software to the company’s needs and easily edit it.
• Some users would like the ability to mark the invoices as “read but awaiting approvals” before the payment can be processed.
• The product is easy to use.
• Some users have experienced poor customer support with no adherence to SLA.
• Some users have difficulty processing USD invoices and have to enter them manually outside Beanworks.
• Some users find that the software can only handle 80 invoices in a single report, which can be limiting for larger organizations.
• Some users have experienced issues with the line description on the HST line not getting posted in GP Ledger from Beanworks.
• Some users find the expense module lacks OCR capabilities and requires manual entry of receipts.
• Some users appreciate the software’s ability to read handwritten words.
• Some users find that there is room for improvement in the area of integration, with occasional duplicate entries.
• Some users appreciate the smart code functionality, easy approval process, and good customer service.
• Some users have experienced issues with incorrect invoice numbers preventing the software from picking up duplicates, but this can be prevented by reviewing Beanworks’ work on the backend.

AccountEdge Pro

AccountEdge Pro is a comprehensive accounts payable processing solution for small and growing businesses that runs on desktop.

The software includes command centers to manage various aspects of the business such as sales and invoicing, purchases, payroll, inventory, time billing, and more.

Payroll processing can be simplified with AccountEdge Pro. You can print paychecks, deposit funds directly into bank accounts, and track taxes and deductions while maintaining all the required data. Whether employees are paid hourly or salary, this system has you covered.

AccountEdge Pro Features

• Easy Payroll Setup Assistant
• Recurring transactions
• Double-entry journal entries
• Track employee hours
• Credit card payments

AccountEdge Pro Pricing

AccountEdge Pro has a 30-day free trial. However, you will need to contact them for pricing.

What People Are Saying About AccountEdge Pro

• Overall, users have mixed feelings about AccountEdge accounts payable software.
• Some appreciate its budgeting and financial reporting capabilities, as well as its simple, easy-to-use interface.
• Others have issues with its lack of integration, obtuse error messages, and poor user experience.
• There are also concerns about the pricing and exclusivity of the payments processing option with Forte.
• Some users have had difficulty with data imports and customer/vendor input, and there are limitations in the billing and export capabilities.
• Support is also inconsistent, with some praising the helpfulness of the team while others have had negative experiences.
• Many users have noted the software should improve its visualization for the end user, images within the program, and the way of accessing the modules.
• Some users also mentioned that the company walked away from the Mac user base, which is a drawback.
• Some users also reported that the software has bugs and features don’t work after an update.
• Some users also reported that the support is not like it used to be, and they have to pay for support if they are calling about a software bug.

QuickBooks Online

QuickBooks Online is an ideal accounting solution for small businesses, freelancers, and sole proprietors. It offers a vast range of features and functionalities that make it simple to manage your finances.

Quickbooks Online allows for easy tracking of income, expenses, and other financial information. It offers online bill organization and management to ensure timely payments.

In addition, it has a variety of seamless app integrations, including DocuSign, Bill.com, HubSpot, Salesforce, and more.

Quickbooks Online Features

• Entering bills for payment
• Managing payment due dates
• Scheduling payments,
• Tracking possible early payment discounts
• Mobile app
• Recurring payments
• Vendor checks
• Reporting

Quickbooks Online Pricing

QuickBooks Online has four pricing structures:

Simple Start:$30/month

Essentials: $55/month

Plus: $85/month

Advanced: $200/month

What People Are Saying About Quickbooks Online

• Quickbooks Online is a popular accounting software that is easy to use and can be easily integrated with other apps and software.
• Some users have experienced slow processing times for payments.
• Intergrates with other accountant’s practice software seamlessly and easy to set up.
• Some users have found the credit note process to be tedious, as it requires starting from a blank document and manually typing in the invoice information.
• Users appreciate the bank matching function and the ease of navigation for beginners.
• Some users have mixed feelings about the auto categorization feature, as it can lead to lazy bookkeeping.
• Users appreciate the robust invoicing features, but some find the reporting to be lacking.
• Some users find the software to be expensive, especially for the accountant-user side.
• Quickbooks Online customer service is highly praised by users.

Teampay

Teampay is a powerful automated invoice processing and purchase order matching system that helps businesses streamline their financial operations.

It provides users with an easy-to-use platform to quickly match invoices to existing purchase orders, route for approval and payment, and update purchase order status in either Teampay or the user’s ERP with automatic syncing across systems.

Teampay’s smart matching technology allows users to save time by instantly matching invoices to existing purchase orders.

Teampay is designed to help businesses reduce manual labor associated with invoice processing and purchase order management while ensuring accuracy and compliance.

It also provides real-time visibility into the entire process from invoice submission through payment so that users can easily track their payments and make sure they are paid on time.

Teampay Features

• Payment options including ACH, virtual card, check, or wire transfer.
• Integrations with Slack, NetSuite, Microsoft Teams, Sage Intacct, and Quickbooks, among many others.
• Real-time reporting
• Automation

Teampay Pricing

You will need to conatct Teampay for pricing.

