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What is Accounts Payable Software?

Accounts payable software refers to systems that are used for accounting and financial processes. These solutions range from basic single-entry apps for bookkeeping and check writing to advanced double-entry programs that offer a general ledger, and accounts payable and accounts receivable functionality.Show more Sophisticated platforms offer fixed assets, invoicing, inventory and other advanced features. Accounts payable software can help your organization to get rid of manual tasks, keep your numbers accurate, save time by automating routine tasks, get reminders and notifications to avoid penalties and more. A good accounts payable software is essential for growing businesses. For more information on popular accounts payable solutions browse FreshBooks which is currently the leader in this category.Show less

How was this ranking made?

In order to devise this list of best Accounts Payable Software we have evaluated 392 various systems currently present on the market, comparing their features, how easy are they are to learn, client service, possible integrations as well as mobile device support using our unique SmartScoreTM rating system. This list has been created by Nestor Gilbert, our SaaS expert dedicated to the Accounts Payable Software category.

List of Top 12 Accounts Payable Software

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1. FreshBooks

Our score: 9.8 User satisfaction: 99%

A winner of our 2019 Best Accounting Software Award, this robust cloud accounting app for small businesses makes billing easy and efficient. FreshBooks allows users to manage key processes easily from turning receipts into expense files to tracking billable hours. Special modules to manage projects and tax are also available.

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2. NetSuite ERP

Our score: 9.6 User satisfaction: 97%

A scalable cloud ERP solution for growing medium-sized businesses and large enterprises. It offers complete control and automation options in managing financials, billing, orders, inventory, fixed assets, and revenue. It also has different modules to help you bring together all your key business processes.

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3. Tipalti

Our score: 9.1 User satisfaction: 100%

A cloud-based solution that automates complex global payment processing operations from onboarding to tax compliance. It also helps you stay secure thanks to features such as payment fraud detection and payment risk management. Its end-to-end accounts payable automation service boosts its users’ accounting efficiency, accuracy, and safety.

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4. Plooto

Our score: 8.6 User satisfaction: 96%

An online payment system that allows businesses and freelancers to streamline and automate the way they send and collect payments. Plooto is fully cloud-based, integrates with leading accounting platforms like Quickbooks and Xero, and can process payments even if the customer doesn’t have a Plooto account. With just an email address, payments are directly and securely transferred to and from your bank account.

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5. MYOB Essentials

Our score: 9.1 User satisfaction: 100%

A straightforward accounting platform that's Single Touch Payroll-enabled and offers automated tracking for bills, expenses, and invoices. It packs all the essential tools that businesses would need for their accounting needs, from financial reporting, billing to expense management. It also includes invoicing capabilities and receipt collection for good measure.

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6. AvidXchange

Our score: 8.5 User satisfaction: 98%

Avid XChange automates invoice and payment processes and is designed for the use of midmarket companies regardless of industry. It automates key processes like managing accounts payable, billing services, and bank reconciliation. With this, you can save time and money as well as increase financial management accuracy.

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7. Sage 50cloud

Our score: 9.6 User satisfaction: 100%

Sage50 Accounting is a comprehensive cloud-based accounting software that helps businesses of all kinds and sizes manage key processes from billing to tax management. It has modules to help manage orders, contacts, inventory, and suppliers. It also includes advanced reports generation for forecasting and different types of financial analyses.

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8. Sage Business Cloud Accounting

Our score: 9.3 User satisfaction: 96%

A comprehensive accounting software for freelancers and small businesses, this is one of the most easy-to-use web-based platforms available on the market. Users can manage key accounting processes like managing items, supplies, and customer accounts in one centralized hub.

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9. Zoho Books

Our score: 9.6 User satisfaction: 100%

Zoho Books is the winner of our 2017 Great User Experience Award. It is a smart accounting software designed for small businesses to better manage their finances and more efficiently control their cash flow. It is also user-friendly, with a clean design yet robust set of features that helps users generate actionable, data-based insights.

