Last updated Jan 7, 2025

The Top 5 Vendor Invoice Management Software Systems

Written by Team Airbase

6 minute read

Want to see the future of procure-to-pay?

5 Best Vendor Invoice Management Systems for Surefire Efficiency

Automated invoicing costs 40–90% less than manual, paper-based AP processes. How much does your company waste managing vendor invoices the old way?

AP departments struggle to manage vendor invoices efficiently. There are compliance regulations, different invoicing methods and approvals, and still-tedious, error-prone manual data entry.

But invoice processing isn’t a headache with the right vendor invoice management system.

Let’s evaluate the top five vendor invoice management systems ranked by:

Best features.
Use cases.
Pricing.

TL;DR

The right vendor invoice management system automates your financial operations, plugs into existing tools, reduces errors, and puts insights in full view. It’s also user-friendly, cost-effective, scales with you as you grow, and offers custom support.

How to choose invoice management software.

Different vendor invoice software platforms provide different functionality. Look for these features to find an invoice management software solution that fits your business needs:

Automation
Integration
Cost
Scalability

Automation capabilities.

Automation is the primary feature to look for in an invoice processing solution. Make sure your AP automation software includes tools like:

Optical character recognition (OCR) technology.
Customizable approval workflows.
Automated detection of duplicate invoices.
Two-way and/or three-way invoice matching.

Integration features.

Integrating your invoice management system with your ERP system and other financial and procurement software is a must. Look for APIs (codes that permit two applications to talk to each other) that plug your invoice management system into your other applications. This minimizes manual data entry and ensures financial accuracy and audit readiness.

User-friendliness and customer support.

The best accounts payable software is useless if nobody knows how to actually use it, so the first thing to look for is an intuitive, easy-to-use interface. Second to that, a smooth onboarding process is crucial to adoption: 52% of new users will give up on software within the first three months without proper training and support. So prioritize features like:

Intuitive dashboards (user-friendliness).
Custom reports.
Streamlined approval processes.
Bird’s eye and granular visibility.
Training and support.

Your provider should work with you to integrate the solution into your current ecosystem and train new users. They should also offer comprehensive and timely customer support to address any issues or questions.

Cost-efficiency.

It would be counterproductive to take the money you save with an efficient accounts payable process and feed it back into your AP software! Affordability is an important factor. Consider the total cost of ownership, including:

Subscription fees.
Implementation costs.
Training costs.
Ongoing maintenance or seat increase costs.

Aim for a healthy balance between cost savings and powerful features. Look for solutions that help you negotiate better terms with vendors and take advantage of early payment discounts.

Scalability.

You don’t want a solution that you’ll outgrow in a few years, so look for AP automation software that’s powered by machine learning (ML) and will easily scale with your business. It should support an extensive number of vendors and handle complex financial processes and AP workflows.

Give your AP department the best invoice management software.

Imagine what your accounts payable department could do if:

Invoices processed themselves.
Errors were a thing of the past.
Suppliers could manage their own details.
Your payment processes were completely optimized.

Your AP team would have a lot more time to focus on strategic initiatives rather than tedious manual tasks. That’s what you get with an automated vendor invoice management solution.

Airbase comes with built-in, cutting-edge features and an intuitive user interface (UI) that, together, make for a great user experience (UX). It transforms your financial processes into streamlined, optimized workflows. From AI-driven invoice data capture and compliance to seamless payment approvals, Airbase elevates every part of your financial operations.

But don’t take our word for it — schedule a demo today and see how Airbase revolutionizes your invoice management.

FAQ.

Still have questions about invoice management and accounts payable automation? Check out these common questions and answers.

What is an invoice management system?

An invoice management system is a software solution designed to manage the receipt, approval, and audit of vendor payments and invoices. It automates the invoice processing workflow, reducing manual tasks and minimizing errors.

How does invoice management software improve efficiency?

Invoice management platforms:

Automatically capture invoice data and process invoices.
Streamline invoice approvals.
Provide real-time tracking and reporting.
Alert you to duplicate payments and other anomalies.

This reduces the time and effort required for invoice processing and helps prevent errors.

What features should I look for in a vendor invoice management system?

Look for features like:

Automated invoice processing and data capture.
Integrations with existing financial software.
Seamless scaling.
Cost-effectiveness and value.
Comprehensive customer support.
User-friendliness.

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The Top 5 Vendor Invoice Management Software Systems