Your accounts payable group – whose most important operate is to make sure funds are disbursed correctly to distributors, enterprise companions, and typically clients – processes an exorbitant variety of invoices each single week. When accomplished manually, processing an bill can take days. If an AP skilled has to conduct three-way matching checks, route the invoice to the proper department for approval, provoke the cost course of, and get one other approval earlier than sending funds, there are lots of potential stopping factors within the course of.
With AP automation software, and extra particularly, bill processing software program, the time it takes to course of an bill and ship a cost will get drastically lowered. These options can conduct matching processes, route the bill for approval, put together mandatory cost data, and extra, giving a significant chunk of time again to the complete AP group every week.
There are various bill processing software program choices out there at the moment, however we’ve sifted by way of all of the manufacturers, recognized the strongest in the marketplace in 2024, and ready a complete information, all in an effort to make your collection of bill automation software program a breeze.
Prime 10 Bill Processing Options in 2024
1. Nanonets Circulation
Nanonets Flow mechanically extracts key knowledge fields from each bill your enterprise receives. Invoices don’t must be acquired in a uniform format; as an alternative, its bill AI mannequin is educated to select up on all the important thing fields wanted to course of an bill. For the reason that platform gives end-to-end automated AP administration, it permits your AP group to import, approve, and pay invoices multi functional place. With insightful dashboards and superior reporting mechanisms, Nanonets Circulation takes accounts payable automation up a notch.
Key Options
Suitable with currencies from greater than 45 nations all over the world, Circulation helps worldwide transactions on your rising enterprise. Utilizing AI, each transaction is stored safe by way of duplication detection, fraud prevention, and cost monitoring options. Since 1-click approvals out of your cell phone, electronic mail account, or Slack profile are enabled, doing enterprise from anyplace has by no means been simpler.
Execs
Nanonets integrates with QuickBooks, Xero, Sage, NetSuite, and different high ERPs and enterprise techniques. With an unbeatable pricing mannequin that doesn’t get pricier as you develop, Nanonets advantages are accessible to companies in any respect levels.
Cons
For extra complicated enterprise wants, customers notice that the Nanonets mannequin takes some effort to coach. Nonetheless, as soon as issues are arrange, investing in customizations and mannequin coaching pays off.
2. Airbase
If spend administration is your main purpose, Airbase is without doubt one of the high bill processing options. It brings collectively AP performance and expense administration, saving your groups time and saving your organization cash. It helps complicated enterprise necessities like multi-subsidiaries and multi-currency purchase orders. Most utilized in technical areas, Airbase gives your enterprise an opportunity to refresh its invoicing strategy with this automated bill system.
Key Options
Not all bill processing options accommodate distinctive buy orders or multi-layered provider agreements. Automated approval workflows, useful assist workers, and a steady enchancment strategy make Airbase one of many high bill automation instruments.
Execs
Customers love that it’s straightforward to be taught and fast to implement. Common updates be certain that the software serves clients as enterprise wants change.
Cons
Airbase lacks reporting capabilities in accordance with some customers. This makes it troublesome for them to reconcile their normal ledger, chase down any errors, and may finally decelerate the accounting cycle general.
3. Invoice
When bill automation software program is primarily used within the accounting trade, it’s nearly assured to be good. Invoice is an bill automation resolution that provides a variety of economic capabilities, making it a great foundational software for companies. With all AP course of wants in a single place, Invoice can remodel the day by day grind related to AP roles.
Key Options
Connection capabilities with numerous finance and accounting instruments, clear audit trails, approval workflow customizations, and easy vendor onboarding are only a few of the important thing options that landed Invoice on the record of finest automated bill processing software program.
Execs
With Invoice, funds could be accomplished with the clicking of a button, and each transaction is validated instantly with the “sync errors” characteristic.
Cons
Not nice for worldwide transactions, Invoice doesn’t assist funds in a number of currencies or funds outdoors the US in any respect. This may be very limiting for companies seeking to broaden sooner or later.
