AP Automation Companies & Alternatives

What are AP automation software providers?

AP software companies provide software solutions that digitize accounts payable processes and provide unparalleled insight into your company’s finances. The core features of AP automation solutions include:

• Automated invoice capture and data entry: AP automation software utilizes technologies like optical character recognition (OCR) to automatically extract relevant data from invoices, eliminating the need for manual data entry. OCR not only saves time but also reduces the risk of errors.
• Simplified approval workflows: With AP automation, businesses can set up customized approval workflows based on predefined rules and thresholds. These automatic rules ensure that invoices reach the right people and provide alerts for review and approval to reduce bottlenecks.
• Payment tracking and audit trails: AP automation solutions provide real-time visibility into the status of invoices and payments. They maintain detailed audit trails, making it easy to track transactions, identify discrepancies, and maintain compliance with financial regulations.

AP automation comes with some significant benefits. By implementing these solutions, businesses can:

• Improve efficiency by minimizing manual tasks and reducing processing times.
• Reduce costs, eliminate paper invoices, and avoid late payment fees.
• Enhance financial oversight through real-time reporting and analytics.
• Strengthen vendor relationships by ensuring timely and accurate payments.

AP automation vs invoice automation.

Financial management gets confusing quickly, especially with so many similar terms. AP automation and invoice automation may sound alike, but they serve distinct roles within the overall umbrella of your financial department.

AP automation covers the entire accounts payable lifecycle from start to finish, including invoice receipt, approval routing, payment processing, and financial reporting. Conversely, invoice automation hones in on the specific task of digitizing and optimizing invoice handling. Invoice automation leverages technology to capture invoice data, simplify approval workflows, and reduce manual data entry errors.

While invoice automation significantly improves processing speed and accuracy at the invoice level, it does not extend to other essential AP functions, such as payment execution and comprehensive financial analytics.

What critical buying criteria go into selecting the best AP automation software?

Automated AP solutions aren’t one-size-fits-all — you’ll need to conduct careful analysis to ensure that the software you choose aligns with your business goals and operational requirements. It should complement your existing infrastructure rather than work against it. That said, here are some considerations to keep in mind:

• Pricing structure: Verify that your chosen software aligns with your budget and offers a clear return on investment. Get transparent pricing details, whether it’s subscription-based or pay-per-transaction fees, so you can make sound financial decisions.
• Scalability: Your AP automation software should support your needs now and in the future. So make sure that it can smoothly scale up to accommodate business growth.
• User experience: Find an AP automation platform that’s easy to use and fits seamlessly into your current financial ecosystem. Also, check for mobile app accessibility so employees can manage workflows from anywhere.
• Customer support and security: Your chosen solution should have dependable support and advanced security to protect against data breaches. Verify that your AP automation platform comes with training documentation and offers swift response to concerns.
• Comprehensive workflow automation: The software should seamlessly facilitate the end-to-end lifecycle, covering invoice intake, routing for necessary approvals, payment processing, and other key AP tasks.
• Seamless system integration: Accounts payable automation software should connect effortlessly with your existing financial systems to maintain data integrity and streamline operations without redundant data entry.
• Insightful financial analytics: Ensure you have access to dynamic financial reporting and analytics, which empower informed decision-making and offer insights into operational efficiency and financial health.

Top AP automation companies & alternatives.

There’s no shortage of AP automation solutions, and each offers distinct features tailored to varying business requirements. But our list of the top eight options is a great place to start your search.

1. Airbase by Paylocity.

Airbase’s AP Automation module is part of its larger comprehensive spend management platform designed to streamline the entire accounts payable process. Leveraging AI-powered OCR and machine learning, it automates tasks like invoice processing, data entry, payment approvals, and vendor management. This automation reduces manual workloads, minimizes errors, and accelerates cycle times, allowing finance teams to focus on strategic initiatives.

Key features of Airbase’s AP Automation include touchless invoice processing, automated three-way purchase order matching, and support for global payments in over 145 currencies across more than 200 countries. The platform also offers a self-service vendor portal for efficient onboarding and real-time payment status tracking, enhancing vendor relationships. Additionally, Airbase integrates seamlessly with various ERP systems, ensuring real-time synchronization and facilitating faster month-end closes.

Overall, Airbase’s Accounts Payable Automation software provides a robust and efficient solution for managing accounts payable, combining advanced automation technologies with user-friendly features to optimize financial operations.

