Best AP automation software in 2023

August 11, 2023

Read Time:7 Minute, 49 Second

Bill.com

Bill.com is a widely used cloud-based platform that automates accounts payable and payment processes. It enables electronic invoice capture, and automatic approval workflows, and facilitates online payments. It integrates with popular accounting software and offers document management and financial reporting features.

Pros:

Streamlined accounts payable and receivable: Bill.com automates and centralizes the accounts payable and receivable processes, reducing manual effort, improving accuracy, and increasing efficiency.
Digital payment capabilities: The platform enables electronic payments, such as ACH transfers and virtual cards, simplifying payment processing and reducing the need for paper checks.
Workflow automation: Bill.com provides customizable workflows and approval processes, ensuring efficient and consistent handling of invoices and payments.
Integration capabilities: Bill.com integrates with popular accounting and ERP systems, facilitating seamless data synchronization and streamlining financial operations.
Document management: The platform includes document management features, allowing businesses to store, organize, and retrieve important financial documents securely.

Cons:

Learning curve: Using Bill.com may require some learning and adjustment, especially for users who are new to the platform or not familiar with digital financial management solutions.
Pricing structure: Bill.com’s pricing can be a consideration for some businesses, particularly for smaller organizations or those with lower transaction volumes. Costs can vary based on the selected plan and additional features required.
Support limitations: While Bill.com offers customer support, some users have reported challenges with response times or difficulties in getting timely assistance.
Limited reporting and analytics: While Bill.com provides basic reporting capabilities, it may have limitations in terms of advanced reporting and analytics features compared to more comprehensive financial management platforms.
Dependency on Internet connectivity: As a cloud-based solution, Bill.com relies on stable Internet connectivity. Any disruption or downtime in internet access can impact the ability to access or process financial transactions.

Essentials

$45 user/month

Manually import and export CSV files into accounting software.

Team

$55 user/month

Integrates with: QuickBooks Online, QuickBooks Pro/Premier, and Xero.

Intelgic

Intelgic is providing an out of the box solution for automating invoice and receipts processing. They have an AI platform that captures data from invoices and receipts with high accuracy. The platform has the API capabilities that allows finance teams to integrate the AI platform with any accounting systems including Xero, Quickbooks, Zoho, Sega, SAP, Netsuite etc. The solution can be very useful for companies who deal with hundreds of thousands of invoices and receipts. They also design bots with their RPA tool to automate repetitive steps in AP workflow. Those who are looking for end-to-end automation and reducing human dependency can try Intelgic’s automation tools.

Pros:

Automate maul data entry: AI extracts data with high accuracy from invoices and insert those data into existing finance systems. It eliminates the manual data entry.
Faster and efficient AP process: The AI and bots make the AP process faster, error free and efficient.
End-to-end automation: Intelgic’s bot can automate most of the steps within the AP workflow. It reduces human dependency.
Customizable and easy to integrate: Every AP process is different. Intelgic’s bots can be trained with any customized steps and their bots can operate all the available accounting systems including desktop systems such as Quickbooks desktop or Infor visual.
Support: They have a good customer support team and the technology team is accessible through their chat and email (info@intelgic.com.

Cons:

Limited AP features: It is not an AP software that allows you to send payments. Their platform is mainly used to process invoices and automate repetitive tasks with bots.
You may need a developer: They have APIs that are used for integration. Also to create and train a bot, you may need a developer.
May not be a good choice for very small businesses: If you are processing 10-12 invoices per month, it may not be a good choice.

AvidXchange

AvidXchange is a robust AP automation solution that digitizes the entire accounts payable workflow. It automates invoice capture, coding, approval routing, and payment processing. It provides seamless integration with accounting systems and offers features like vendor management and analytics.

Pros –

Highly Configurable Solution for Various Industries
Paperless Invoice Processing and Approval
Trusted Payment Automation System
Utility Bill Management
Cutting-edge Fraud Detection Technology
Procure-to-pay Automation
Extensive Integrations

Cons –

No Dedicated Mobile App
At times invoice images get stuck in the inbox and our accounting staff needs to retrieve them manually to get them in the proper workflow
Setup and implementation took longer than we would have liked.
Many times when the file was too large (above 5 MB) for Avid to upload, it took a long time, which was frustrating because expense reports often are large files.
The reports are not user-friendly. It is extremely difficult to find the report that one wants unless someone from Customer Care assists.