3. Rossum
Greater than bill automation software program, Rossum harnesses the facility of AI, machine studying, and pc imaginative and prescient to indicate its customers the longer term prospects of the AP operate. Boasting a median accuracy price of 96%, Rossum’s fashions remove a ton of handbook work, permit for customizations, and can be utilized by workers with barely any coding expertise.
Key Options
This robotic course of automation (RPA) enabler is cloud-based, straightforward to configure, and makes use of APIs to attach with different digital instruments. With particular consumer coaching supplies, webinars, and detailed documentation, Rossum is an invoicing processing software program that makes change administration simpler than ever.
Execs
The cutting-edge options delivered to the desk by Rossum set the usual for different bill processing options. All the time one step forward, Rossum helps its customers keep forward of the curve, too.
Cons
Due to the various applied sciences woven into the software, Rossum is usually a bit sluggish when processing knowledge, and typically experiences quick system outages.
4. SAP Concur
SAP Concur demo video
Well known as a journey expense administration software, SAP Concur has a broader software, reaching into the bill processing options house seamlessly. This bill automation resolution has a good cellular app for workers and employers to make use of when processing bills. The appliance breaks down expense varieties, permits individual-level monitoring, and automates the payout course of.
Key Options
SAP Concur has a whole lot of pressure behind it; SAP is without doubt one of the most well-known finance and accounting resolution builders within the enterprise world at the moment. It could possibly accommodate massive companies, permitting 1000’s of customers to profit from built-in forex conversion capabilities, automated expense stories, and digital receipt administration.
Execs
No different bill automation resolution solves for journey administration like SAP Concur. This automated bill processing software program is without doubt one of the finest bill automation instruments in case your workers journey usually.
Cons
As a result of it serves bigger organizations, SAP Concur could be difficult to customise, the interface isn’t as intuitive as different instruments, and it’s sluggish to undertake new performance.
5. Stampli
If you need the advantages of AP automation however don’t wish to overhaul your total know-how stack, Stampli thrives within the center floor. All AP communication, documentation, and approval flows could be transitioned to Stampli whereas upstream and downstream processes like procurement management and manufacturing automation can stay in functional ERPs.
Key Options
Embedded fraud detection capabilities, superior vendor administration, and compliance options are a number of consumer favorites.
Execs
Stampli’s customer support group is simple to succeed in and responds to tickets rapidly.
Cons
Stampli isn’t excellent for netting, so customers who use netting agreements with their distributors could run into some complications. Moreover, the seller cost course of is time-consuming and overly complicated.
6. Tipalti
For a completely built-in bill automation software program and accounts payable software, Tipalti is a crowd favourite. Supporting fast-growing firms implies that Tipalti is agile, adaptive, and up for a problem. It makes provider onboarding straightforward, reduces the price of processing each bill, and has built-in tax compliance capabilities on a world scale.
Key Options
With automated three-way matching, on the spot account reconciliation, and international cost assist, Tipalti is a front-runner amongst different bill processing options.
Execs
Finish-to-end AP automation will actually remodel your total accounting and finance operate.
Cons
Tipalti isn’t an bill processing software program that’s identified for straightforward integrations. Its intricate setup course of and lagging buyer assist can throw a wrench within the general digital transformation strategy on your group.
7. Kofax
In the case of bill processing options, the primary differentiator in profitable vs. non-successful options is the doc processing energy. Kofax processes knowledge from paperwork rapidly utilizing OCR, scanner recognition, and VRS performance. Its no-code strategy ensures that you just received’t want tech-savvy AP groups to get advantages from this automated bill processing software program.
Key Options
Built-in analytical capabilities spotlight spend areas, automate AP reporting, and enable you make higher enterprise choices.
Execs
The no-code strategy makes Kofax one of the accessible bill processing techniques in the marketplace.
Cons
The answer is extra expensive and fewer customizable than related bill processing techniques in the marketplace.