Pros and top features:

• Touchless invoice processing: Automates data entry with AI-powered OCR and machine learning, reducing manual errors and speeding up workflows.
• Automated 2-way and 3-way matching: Matches invoices and purchase orders seamlessly, and matches invoices, purchase orders, and receipts in NetSuite, ensuring compliance and accuracy in payments.
• Global payment support: Handles payments in over 145 currencies and 200+ countries, simplifying international transactions.
• Self-service vendor portal: Enables vendors to onboard themselves and track payment statuses in real time, improving vendor relationships.
• ERP integration: Offers seamless synchronization with popular ERP systems, ensuring accurate data and faster reconciliation.
• Real-time reporting and insights: Provides actionable insights into AP workflows and financial performance, supporting better decision-making.
• Enhanced approval workflows: Customizable approval hierarchies ensure compliance while streamlining payments.
• Out-of-the-box solution: Easier onboarding leads to faster time to value, and no need for IT specialist support.

Cons:

• May be excessive for small businesses with limited AP needs.
• Potential learning curve for the advanced features.

Learn more and see how Airbase can take your accounts payable processes to the next level.

2. AvidXchange.

AvidXchange focuses on streamlining invoice and payment processes, specifically for mid-sized businesses. With a well-established payment network, AvidXchange reduces manual tasks and enhances vendor payment efficiency. This targeted approach makes it a viable option for businesses seeking to optimize their AP functions without extensive infrastructure changes.

Pros and top features:

• Comprehensive invoice management: Automates the entire invoice process, from receipt to payment, reducing manual data entry and errors.
• Flexible payment options: Offers multiple payment methods, including ACH, virtual cards, and checks, to accommodate diverse supplier preferences.
• Supplier management portal: Provides a dedicated portal for suppliers to manage their information and track payment statuses, enhancing transparency and communication.

Cons:

• Limited customization options for specific business workflows.
• Advanced features may incur additional costs.
• Integration with some ERP systems can be complex.

3. Bill (formerly Bill.com).

Bill facilitates invoice and accounts payable automation for small to medium-sized enterprises by integrating with widely used accounting systems like QuickBooks and Xero. This compatibility ensures a seamless transition for businesses aiming to enhance their AP processes without disrupting existing workflows.

Pros and top features:

• Streamlined bill entry: Offers multiple methods to import invoices with minimal manual entry, enhancing efficiency.
• Customizable approval workflows: Enables tailored approval processes to fit specific business rules, ensuring compliance and control.
• Diverse payment options: Provides various vendor payment methods, including ACH, credit card, check, and international wire transfers.

Cons:

• Limited advanced cash management capabilities.
• Lacks robust global payment support compared to other platforms.
• Some users find the user interface less intuitive for complex tasks.

4. Concur.

Concur delivers a comprehensive suite of solutions for enterprises, focusing on travel, expense, and accounts payable automation. Its emphasis on compliance and policy enforcement helps businesses adhere to regulations while optimizing financial procedures.

Pros and top features:

• Automated invoice capture: Automates the capture and processing of invoices, reducing manual intervention and errors.
• Integrated expense management: Combines AP automation with expense management solutions, providing a comprehensive view of company expenditures.
• Compliance and risk management: Includes features to manage compliance and mitigate risks associated with accounts payable processes.

Cons:

• Advanced features and integrations come with higher pricing tiers.
• Implementation process can be lengthy for larger organizations.
• Customer support response times can be slow.
• Gets low reviews for user experience.

5. Coupa.

Coupa offers a comprehensive solution for enterprise-level spend management and procurement, emphasizing advanced analytics to provide deep insights into spending behaviors. Coupa’s holistic expense management tools are ideal for large organizations that prioritize strategic financial decision-making through data-driven insights.

Pros and top features:

• Unified invoicing and payments: Integrates invoicing and payment processes into a single platform, streamlining workflows and improving efficiency.
• Expense management integration: Combines AP automation with expense management, providing a holistic view of company spending.
• Fraud detection: Incorporates fraud detection mechanisms to safeguard against unauthorized transactions and ensure compliance.

Cons:

• Pricing structure may be cost-prohibitive for smaller businesses.
• Steeper learning curve for teams new to the platform and a longer time to value.
• Integration setup usually requires dedicated IT resources.

6. Procurify.

Procurify caters to smaller organizations by providing simplified procurement workflows that focus on budget management and purchasing transparency. Its accessible interface and streamlined processes offer an easy-to-implement solution that enhances procurement efficiency without demanding significant resources or extensive training.

Pros and top features:

• AI-enhanced invoice processing: Utilizes AI to automate invoice capture and processing, reducing manual entry and errors.
• Automated 3-way matching: Streamlines reconciliation by automatically matching invoices, purchase orders, and receipts.
• Real-time accrual tracking: Provides real-time tracking and reporting of accruals, enhancing financial visibility and decision-making.