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10. FreeAgent

Our score: 9.5 User satisfaction: 93%

A financial management and accounting tool for freelancers and small businesses packed with comprehensive features including customizable invoices, automated bank feeds, and sales tax reports among others. It helps users be on top of their finances. The platform is also very easy to use, thanks to its sleek design.

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11. EchoVera Intelligent OCR

Our score: 8.0 User satisfaction: 99%

An accounts payable software that intelligently captures invoice data from paper and electronic documents.

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12. FinancialForce Accounting

Our score: 9.0 User satisfaction: 99%

FinancialForce is designed for large companies that have outgrown entry-level systems but are not big enough to support their own intranet systems. It helps businesses streamline their financial management process through automation and collaboration tools. Also, it has robust reporting and tax management features.

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Accounts Payable Software Guide

Table of contents

Do you ever think that managing accounts manually dries your productivity out? If nothing else, it wastes unreasonable amounts of your most precious resource: time! And while many people would argue that online accounting software is generally an expensive and useless solution, we’ll still emphasize the importance of automating accounting processes for the sake of staying “in the game”. Hence, the question of whether you need an Accounts Payable system is not even a question anymore–what you should ask yourself instead is how to choose the right one? Let us guide you through the process of choosing the best Accounts Payable tools for enterprises:

Get to know each product with free trial

It’s always a good idea to start your research on accounting platforms by testing a fair number of free trial plans or demo from reliable accounts payable software providers. It will save you time and money because you will be able to experience all the important features firsthand for comparison and identify any possible issues. The best thing to do is to try tools that currently have the highest rankings in our SmartScore and Customer Satisfaction Rating in our accounts payable tools reviews to discover the best Accounts Payable software for you: FreshBooks reviews, Intacct, Xero, Zoho Books, TipaltiAccountEdge, and KashFlow.

Targeted Businesses

  • Accounting Businesses looking to boost revenue. Accounts Payable software can help accountants to become more efficient and grow their practice by connecting their ledgers to clients and letting information flow straight to their desktops. At the same time, they can use accounts payable software to gain total control over transactions and ensure accuracy by working with clean and timely data.
  • Bookkeeping Businesses looking to improve customer records. These apps can be invaluable to busy bookkeepers who use them to grow both their advising and controlling role. The functions are extremely useful for them to establish better relationships with clients, to train, and grow a practice in whatever industry they’re working at.
  • Every Small, Medium, and Large Business that does online accounting. Each business interested to manage cashflows online can use a good accounts payable app, as it will help them to see balances, invoices, and bills on comprehensive screens, and to manage transactions on the very same platform. Some of them can even be used to manage inventory, claim expenses, and generate reports.

What are Examples of Accounts Payable Software?

  • FreshBooks: A popular client tracking and invoicing app that speeds up recurring subscriptions and collects payment online (via credit cards).
  • Intacct: A recognized provider of many financial applications for monitoring and distribution, suitable mostly for small and medium businesses.
  • QuickBooks Pro: A simple accounts payable system that records common transactions and checks invoices. It integrates with more than 100 products and services and offers a mobile platform too.
  • Xero: A smart app that meets the requirements of accountants, bookkeepers, and small accounting businesses, allowing for individual and collective accounting.
  • FinancialForce Accounting: A flexible and easy to maintain tool that offers end-to-end accounting and sales solutions.

Types of Accounts Payable Software

There are many different types of accounts payable software tools, varying from free and basic suites to ultra costly and accurate programs. Features can also be categorization criteria, as certain programs do nothing but online accounting, while others are more robust and allow accountants to make pay runs and third-party payrolls, and to track inventory. Do detailed comparisons to select a suitable tool for your needs. Deployment is also an important factor based on which there are:

  • On-premise accounts payable programs. These are covered by a single license and hosted on the client’s local server.
  • Software-as-a-service (SaaS) accounts payable programs. These are usually paid per month and hosted on the vendor’s server.
  • Cloud-hosted accounts payable programs. Most of these offer free basic plans and qualify as the most affordable ones due to their universal access and the fact that the client doesn’t need to update them or pay for maintenance.

