10 Best Accounts Payable Automation Software of 2024 (2024)

We’ve ranked the best accounts payable automation software based on integration options, ease of use, and key features like electronic invoice processing and reporting capabilities. Here’s a rundown of our top products based on our internal review process and user reviews.

• AvidXchange: Best Overall
• Bill.com: Best for Small Businesses
• Tipalti: Best for Global Payments
• Stampli: Best Invoice Management
• Airbase: Best Spend Management
• Yooz: Best AI-Powered Option
• Procurify: Best Procurement Integration
• MineralTree: Best for Security and Compliance
• Precoro: Top Integration Options
• Basware: Best for Network Connectivity

1 AvidXchange - Best Overall

Why we chose it AvidXchange is our top accounts payable automation software due to its versatile feature set, covering the real estate, healthcare, and construction industries. Overall, the platform automates the entire invoice-to-payment process, enhancing efficiency and accuracy while reducing processing costs.

We found AvidXchange’s scalability and customization options good for companies with complex workflows, ensuring a seamless fit with existing financial operations. The software’s extensive network of suppliers and its ability to facilitate electronic payments streamline the payment process, improving relationships with suppliers and accelerating the payment cycle. Coupled with responsive customer service and a user-centric design, AvidXchange combines functionality, support, and ease-of-use, making it our best overall pick for optimizing accounts payable operations.

2 Bill.com - Best for Small Businesses

Why we chose it: We found Bill.com best-suited for small to midsize businesses looking to optimize their accounts payable process. Its ability to automate complex workflows and offer features like recurring billing, electronic payments, and custom approvals makes it a good fit for growing companies.

Bill.com offers a unique combination of accounts payable and receivable services, providing a complete accounting platform that allows businesses to manage cash inflows and outflows in one place. Its integration with major software like QuickBooks, Xero, and Sage Intacct enhances its appeal by ensuring seamless data synchronization and improved financial management.

3 Tipalti - Best for Global Payments

Why we chose it: We picked Tipalti for its extensive global payment capabilities, supporting over 190 countries, 120 currencies, and multiple payment methods. This makes it a solid choice for businesses with international suppliers and partners, as it simplifies cross-border transactions and reduces payment-related errors.

Tipalti’s advanced tax compliance features, including automated tax form collection and built-in regulatory compliance checks, ensure organizations adhere to global financial regulations. Its supplier management portal further streamlines the payment process by allowing vendors to manage their own payment details and preferences.

4 Stampli - Best Invoice Management

Why we chose it: Stampli is our top pick for invoice management, with an AI-driven platform that automates invoice capture, coding, and approval workflows. Its intelligent system, Billy the Bot, reduces manual tasks by learning from user actions to automate repetitive processes and decision-making.

Stampli’s interactive invoice dashboard provides live insights into invoice statuses, approvals, and exceptions, enabling businesses to maintain control over their accounts payable process. The platform’s collaboration tools help team members communicate directly within the invoice, simplifying the resolution of discrepancies and questions.

5 Airbase - Best Spend Management

Why we chose it: Airbase made our list because it combines accounts payable, expense management, and corporate card programs into a single platform, offering a full spend management solution. This integration provides businesses with unparalleled visibility and control over all non-payroll spending.

Airbase’s real-time reporting and custom approval workflows allow businesses to enforce spending policies and gain insights into their financial operations. Its ability to issue virtual and physical cards with built-in spend controls further enhances its utility by empowering companies to manage and control employee spending proactively.

6 Yooz - Best AI-Powered Option

Why we chose it: Yooz leverages advanced technologies like AI, machine learning, and optical character recognition to offer a highly automated and intelligent accounts payable solution. We picked it partially because of its smart data capture technology, which ensures accurate invoice processing and reduces manual data entry.

Yooz’s dynamic workflow automation adapts to organizations’’ unique processes, providing customized approval routes and automated matching of invoices, purchase orders, and delivery receipts. The platform’s intuitive interface and ease of use make it accessible to users of all technical levels, enhancing adoption and efficiency.

7 Procurify - Best Procurement Integration

Why we chose it: Procurify uniquely integrates procurement and accounts payable processes, enabling businesses to manage the entire spend lifecycle from purchase request to payment. This integration fosters collaboration between procurement and finance teams, improving spend visibility and control.

We found Procurify’s interface fairly mobile-friendly, allowing users to manage purchase orders, approvals, and expenses on the go. The platform’s real-time budget tracking and customizable reports provide valuable insights into spending patterns, helping businesses make informed financial decisions.

8 MineralTree - Best for Security and Compliance

Why we chose it: We added MineralTree because it emphasizes security and compliance in its accounts payable solution, offering features like two-factor authentication, payment fraud detection, and role-based access controls. These security measures protect sensitive financial data and ensure compliance with industry regulations.

MineralTree’s direct integration with banks for payment processing enhances security and streamlines payment. Additionally, MineralTree maintains certifications like SOC 1, SOC 2, Type 2, SOC2+, and PCI DSS Level 1, demonstrating high compliance standards. Its unique Invoice-to-Pay tool automates accounts payable workflows, from invoice capture to payment execution.

9 Precoro - Top Integration Options

Why we chose it: We chose Precoro for its ability to integrate with popular software like QuickBooks Online, NetSuite, and Xero. These integrations enable the automatic transfer of financial data between systems, reducing manual data entry and the likelihood of errors. This ensures a smooth, cohesive workflow for businesses using these platforms.