What People Are Saying About Teampay

• People appreciate the ease of use and visibility into enterprise spend.
• The ghost card feature makes it easy to authorize spending across departments.
• Some users would like more product feature highlights or educational resources from the Teampay team.
• Users enjoy being able to use company stipends without having to expense to their own bank account.
• Some users have found that the digital cards are not accepted everywhere, causing inconvenience.
• The system is convenient for generating purchasing funds and placing orders.
• Some users have encountered issues with vendors billing credit card funds in stages.
• Users appreciate being able to send purchase requests to managers and receive confirmation remotely.
• Some users have had issues with one-time use credit cards being charged twice or causing issues on certain websites.
• Users like the ability to request cards for specific cost centers and appreciate the web-based reconciliation process.
• Some users have found the process of adding receipts via the app to be cumbersome, and have experienced recurring prompts to provide receipts for declined transactions.

Finexio

Finexio is a payment solution that simplifies accounts payable (AP) payments. It eliminates manual processes, lowers payment costs, and prevents payment fraud.

Finexio provides an embedded AP Payments as a service for financial institutions, AP, and procurement software suites. This allows businesses to easily integrate their existing systems with Finexio’s platform to help streamline their payment processes.

Additionally, Finexio’s fraud prevention tools provide an extra layer of security for businesses when making payments online. All in all, Finexio is a great solution for businesses looking to simplify their accounts payable process while ensuring secure transactions.

Finexio Features

• Invoice processing
• Duplicate payment alert
• Fraud detection and prevention tools
• Automated reconciliation of payments
• Real-time visibility into the status of payments

Finexio Pricing

You will need to contact Finexio for a pricing quote.

What People Are Saying About Finexio

Pros

• Easy to use the portal with filters and search capabilities for check payments, as well as being able to download reports at any time.
• Portal feedback is generally positive with prompt responses from Support teams.
• The ability to have e-checks deposited into their accounts and choose an ACH payment deposit directly into their bank account—or opt for a paper check sent to their address of choice.
• Searching features are great, with different options and the ability to view checks sent and when paid, as well as when the file was received to payment processed.

Cons

• There is a lack of transparency in details in aging and stop payments, there are no reconciliation features or export features in pdf format.
• Lacking reporting features that are important for both Accounting and AP teams. Not enough visibility into changes made to vendor information and inquiries made by vendors—would help teams avoid double work if they could view them more easily. The aging report requires going back out to view the actual payment.
• Changing or updating the payment method can prove difficult due to the number of personal questions being asked; policy doesn’t allow the team to provide personal info so vendors need to work directly with Finexio.
• The accuracy of the portal may not always be accurate, nor are check images always be available.
• ACH payments take longer than desired—however, Finexio is working on reducing the time interval.

Tipalti

Tipalti is a cloud-based software platform that automates and streamlines accounts payable processes. It features self-service supplier onboarding, automated invoice approval workflows, bill pay, tax compliance, and fraud reduction to guarantee compliant accounting practices.

Tipalti Features

• Supplier management
• Tax compliance
• Procurement
• Invoice management
• Global payments
• AP reporting and reconciliation
• ERP integration

Tipalti Pricing

You will need to contact Tipalti for a pricing quote

What People Are Saying About Tipalti

Pros

• Easy review of documents and attachments.
• Easy one click bill approval.
• Clear remittance emails are sent out to vendors when payments are sent out.
• Ability to make multiple payments at once.
• Potential benefit from absorbing FX fees when making some payments.
• Quickest payments with the ability to flag incoming invoices for reminders.
• Process payments quickly and with compliance assurance.
• Tipalti provides customers with a team of highly responsive employees who are willing to help answer questions.

Cons

• Some contractors report that emails go to their spam folders.
• Notifications don’t always include vendor number, requiring customers to get in touch with vendors to obtain their IDs before continuing.
• Delays up to a half hour before funds are available after being wired into Tipalti account—they have an early deadline of 11 PT that must be taken into consideration when processing payments on time.
• Automatic knowledge of bill approver flow by the department would be beneficial for customers.

FAQ

What is Accounts payable software?

Automated Payment (AP) software enables businesses to streamline their payment process. It categorizes, checks, and verifies vital data before sending it to accounting systems for posting.

What are the 4 functions of accounts payable?

As an Accounts Payable Clerk, typical duties are performing calculations, entering transactions, processing invoices, and verifying financial data for accuracy in record keeping.

What are the two types of accounts payable?

Business accounts payable usually involves salaries and expenses and can take the form of supplier invoices, bills, invoices, or checks.

Conclusion

When it comes to choosing the right software for a small business, there are many factors to consider. First and foremost, businesses should assess their budget and needs when looking for the right software.

Researching features of AP automation software that would be beneficial to the organization is also important, such as document management, scanning, and PO-matching. With so many options available, it can be difficult to find the perfect fit for the business.

Businesses should look for accounts payable software that integrates with their existing accounting software. It’s important to test these integrations before committing to one program. If necessary, consider switching to software with native integrations that can meet payment needs.

Additionally, businesses should make sure they understand all of the features offered by each program before making a final decision. By taking these steps into consideration, businesses can ensure they choose the best possible software for their needs and budget.

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.