Accounts Payable Software
Top Rated Products
(1-5 of 7)
All Products
(1-25 of 308)
Explore recently added products
Accounts Payable Software TrustMap
TrustMaps are two-dimensional charts that compare products based on trScore and research frequency by prospective buyers. Products must have 10 or more ratings to appear on this TrustMap.
Learn More About Accounts Payable Software
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 Features
Accounts 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
- Document Management
- 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?
Pricing Information
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.
Related Categories
Frequently Asked Questions
What is the difference between accounts receivable and accounts payable?
What does accounts payable software do?
What are the benefits of using accounts payable software?
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.