Cons:

• May lack advanced features for larger enterprises with complex needs.
• Limited international payment support compared to competitors.
• Customization can be time-consuming for unique workflows.

7. Stampli.

Stampli specializes in enhancing invoice processing through advanced collaboration tools that improve communication and coordination within AP teams. By integrating with major ERPs, Stampli ensures efficient workflow management and minimizes errors.

Pros and top features:

• AI-powered invoice processing: Leverages AI to automate invoice processing, enhancing speed and accuracy.
• Advanced PO matching: Utilizes AI for line-level purchase order matching, ensuring accuracy and preventing fraud.
• Comprehensive vendor management: Offers tools for vendor engagement and management, streamlining communication and relationships.

Cons:

• Limited features for global payment handling.
• Advanced PO matching requires complex configuration.
• Smaller businesses may not fully utilize its advanced automation tools.

8. Tipalti.

Tipalti addresses the needs of global businesses with complex operations, excelling in multi-currency management and tax compliance. Its strengths lie in automating payment processing and vendor management, making it well-suited for companies with diverse and international supplier networks. This automation reduces error risks and ensures compliance across different regions.

Pros and top features:

• Global payment processing: Supports payments in multiple currencies and countries, facilitating international transactions.
• Automated tax compliance: Automatically captures and validates supplier tax information, ensuring compliance with global tax regulations.
• Self-service supplier management: Allows suppliers to manage their information and payment preferences through a multilingual portal.

Cons:

• Pricing can be high for smaller businesses or startups.
• May require significant onboarding time to set up tax compliance features.
• Not all customization requests are easily supported.

Which AP automation companies are best overall?

We’ve covered some of the top AP automation solutions that cater to businesses of all sizes and industries, but Airbase stands out as the best overall choice, thanks to its robust features and intuitive design.

By combining AI-powered invoice processing, global payment support, and seamless ERP integration, Airbase ensures a smooth and efficient accounts payable process. Its advanced approval workflows and real-time reporting capabilities make it a comprehensive solution for businesses looking to streamline operations and enhance financial visibility.

Other noteworthy options include Coupa and Tipalti. Coupa provides an all-in-one platform that integrates AP automation with expense management, offering a holistic view of company finances. Tipalti, on the other hand, excels in global payment processing, offering support for over 145 currencies and automated tax compliance, making it a strong choice for businesses with international operations.

While these platforms offer robust features, Airbase’s balance of user-friendly design, scalability, advanced functionality, and lower implementation costs make it the top choice overall.

Which AP automation companies are best for small businesses?

Small businesses typically need AP automation solutions that are cost-effective, easy to implement, and tailored to their unique needs. Airbase is an excellent option for small to mid-sized businesses, offering a streamlined and scalable platform that grows alongside you.

Its intuitive interface and touchless invoice processing reduce the learning curve, making it ideal for smaller teams with limited resources. Additionally, Airbase’s pricing structure is flexible, ensuring that small businesses can access top-tier automation tools without breaking the bank.

Bill and Procurify are also great alternatives for small businesses. Bill provides efficient data entry methods and customizable approval workflows, which are perfect for small businesses seeking simple yet effective AP solutions. Procurify is known for its user-friendly interface and AI-powered invoice processing, making it a strong contender for startups and small teams.

However, these options lack some of the advanced features that Airbase offers, such as global payment support and detailed real-time insights.

Which AP automation companies are best for large businesses?

Large businesses require AP automation platforms that can handle complex workflows, international transactions, and high transaction volumes.

Airbase is perfectly suited for enterprises, offering advanced features like automated two-way matching, global payment capabilities, and seamless ERP integration. Its scalability and robust reporting tools provide the financial oversight and control needed to manage large-scale operations efficiently.

Coupa and Tipalti are also strong options for large businesses. Coupa offers an integrated platform for AP automation and expense management, making it a comprehensive solution for large organizations. Meanwhile, Tipalti’s global payment processing and automated tax compliance are invaluable for enterprises with international operations.

However, both platforms come with higher costs and steeper learning curves compared to Airbase.

Streamline your AP workflows with Airbase.

Managing accounts payable doesn’t have to be overwhelming. Airbase offers a complete solution that goes beyond AP automation, combining spend management, real-time reporting, and payment processing into one platform. Whether you’re a growing startup or an established enterprise, Airbase can help you improve your AP processes, optimize your workflows, and save time and money.

Ready to see what Airbase can do for your business? Schedule your free demo today.