The integration with Power BI and the availability of an API further enhance Precoro’s appeal. Power BI integration means businesses can leverage advanced analytics and data visualization tools for deeper insights into their spending and accounting processes. The API allows custom integrations, providing flexibility and scalability to meet specific business requirements.

10 Basware - Best for Network Connectivity

Why we chose it: Basware offers an extensive global supplier network, facilitating seamless electronic invoicing and communication between businesses and their suppliers. This network connectivity improves efficiency, reduces errors, and enhances supplier relationships.

Basware’s predictive analytics and AI-driven insights help businesses optimize their spending and procurement strategies. We also liked that the platform can support various procurement processes, from sourcing to contract management, making it a versatile tool for improving procurement efficiency and effectiveness.

What is Accounts Payable Automation Software?

Accounts payable (AP) automation is a specialized system of accounts payable software designed to help businesses reduce the time spent on invoicing tasks. By automating your payment processes, you can cut down on costly accounting errors and common invoicing delays.

Additionally, AP automation software streamlines the payment process on both ends. Vendors and suppliers can receive your payments faster when you submit digital invoices. And it’s easier to confirm payment was sent when you have an electronic trail.

Features of AP Automation Software

• AP purchase order and invoice records: Generate and organize records for all your business transactions, starting with the original purchase order
• Optical character recognition (OCR): Scan physical invoice documents into a digital system to maintain a standardized digital formatting
• Electronic payments: Simplify the payment process by using ACH or EFT formats; coordinate your online accounting capabilities
• Check-writing: Create and print individual or batch check runs for your business payments
• Recurring payments: Avoid late payments by sending out automated reminder notifications when payment is due to vendors, suppliers, and distribution partners
• Contact database management: Organize all your contact information for vendors, suppliers, distributors, customers, and employees
• Account lookup: Keep digitized records of all transactions; easily search records which accounts are on-time and which are outstanding by date, vendor, or other factors
• Tax form documenting: Process W-2s, 1099 and other tax forms electronically
• General accounting: Balance your AP against your accounts receivable (AR) in a general ledger to ensure your company finances stay in order

AP Automation Benefits

There are many incredible benefits to automating your payable processes:

Reduce Payment Errors

Traditional accounts payable processes increase the chances of human error. Even the most skilled accountant on your AP team can accidentally move a decimal place when calculating invoices. It’s simply a matter of statistics, as the more manual tasks there are, the more chances there are for small mistakes to add up. Automated AP processes cut down on the potential for mistakes.

By reducing invoice processing mistakes, AP automation helps drive down costs from potential errors. Since the software records the original purchase order, the applications always check the payment price against the agreed-upon costs.

Avoid Late Payments (and Penalties)

Payments always have due dates. Missing a payment or being a few days late can lead to fees. Worse, it can damage your relationship with your suppliers. To protect your vendor relationships, you need to make timely payments. But even if you mail out a physical check on time, there’s always the chance the mail could delay the delivery.

Electronic payments don’t take days to deliver - they’re virtually instantaneous. Automated reminders can notify your billing department whenever a payment is due. You can even set a timeline for how far in advance you get these reminders based on your accounts receivable schedule.

Standardized Payment Forms

Financial data is tricky enough to manage when presented in a standardized format. Yet every business partner you have has their own preferred invoicing method. You can’t modify your payment processes to accommodate every single one. Instead, electronic data interchange (EDI) and optical character recognition (OCR) applications let you scan invoices from all your vendors and suppliers into one digital format.

By standardizing invoices as they arrive, you can reduce data entry. An accounting system with EDI and OCR tools will automatically import the invoice data you need to optimize the payment process. Then, your AP team can focus on making payments instead of manual data entry.

Mobile Access Anywhere

AP automation solutions generally include mobile apps for extra accessibility during approval. If you are in charge of payment authorizations, you must be accessible even on the go. With mobile apps, you can provide approval to your AP team at your convenience. And this can lower your processing costs as you don’t have to waste time going into the office to give invoice approval.

Keep Accurate Payment Records

Whenever you pay a vendor or supplier, you update your records to show your account was paid off. Once the vendor receives your payment, they will update their accounts receivable balance. Unfortunately, your payment is vulnerable once it leaves your hands until it arrives in theirs. Unless you want to pay more for delivery confirmation, you cannot track your payments through traditional shipping methods. If the payment never arrives, it’s your word against theirs.

Paying electronically adds a layer of protection to your vendor interactions: Automated AP software tracks your electronic invoice payments so you always have a record of when invoices were paid. If there are ever any discrepancies with a vendor, you’re covered by your digital records.

Additionally, these AP reports provide valuable bargaining information when it’s time to negotiate with vendors. Looking at your past payments can help you set up better terms. And in the long run, you can use your AP records to see which vendors have historically offered you the best purchase prices. An integrated ERP system will allow you to track your AP payments and locate potential invoicing bottlenecks.

Fraud Protection

Finally, automated AP helps protect your company from fraud. Since all payments are automatically recorded, it’s easy to generate an audit trail to find any discrepancies from potentially fraudulent actions.

AP Automation Software Pricing

AP automation is designed to help you save money by reducing late fees and accounting errors. The cost savings from better invoice management systems are immeasurable. SaaS subscription rates begin at $20 per month on a per-user basis for single-application solutions. More expensive plans with ERP-suite integration or AR applications may reach $100 per month per user.

Perpetual license fees begin at $1,000 for a one-time implementation and deployment, increasing to $16,695. Setup fees, training, and custom configurations will add to the initial costs. All the time you once wasted manually reviewing invoices, estimates, and payroll forms can now be spent working.