Accounts Payable Software
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Accounts Payable Software TrustMap
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What is Accounts Payable Software
Accounts payable (AP) software is a centralized platform that manages an organization’s relationship with its creditors. It automates invoice processing, payables approvals, and payment execution. The software identifies errors, tracks invoices, and improves the efficiency and accuracy of AP work, allowing accountants to handle large numbers of invoices. This improves fund management and reduces manual errors. Mobile AP software features expand the number of potential invoice approvers and allow anyplace, anytime access.
AP software is used by accounting departments to manage the account payables process, by managers and executives to monitor AP activities, and by procurement teams to match purchase orders with payables.
AP online portals allow vendors and suppliers to submit invoices and track the status of their payments for the products and services they provided.
AP automation software can be delivered as a stand-alone product that provides advanced features for complex AP operations, as part of an Accounting Software suite, or as a component of an Enterprise Resource Planning (ERP) System.
AI is being used to analyze large volumes of AP transactions for error detection and AP trends. AP AI enhances accuracy and speeds up processing times.
Cloud-based platforms are increasingly popular. They are scalable, readily incorporate new features, support ERP systems integration, and make it easier to get up and running quicker.
Accounts Payable Software FeaturesAccounts Payable software should have most or all of the following features:
Invoice submission - automated, data transfer, data capture, and data entry
Invoice processing and tracking
Portals for vendor/supplier invoicing
Purchase Order (PO) and invoice matching
Payment management – invoice and payment order matching, tracking, and approval
Approval workflow – approver permissions, templates/custom approval workflows, automated approval, and manual approval criteria, recurring payment automation, payment prioritization
Payment automation – electronic EFT or ACH, automated check printing
Due date alerts
Duplicate payment alerts
Vendor / Supplier Management – terms, payment account details, contact information
Accounting regulation and standards compliance
AP reporting, dashboards, data visualization
1099 creation and distribution
Integration with accounting, ERP suites
Cloud-based, SaaS, on-premises options
Accounts Payable Software Comparison
Consider the following when purchasing account payable software solutions.
Features: Most accounting solutions include accounts payable features but do not necessarily provide the functionality to handle complex AP processes. Standalone AP products provide the tools to support more complex AP operations.
Integrations: When purchasing standalone AP software ensure that it will integrate with your existing accounting and ERP systems.
Industry: There are AP platforms that are specifically built to support retail, manufacturing, or restaurants.
Scale: AP solutions that are appropriate for small to midsize businesses may not be suitable for enterprise-level organizations. Can the software readily scale as your business grows?
Entry-level accounts payable software as a cloud-based subscription service starts at around $39 a month per user and goes up to over $150 a month. Pricing can increase dramatically depending upon the features offered and the scale of the operation. Enterprise-level products usually require obtaining a quote from the vendor. Basic small business on-premises licensing starts at $200. Free trials are available.
Sage Intacct is a cloud ERP system targeted at high-growth small and medium-sized businesses. Intacct includes applications for core financials and accounting, purchasing, order management, and financial reporting and business intelligence. It also integrates with 3rd party software…
MIP Fund Accounting™ is a configurable fund accounting solution. The solution includes functionality for fund accounting, procurement, budgeting, payroll, human resources, timekeeping, fixed asset management, grant management, and dashboards for nonprofits and government agencies.…
Webexpenses is a global provider of online expense management software to businesses of all sizes across 70+ countries. The software is used across all industries, including retail, finance, technology, construction, and not for profit. Features of the Webexpenses desktop and mobile…
QuickBooks Online is a SaaS version of the QuickBooks product. It contains all of the features found in the local version. Higher-priced plans include greater automation, payment management, inventory and time tracking, and analytics features.
Quickbooks Desktop Pro is accounting software from Intuit, Inc. It includes core accounting features, plus analytics and exportable reports. It is offered in on-premise and SaaS forms.
QuickBooks Online Advanced is a SaaS-based accounting software designed to scale with growing businesses. It includes the functionalities of QuickBooks Online, as well as more robust business analytics, customization, and resource management.
FreshBooks is an accounting service for small businesses. The solution enables users to send and manage invoices, track billable time and collect online payments. The vendor’s value proposition this that their solution provides a straightforward service that simplifies the billing…
QuickBooks Desktop Premier is an installed version of QuickBooks for general business, contractors, manufacturing and warehouse accounting, as well as nonprofits, professional services, and retail.
Financial Edge NXT is a cloud accounting solution tailored for nonprofits that provides a general ledger, projects, grants, endowments, accounts payable and receivable, fixed assets, banking, and more. It offers real-time reporting, with one-click drill-down functionality and export…
Quickbooks Desktop for Mac is an accounting software designed for Mac users. It is designed to integrate with Apple iCloud. It provides core accounting features in line with the rest of the Quickbooks Desktop product line.
Zoho Books is an accounting solution that is designed to help small businesses manage their finances. This solution includes dashboards and a wide variety of reports. Business users can automate tasks and set up custom workflows. The vendor offers a 14 day free trial.
Tipalti is a cloud-based platform that enables mass payment management and execution to networked partners (e.g. affiliates, suppliers, vendors, crowdsource, freelancers, and content publishers) across international borders. Payment can be in any local currency, through a variety…
AccountEdge is a small business accounting software for Mac and Windows users. AccountEdge allows business owners to organize, process, and report on their financial information. Its features include accounting, integrated payroll, sales and purchases, contact management, inventory,…
Latitude by Genesys® is a standalone product that provides an integrated solution to fully meet customers' requirements of accounts receivables challenges from day one delinquency or negligence through charge-off and debt sale. With your businesses servicing platform bridged with…
Frequently Asked Questions
Key benefits of accounts payable software include:
- Cost Savings: Reduced manual work and fewer human errors increase efficiency and accuracy.
- Workload Management: AP automation enables accountants to manage large numbers of invoices.
- Improved Vendor Relations: Making accurate and timely payments fosters good relations with vendors and suppliers which may result in discounting or incentives from your providers.
- Better Decision Making: A complete understanding of where your expenditures are going makes for informed decision making
- Improved Cash Management: Real-time AP information helps cash management
- Fraud Reduction: Increased visibility and transparency reduces fraud.