Key Features of Accounts Payable Software

The thing that makes Accounts Payable software really special is that it comprises a batch of extremely important functions, and that it is really tailored for its purpose. Making use of these outsourcing functions makes sense because of two important reasons:

  • Invoice Receipt: Batch invoices, open envelopes, sorting, adding separate pages, removing stamps
  • Reporting Analysis: Audit trails, standard reports, custom reports
  • Approval Workflow: Multi-level approval, routing, alerts, escalation, notifications
  • Content Saving & Management: Invoice metadata storage (search filters, images, retrieval)
  • Automated Data Extraction: Manual data entry, indexing, validation, OMR/OCR/ICR
  • Documents & Imaging: Image enhancement, scanning, managing work queues

Benefits of Accounts Payable Software

  • Minimized upfront costs. What you’d usually expect from in-house technology is to make unreasonable investments by maintaining a system you’ve already paid a fortune to obtain. With outsourcing software, however, the scenario is less dramatic: you will be charged on a transaction basis, and the fee will depend on the overall volume of transactions. Additionally, you will only be supposed to do it for as long as your contract is at stake. The ultimate result, as you can probably guess by now, is that fixed costs will start converting into variable ones, and you will free some capital here and there for a different purpose.
  • Fast deployment. Another expectation you probably have is to receive a system that takes ages to deploy. And once again, you’ll be wrong. Accounts Payable systems work on a SaaS model and are generally simpler and less expensive than software requiring outstanding integrations with your working infrastructure. To start with, there is no need to purchase hardware, and automation happens painlessly. Once again, we’ll emphasize the most competitive advantage of AP systems: there are no concurrent costs, maintenance fees, and expensive upgrades. What you get is what you paid for!
  • No learning curve. Ever since technology gained momentum, we’re dealing with teams that are afraid to make improvements and less tech-savvy users who make the implementation of new software a nightmare for most companies. This would be a horrifying factor for accounting software if it hadn’t been for the smooth running of AP systems. Most of the time, these systems are so simple that they don’t require training at all, but many vendors offer special training services in case you need them.
  • Increased efficiency. Outsourcing is all about performing nonstrategic activities instead of managing low-value tasks on the dot, and that’s what makes companies successful even with fewer resources. By purchasing an outsourcing system, you’re offloading transaction functions to a non-human factor (the system itself) and you get to focus on activities that are more valuable and analytically sharp. As you can probably conclude, AP software is often the key to efficient cost structures and economies of scale, especially when working in a low-margin and industry.
  • Minimal risk. You’re working with money and investment, and that always carries a risk of spending more than you’ve originally planned. Want it or not, you’re pretty much exposed to your business environment, and you’re dependent on government regulative strategies, technological innovations, and automation risks. Most of the time, you won’t even have any control over these factors, but the thing AP software can control on your behalf is technology risk.
  • Lower labor expenses. There are no companies that could understand the time-consuming character of accounting more than the ones dealing with irregular invoice cycles, and paying crazy amounts to bring temporary workers in, or to keep the ones that have nothing to do. Basically, it means you’ve not allocated workers properly, and you need outsourcing to keep employees in steady positions.
  • Accounts payable support. One of the most serious hindrances to AP automation and electronic invoicing, in general, is low customization support. The odds are low that a vendor can be persuaded to change his products to satisfy a buyer’s particular needs: they’d say it takes too much time, and they’d probably put an end to the supposedly effective communication because they don’t have a valuable solution to suggest. That’s where outsourcing becomes handiest: it allows the buyer to examine the expertise and the practices of the vendor in advance.

Increased automation. Errors in data entry and cumbersome processing of invoices are two of the biggest issues with accounts payable. This is why automating these tasks, which are repetitive and time-consuming, is one of the biggest changes AP will roll out in the coming years.

