Best Accounts Payable Software to Consider in 2023

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Accounts payable (AP) refers to a company's short-term debts to its suppliers or creditors. These are typically for goods or services the company has received, but has yet to pay for. AP is recorded on the company's balance sheet as a liability, and is typically paid within 30 to 60 days.

This period significantly increases when there is a lack of collaboration between procurement, finance, and AP teams. Proper management of accounts payable is crucial because it maintains good relationships with suppliers and creditors. Secondly, it optimizes cash flow by ensuring that the company is paying its bills on time and taking advantage of any early payment discounts that may be offered. 

According to US accounting services statistics, software can automate around 75 percent of accounting procedures. With a shift from manual to automated processes, companies worldwide are looking to streamline their AP process with the help of accounts payable software. 

What Is Accounts Payable Software?

Accounts payable software is a type of software that is used to manage and automate the process of paying bills and invoices. It helps businesses keep track of the bills and invoices due, schedule payments, and generate reports on their accounts payable activity. 

Accounts payable software is commonly used by businesses of all sizes, from small startups to large corporations, to streamline their accounts payable processes and improve their financial management. Some features in accounts payable software include the ability to input and track vendor invoices, schedule and process payments, and generate reports on outstanding bills and payment history.

It can improve the accuracy and efficiency of the accounts payable process while providing enhanced financial control and transparency. It can also help businesses to maintain better relationships with their vendors and gain valuable insights into their financial performance through improved reporting and analysis. 

Top 9 Accounts Payable Software to Consider in 2023

If you are looking to automate your accounts payable process, here are the top 9 accounts payable software to consider:

1. Kissflow Procurement Cloud

   Kissflow Procurement Cloud provides an easy-to-implement accounts payable software solution that is easy to implement and works immediately for any organization. Kissflow Procurement Cloud provides intelligent automation that integrates with the other tools you use. It offers rapid data processing and operations, secure data processing for your accounting records, and a single, intuitive dashboard to manage all your accounts payables.

   Accounts payables are made simpler by Kissflow Procurement Cloud so you can manage incoming bills swiftly, shrewdly, and wisely while avoiding fraud and drawn-out, tiresome back-and-forth.

   Features:
   - Automated invoice management system
   - A robust workflow approval system
   - Easy to use and full of rich functions
   
   
2. Tilpati
   

   Tipalti offers an online platform for automating accounts payable. It provides several user-friendly features necessary for a competitive AP automation solution. The tool is a complete payment solution suitable for small businesses in dire need of expansion.

   It delivers its customers a variety of cutting-edge features for effective accounts payable administration, including an invoice automation system, automatic approval workflows, and self-service supplier onboarding. Giving businesses access to various payment options in a wide range of legal currencies also encourages international mass vendor payments.

   Features

   • Supports several payment options for international transactions

   • Automated Workflows for Approval 

   • Self-Service Supplier Onboarding

3. Stampli
   

   Stampli is best known for its remarkable ability to process invoices in real-time. It can automatically capture invoices onto its platform for fast processing.

   It gives businesses access to a single communication center where they can interact and answer questions from anybody using the service. The tool also encourages simple access to all processes in processing invoices to facilitate auditing.

   The solution goes above and beyond to allow corporate organizations to enforce internal controls using pre-set and individualized permissions. This significantly lowers the danger of fraud.

   Features

   • Dashboard and Interactive UI

   • Efficient Invoice Processing

   • Ready for Audits

4. SAP Concur
   

   Along with accounts payable software, users may get cloud ERP integration technology through SAP concur. As a result, it is a tool that gives users access to a system that aims to avoid the trouble associated with maintaining paper bills.

   No matter what format you get invoices in, it encourages electronic capture and processing of them. The solution provides you with everything you need to streamline and automate the invoicing process for seamless AP administration.

   Additionally, this accounts payable software offers a compelling mobile-friendly version that vastly improves accessibility and convenience for managing AP. You can keep tabs on every dollar spent by you or your company. You can keep an eye on your costs when you're on the road with the help of the mobile app.

