Find out more about Accounts Payable Software
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. 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.
Most Popular Accounts Payable Software
Best Accounts Payable Software
How To Choose The Best Accounts Payable Software
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’. Thereof, the question of whether you need an Accounts Payable system is not even a question any more – 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 software for enterprises:
Get to know each product with free trial
It’s always a good idea to start your research of accounting apps by testing a fair number of free trial plans from reliable vendors. It will save you some time and money because you will be able to experience all important features first hand and identify any possible issues. The best thing to do is to try services that currently have the highest results in our SmartScore and Customer Satisfaction Rating in the Accounting & Finances Software category to discover the best Accounts Payable software for you: FreshBooks reviews, Intacct, Xero, Zoho Books, Tipalti, AccountEdge, and KashFlow.
- Accounting Businesses looking to boost revenue. Accounts Payable software can help accountants become more efficient and to grow their practice by connecting their ledger to the 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 to ensure accuracy by working with clean and timely data.
- Bookkeeping Businesses looking to improve customer records. These apps can be invaluable for 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 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, to claim expenses, and to 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 check 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, varying from free and basic tool 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 they allow accountants to do pay runs and third-party payrolls, and to track inventory. Deployment is also an important factor based on which there are:
- On-premise accounts payable programs. These are covered with a single license, and are hosted on the client’s local server.
- Software-as-a-service (SaaS) accounts payable programs. These are usually paid per month, and are 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 to 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 Meta Data 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 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 which 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 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 which are more valuable and analytically sharp. As you can probably conclude, AP software is often the key for 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 hinders of 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 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.
List of Accounts Payable Software Companies
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Every vendor in the Accounting & Finance Software category will provide a different group of pricing packages for its service and each package will include a unique set of elements. Below we list the overal pricing for the cheapest plan provided for each app. Please note that advanced features may cost extra.
An overview of what kind of devices and operating systems are supported by the listed B2B solutions in the Accounting & Finance Software category, including mobile platforms and web-based solutions.
Check which languages and geographies are supported by the best B2B apps in the Accounting & Finance Software category, including solutions intended for international markets and created for multi-cultural teams of employees.
Find out what pricing plans are offered by the vendors in the Accounting & Finance Software category to see which one suits your business requirements and expenses best. Be aware that certain solutions can offer free or freemium accounts for you to try out first.
An analysis of which groups of companies a given B2B service in the Accounting & Finance Software category aims for, from small businesses and non-profits to big enterprises.
A summary of what kinds of service deployement are supported by every B2B vendor in the Accounting & Finance Software category. While the majority of modern SaaS services are cloud-based there are services may offer an on-site deployment model as well.