More mobile workforce. Accounts payable will have a more mobile and/or remote workforce in the coming years. While this is certainly because of evolving technology (like 5G and edge computing), this is also because of the post-pandemic world. Even more invoice approvers outside the AP department will become mobile, further outnumbering in-house approvers.

More volume. AP professionals have seen the total amount of their invoices increased by at least 10% every year. More will come in the following years.

Unifying procurement and AP strategies. Procurement is a big part of any organization, and AP is there to “pay” for this procurement. However, the process between the two is anything but smooth, so in the coming years, data science and machine learning will unify them even more so that one will be a part of the other—even merge them.

Potential Issues in Accounts Payable

Data entry. To err is human, it is said, but being human has a high cost when it comes to AP data entry. 88% of data entry-related errors exist in accounting spreadsheets, some of which are big enough to set an entire department back. Worse, it could mean inaccurate profit margins, leading to incorrect decisions down the line.

Slow processing. Manually processing invoices take a lot of time, especially in big companies where they receive a lot of invoices at any given time. This would take a lag of days, even weeks, to get an approval and pay the supplier, thus delaying production and operations.

Fraud. Billing-related fraud is a leading concern in accounts payable and a legal minefield. These include internal fraud like forged reimbursements, but others are more nefarious, especially those coming from an external source. Phishing scams and ransomware infection come to mind.

List of Accounts Payable Software Companies

Order by:

Newest
  • Newest
  • Score
  • User Score
Product name:
Category:
Smart Score:
Price:
User Satisf.
User reviews:
Invoiced reviews

Invoiced

Accounts Payable Software
9.2
$100
97%
Fidesic reviews

Fidesic

Accounts Payable Software
8.0
$19
96%
RapidAP reviews

RapidAP

Accounts Payable Software
8.0
By quote
95%
Plooto reviews

Plooto

Accounts Payable Software
8.6
$25
96%
OnPayConnect reviews

OnPayConnect

Accounts Payable Software
8.0
By quote
95%
Innovo Invoice reviews

Innovo Invoice

Accounts Payable Software
8.0
$45
93%
EchoVera Intelligent OCR reviews

EchoVera Intelligent OCR

Accounts Payable Software
8.0
By quote
99%
Goby reviews

Goby

Accounts Payable Software
8.0
By quote
-
Docsumo reviews

Docsumo

Accounts Payable Software
8.0
By quote
-
QuickBooks Online reviews

QuickBooks Online

Accounts Payable Software
9.3
$10
94%
Spendesk reviews

Spendesk

Accounts Payable Software
8.0
By quote
80%
NetSuite ERP reviews

NetSuite ERP

Accounts Payable Software
9.6
By quote
97%
OFX Global Payments reviews

OFX Global Payments

Accounts Payable Software
8.9
By quote
100%
MYOB Essentials reviews

MYOB Essentials

Accounts Payable Software
9.1
$10
100%
Circulus reviews

Circulus

Accounts Payable Software
8.0
$48
97%

Things to consider when you invest in a SaaS

Pricing details are a key consideration when you evaluate SaaS providers. Ask the vendor if they offer price protection and contractual flexibility. “Shelfware” has become a major concern in SaaS licensing as buyers end up paying for more than they require. Plus, to get pricing predictability, consumers are forced to subscribe to long-term agreements. Make sure you don’t get saddled with perpetual licensing and get locked in for a long time with a single provider. Ask about easy exit policies that assist you to move on to another provider if you are not satisfied with the services offered by the current one. Select a vendor that offers a handy standard annual termination facility as well as long-term price protection.

