Best Accounts Payable / Accounts Receivable Software include:
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Accounts Payable / Accounts Receivable Software Overview
What is AP/AR Software?
Accounts Payable / Accounts Receivable (AP/AR) software a subset of accounting software focused on the AP/AR processes. They are designed to speed the processing of invoices and reduce or eliminate the errors inherent in a paper AP/AR process.
The main mechanism behind software in this category is accounts payable and accounts receivable automation. Automated processes will include invoice processing and receipt capture features, as well as tracking and compliance measures.
Accounts payable and receivable software will most often integrate with more comprehensive Accounting and ERP platforms. Sometimes they are billed strictly as an add-on to these broader platforms. Some strictly AP/AR software may be adequate for the needs of very small businesses, though generally they are meant to be integrated into a more comprehensive accounting solution.
Accounts Payable vs. Accounts Receivable
This subset of accounting software focuses on two distinct accounting areas that tend to be grouped together. Accounts payable are liability accounts that track what an organization owes to a 3rd party. Accounts receivable are asset accounts that track what 3rd parties owe to the organization.
Some point solutions only focus on accounts payable or accounts receivable automation. The former is sometimes referred to as expense management, although this also refers to a larger range of capabilities. Software that specializes in accounts receivable automation focus on invoice automation and management. There are also middle of the road point solutions that encompass both AP and AR automation.
Accounts Payable and Receivable Features and Capabilities
Accounts payable and receivable software encompass two related, but distinct, process areas. As such, there is a range of capabilities that may be offered:
Invoice processing and expense automation
Expense and invoice reporting
Integrations with full accounting suites
When comparing different AP/AR products, consider these factors:
Point solution vs. accounting suite: There are some products that focus solely on AP/AR automation. However, there are many more products that include these capabilities as part of broader or more comprehensive accounting suites. Most companies will need the functionality of a full accounting suite, including AP/AR functionality. However, some companies may benefit from adding on specialized AP/AR software when their existing software is lacking the abilities they need, or if the business is very small and runs on ad hoc accounting processes.
Integration with accounting suites: Point solutions will likely still need to integrate with the business’s main accounting platform. Check whether the AP/AR software integrates natively, which the vendor should advertise. Also check for reviewer insight into the quality of those integrations to gauge how
Accounts payable vs. accounts receivable focus: Point solutions may provide greater depth on the accounts payable side or the accounts receivable side. Similarly, some businesses have greater needs on the invoicing or expense side of the accounting equation. Businesses should consider their own focus area of greatest need, then ensure each product aligns its focus with the business.
Pricing for accounts receivable and accounts payable varies dramatically depending on whether the product is a point solution, an accounting suite, or an ERP platform. Point solutions are often priced per user, per month as a base. They can range from $40/user/month to upwards of $100/user/month, depending on the range of features and occasionally the volume of transactions.