Coupa

Coupa is a leading spend management platform that includes robust accounts payable automation capabilities. It automates invoice capture, coding, approval workflows, and payment processing. It offers features like purchase order matching, supplier collaboration, and real-time spend analytics.

Pros:

Comprehensive spend management: Coupa offers a wide range of modules, including procurement, invoicing, expense management, and supplier management, providing a holistic solution for managing organizational spending.
User-friendly interface: Coupa has an intuitive and user-friendly interface, making it easy for users to navigate and perform tasks within the software.
Approval workflows and automation: The software allows businesses to define and automate approval workflows for purchase requisitions, invoices, and expenses, improving efficiency and enforcing compliance.
Supplier collaboration: Coupa enables collaboration with suppliers, facilitating electronic catalogs, e-invoicing, and seamless communication, fostering better relationships and streamlined procurement processes.
Reporting and analytics: Coupa provides robust reporting and analytics capabilities, allowing organizations to gain insights into spending patterns, identify cost-saving opportunities, and make data-driven decisions.
Optimize the Supply Chain: with the ability to model the entire supply chain as a “digital twin” and move to continuous design
Electronically Manage the Entire Source-to-Pay Process: from spend analysis to risk vetting, sourcing, contracting, purchasing, invoicing, working capital programs, digital payments, and automatic reconciliations—covering all types of goods and services, all on the same unified platform
Collaborate with Suppliers: starting with the millions of suppliers already transacting digitally, and engaging others with no fees and instant visibility to POs, invoices, and payment status via the platform for more effective relationships
Mitigate Risk: with comprehensive third-party risk management across many tiers of the supply chain, continuous community-powered risk and performance monitoring, and real-time fraud detection
Optimize Travel and Expense Management: with booking, continual price monitoring, expense reporting, and employee reimbursements

Cons:

Complexity in implementation: Implementing Coupa can be a complex process, requiring thorough planning, configuration, and potentially external consulting services. It may take time and effort to fully set up and integrate the software.
Cost considerations: Coupa’s pricing structure can be higher compared to some other spend management software options, particularly for smaller businesses or organizations with limited budgets.
Learning curve: Coupa may have a learning curve for users who are not familiar with spend management software. Proper training and ongoing support may be necessary to utilize the software effectively.
Integration challenges: While Coupa offers integration capabilities, integrating with certain legacy systems or specific software applications may require additional development or customization.
Customer support: Some users have reported challenges with Coupa’s customer support, including response times and difficulty in resolving issues in a timely manner.
The platform does not offer a free trial of its software.

Beanworks

Beanworks is an accounts payable automation software designed for mid-sized organizations. It automated invoice processing, coding, approval workflows, and payment processing. It integrates with popular accounting systems and provides vendor management, document storage, and reporting features.

Pros:

Streamlined AP processes: Beanworks automates accounts payable processes, reducing manual effort, eliminating paper-based tasks, and improving overall efficiency.
Automated invoice capture and data extraction: The software uses AI technology to extract key invoice data, such as vendor information, invoice amounts, and due dates, reducing the need for manual data entry.
Workflow automation and approval routing: Beanworks provides customizable workflows and approval routing, ensuring consistent and efficient invoice approval processes and reducing bottlenecks.
Integration capabilities: The software integrates with popular accounting systems, facilitating seamless data synchronization and eliminating the need for manual data transfer between systems.
Advanced reporting and analytics: Beanworks offers robust reporting and analytics features, providing insights into invoice status, cash flow, and spending patterns.

Cons:

Learning curve: Users may require time to become familiar with the software’s features and functionalities, especially if they are new to AP automation solutions.
Pricing: The cost of Beanworks AP Automation Software may vary based on factors such as the number of users, transaction volume, and additional modules required. It is essential to consider the pricing structure and evaluate its affordability for your organization.
Customization limitations: While Beanworks offers customization options, the level of customization may be limited compared to more extensive, enterprise-level AP automation solutions.
Customer support: Some users have reported challenges with response times or difficulties in resolving issues promptly when dealing with Beanworks’ customer support.
Limited international support: Beanworks’ features and functionalities may be more tailored to organizations operating in specific regions, potentially limiting its suitability for international businesses with unique requirements.