8. ABBYY Flexicapture
To actually go paperless, you want bill processing options like ABBYY Flexicapture. It could possibly take knowledge from paperwork in any format, extract what your techniques must course of the bill, and propel cost completion. It’s an answer centered round scaling with your enterprise, so in case you’re able to take issues up a notch, ABBYY Flexicapture is able to assist.
Key Options
Correct knowledge capturing, verification capabilities, and doc imaging assist ABBYY Flexicapture assist your AP operate.
Execs
It could possibly deal with unstructured knowledge and permits your enterprise to enter particular guidelines or necessities into the software.
Cons
This tech-heavy bill automation resolution has a significant barrier to entry for non-tech-savvy groups. Moreover, the platform’s updates are infamous for taking a very long time and forcing customers to reinstall the answer.
9. Hyperscience
Among the most stringent knowledge safety requirements of all bill processing options exist inside Hyperscience. Even additional, this bill automation software program with on-premise instruments, cloud-based know-how stacks, REST APIs, and even SDKs. Proper while you set up this automated bill system, it may automate 80% of an accounts payable group’s workload.
Key Options
Since it really works very well with legacy ERPs, Hyperscience is an answer that may meet your organization the place it’s at. Regardless of being appropriate with older software program options, it permits customized stories and automatic knowledge analytics.
Execs
Its knowledge extraction capabilities lengthen to handwritten data too. If you happen to work with distributors that ship invoices with writing on them, this resolution can course of these invoices simply as effectively.
Cons
To efficiently learn PDFs, Hyperscience should have consumer assist in configuring the PDF setup. In case your distributors ship PDFs in numerous codecs, every vendor bill would require your AP group to indicate Hyperscience the place sure knowledge factors are on the bill.
10. Melio
Melio demo video
Melio is a PCI-compliant bill automation software program that retains delicate knowledge safe all through the complete source-to-pay process. Like its friends, Melio matches bill knowledge to buy orders and transactions, helps a number of cost strategies, and options a web based cost portal when used for accounts receivable features.
Key Options
Melio helps test funds in addition to ACH, wire transfers, and different fund disbursement strategies. You possibly can arrange month-to-month funds forward of time and coordinate direct deposit along with your distributors.
Execs
Melio can be utilized at no cost to ship funds to distributors. Its low-price mannequin will help you improve your AP operate with out breaking the financial institution.
Cons
Due to the low pricing construction, Melio has very restricted assist choices, doesn’t permit many customizations, and has invested much less within the consumer expertise than different bill processing techniques.
Different Notable Software program Choices
If you happen to really feel like the perfect automated bill processing software program on your wants continues to be ready on the market someplace, try one of many following options:
- Docsumo
- Xero
- Sage Intacct
- Hypatos
- Amazon Textract
- Coupa
- Honeybook
- TallyPrime
The marketplace for bill automation software program is rising rapidly, so don’t get discouraged in case you really feel such as you haven’t discovered the correct resolution simply but. It’s on the market!
Bill Processing at Its Best
The accounts payable operate is without doubt one of the finest candidates for automation due to the character of the work within the operate. Most of the duties are handbook, time-consuming, repetitive, and data-processing heavy. There are various best practices to boost efficiency in the AP function, however usually, these duties could be streamlined or utterly taken on by AP software program options resembling bill automation instruments.
We prefer to remind finance and accounting leaders, in addition to AP consultants themselves, that AP automation will not be meant to exchange the individuals who have been doing these duties for years. As an alternative, it’s meant to do away with among the most anxious facets of their jobs and permit them to maneuver into extra strategic roles throughout the operate. There’s a significant want for accounting and finance digital transformation, however its advantages received’t be totally acknowledged till we perceive that people and know-how are alleged to work collectively shifting ahead. Expertise will not be the enemy.
Begin with bill processing techniques and work up from there. Most of the automated bill processing software program choices above can go even additional, having a significant influence in your group’s means to serve its clients.