   Features

   • Electronic Invoice Capture and Processing

   • Tracks and monitors expenses in one place

   • Set up Spending Policies 

5. Oracle Netsuite
   

   Oracle Netsuite has many tools that ensure effective AP administration. It is a technology that enables you to increase revenue, decrease financing gaps, and enhance your company's liquidity by automating the settlement of invoices on your behalf.

   This accounts payable software speeds up the invoicing process by automating the estimation of discounts and removing human error from data entry. The software's real-time visibility function reduces multiple payments and eliminates bill loss.

   Additionally, the program efficiently streamlines the accrual process, retrieves historical data as needed, and generates precise financial statements.

   Features

   • User-configurable Accounts Payable Dashboard

   • Automate capture of vendor invoice

   • Centralize Account Payables Process

6. Basware
   

   Basware provides companies with the accounts payable automation solutions that customers have come to expect. No matter what format your vendors' invoices come in, this solution enables you to collect them electronically. Along with automated processes and matching, it is a solution that allows you to automate the complete invoice processing.

   The program complies with VAT laws in more than 50 countries and handles invoices in more than 70 electronic formats. The software is intuitive enough to ensure you have complete invoice information. This is crucial to help you make strategic decisions based on correct invoice data.

   Features

   • Capability With Invoices In More Than 70 E-Formats

   • Speedy processing of invoices Complete spend visibility

   • Accurate Coding and Matching

7. Sage Intact
   

   Sage Intact is a cloud-based financial management and accounting software solution that is designed for small to midsize companies. It includes financial reporting, operational insights, and the ability to automate critical financial processes. Sage Intacct also offers professional services to help businesses implement and use the software effectively.

   From its extensive list of accounting services, accounts payable automation is only one of the company's many services. It is a solution that encourages quicker processing of invoices, automated payable procedures, and real-time payment tracking.

   The technology also goes a step forward by offering analytical data and real-time insights into your accounts payable department's performance. It is also quite flexible and can interface with other cloud-based services to improve convenience throughout the entire AP management process.

   Features

   • Discover insights and performance analysis reports.

   • Automated processes for payments

   • Connects to other financial cloud services

8. Xero
   

   Xero is a cloud-based platform that satisfies modern company requirements. Anyone can use the program because of how simple it is to use. The software is divided into two categories for simplicity of use: accounts payable software for small businesses and accountants and bookkeepers. 

   Xero has tools to meet all needs, including managing fixed assets, paying bills, connecting to banks, accounts payable, managing accounting practices, controlling expenses, and till reporting. Additionally well-known is Xero's church accounting software, which helps churches coordinate their accounting procedures. 

    The Xero accounting solution also has strong security features and customer support.

   Features

   • Audit and trailing

   • Workflow management

   • Budgeting and financial forecasting

9. Fast Pay

FastPay specializes in streamlining difficult and time-consuming payment procedures and quickening the payment of suppliers and vendors. It's a device that prioritizes your financial ease and gives suppliers access to quicker payment processing.

Additionally, this gadget includes the hassle-free capacity to carry out electronic payments. It speeds up the entire payment process and offers generous reimbursement for all of the payments it processes, whether new or old. The software also has a clever search feature that enables easy retrieval of previous records whenever required.

Features

• Comprehensive Remittance Data on all purchases and payments

• Advance Search Feature

• Automated Timely Payment Releases

Conclusion

Before you choose any accounts payable software, conduct extensive research to explore its features, prices, and other terms and conditions. Many accounts payable software vendors like Kissflow Procurement Cloud provide a free demo or consultation call with their sales team to better understand your requirements and offer features that meet your organizational needs. 

Try Kissflow Procurement Cloud’s accounts payable feature and streamline your accounts payable processes now. 

Recommended Reading:

• 5 Key Benefits of AP Automation Software
• Everything You Need To Know About Accounts Payable
• The Definitive Guide to Accounts Payable Process
• E-invoicing software: 5 Major Pain Points & How to Choose?
• Invoice approval software: Streamline your invoice approval workflow effortlessly
• Invoice management system: Take Control of Your Invoice Approval Process