Another key aspect to consider is whether the cloud provider meets compliance and security requirements. Your business is accountable to staff members, customers, business partners, and regulators. Therefore, you should select a vendor that has adopted a technically sound and comprehensive security program. Map your security control needs such as availability, integrity, confidentiality, privacy, and accountability to the vendor’s capabilities. Ask the potential provider about the practices and systems they use to protect your sensitive data. Do they meet general as well as industry-specific compliance and security standards? Do they offer special measures to meet the unique security requirements of your specific industry? Get satisfactory answers to these queries before you make the investment.

Frequently asked questions about Accounts Payable Software

What is the best accounts payable software?

The best accounts payable software is FreshBooks. It’s an easy-to-use and fast accounting suite that simplifies complex financial management into a better, more efficient experience. It automates common tasks, like client follow-ups, time tracking, expense organization, and AP and AR. It integrates seamlessly with any online payment solution and third-party apps, and what’s even better is that it requires no accounting experience to use it.

What are the benefits of accounts payable software?
  • Increased efficiency. Automating AP means you can perform strategic activities instead of managing low-value tasks. As a result, you can focus on the things that matter and streamline administrative, time-consuming tasks, such as processing invoices.
  • Minimizes risk. Removing errors when processing invoices and paying suppliers means you eliminate fraud, whether internal or external, and you don’t lose track of resources. Money only goes out exactly as you need it to.
  • Reduces upfront costs. With AP software, you will be charged on a transaction basis, and the fee will depend on the overall volume of transactions. Additionally, you will only be supposed to do it for as long as your contract is at stake.
  • Fast deployment. Accounts payable systems are generally simpler and less expensive than software requiring outstanding integrations with your working infrastructure. There are no concurrent costs, maintenance fees, and expensive upgrades.
  • Lower labor expenses. Every company knows the prohibitive cost of labor, especially when you’re employing highly skilled individuals just to process your invoices. By utilizing AP software, you practically eliminate these costs and forward your talented employees to where their skills are really needed.
What are the features of accounts payable software?
  • Invoice processing: Batch invoices, open envelopes, sorting, adding separate pages, removing stamps
  • Approval workflow: Multi-level approval, routing, alerts and notifications, escalation
  • Reporting analysis: Audit trails, standard reports, custom reports
  • Content management: Invoice metadata storage (search filters, images, retrieval)
  • Automated data extraction: Manual data entry, indexing, validation, OMR/OCR/ICR
  • Documents and imaging: Image enhancement, scanning, managing work queues
What is the easiest accounts payable software to use?
  • FreshBooks. This robust cloud accounting app for small businesses makes billing easy and efficient. FreshBooks allows users to manage key processes easily from turning receipts into expense files to tracking billable hours. Special modules to manage projects and tax are also available.
  • Sage50 Cloud. Sage50 Accounting is a comprehensive cloud-based accounting software designed to help businesses of all kinds and sizes manage key processes from billing to tax management. It also has modules to help manage orders, contacts, inventory, and suppliers. It also includes advanced reports generation for forecasting and different types of financial analyses.
  • Zoho Books is a smart accounting software designed for small businesses to better manage their finances and more efficiently control their cash flows. It is also user-friendly, with a clean design yet robust set of features that helps users generate actionable, data-based insights.
What is a good free accounts payable software?
  • Wave is an AP platform that combines accounting, invoicing, and receipt scanning into one compact and free package. It’s an all-around solution for startups and small businesses, even freelancers.
  • SlickPie. It’s a user-friendly, comprehensive accounting tool with tax capabilities. Apart from tracking taxes up to the federal level, it also automates common accounting functions and analyzes data so you don’t have to.
  • ZipBooks. ZipBooks offers common accounting features all at a reasonable price point: it’s free! Functions include invoice processing, time and expense tracking, and income projection, with integration with various business software.
Nestor Gilbert

By Nestor Gilbert

Senior writer for FinancesOnline. If he is not writing about the booming SaaS and B2B industry, with special focus on developments in CRM and business intelligence software spaces, he is editing manuscripts for aspiring and veteran authors. He has compiled years of experience editing book titles and writing for popular marketing and technical publications.

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FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.

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