Every reader of our blog is already aware of our staunch support for Accounts Payable automation. We have delved deep into the topics in our various blogs covering everything from benefits to best practices.
With the help of Accounts Payable experts, today’s Accounts Payable software can help accrue all these benefits while making it possible to adopt best practices seamlessly. But among an extensive list of options available for Accounts Payable automation software, how do you choose the right one? Don’t worry, Back Office Accountants is here to help.
As a remote accounting firm specializing in Accounts Payable Services, Back Office Accountants has helped strategize, execute and manage Accounts Payable using advanced automation tools and software. In today’s blog, we are going to talk about choosing the right AP software and then list out the top 5 Accounts Payable software in 2021. Read on:
Choosing the Right Accounts Payable Automation Software?
Automation of Accounts Payable starts with invoice data capture either through automated scanning and capture using OCR or OCR+AI technologies. The software then automates the coding and routing using the rule and logic engine. Given that the automated AP software is integrated with current business processes such as ERP, seamless data transfer further reduces the overhead, decreases the touchpoints, increases accuracy, visibility and reporting across the department.
The right AP automation software that perfectly fits the current business and AP process can significantly improve accuracy, helps optimise the business’s vendor portfolio, save time & cost.
But how to choose the right AP automation for your business? One way is to try out each of the AP automation software in the market and choose the right one. Another way is to seek recommendations from folks that have used them – remote accounting firms like Back Office Accountants.
Being a remote accounting firm that offers dedicated Accounts Payable Services to real estate, restaurants and other businesses we are well versed in almost all types of AP automation software in the market. And following are our top picks in 2021.
Top 5 Accounts Payable Automation Software in 2021:
As one of the leading cloud-based software in the market, Sage Intacct does many things well, AP automation is one of them. Sage automates invoice processing reducing the total time, provides real-time payment tracking, automates payable workflows, and produces analytical reports for optimization.
In addition to real-time payment tracking, Sage generates real-time insights, vendor ageing reports, provides visibility from any device and integrates with other cloud-based financial services to provide an all-round-value.
Our AP experts have had a great experience using Bill.com as AP automation software for one of our clients at Back Office Accountants. Bill.com particularly shines in data entry automation by leveraging its AI and machine learning-powered automation software.
Bill.com offers multiple ways to import invoices, handles routing, customizes approval workflows to simplify the whole process and also offers great flexibility with extensive payment options. Given it offers extensive integration options, entire AP automation is made simple and seamless with Bill.com.
Oracles NetSuite is high-end automation software that automates approval, review and payment of the invoice by giving complete control from procurement to payment process. Like every other automation software, it reduces errors, handles exceptions, maintains vendor records, matches invoice automatically, automates journal entries, and accelerates invoice processing and give real-time access to key information. But where Oracle NetSuite truly shines is in its ability to seamlessly integrate accounting operations, sales and all other key departments. With the helping hand of suite apps in its marketplace, users can integrate with other business software effortlessly.
AvidXchange is a leader in AP automation that has helped automate Accounts Payable for thousands of businesses around the world. This software is designed around four fundamental modules of AP automation – invoice processing, purchase orders, bill payments, and utility bill management. Each of these modules is powered by automation tools that accelerate the process, improve accuracy, and reduce the risk & manpower needed.
Being a web-based platform AvidXchange is a single platform view of invoices, utility bills, payments and every other moving part in the AP process across multiple devices – mobile, tablets, desktop, laptop and more. In addition to this AvidXchange offers more than 200 integrations, a powerful stack of reporting and analytics tools, dedicated support to help your team, in case of any problems that arise.
A leader in AP automation, Stampli is a comprehensive AP automation platform that performs all the AP automation tasks better than its peers. Bringing together all the key components of AP onto a single platform, it centralizes communication and makes collaboration easy. On top of providing all the functionalities in automated AP Stampli leverages AI to simplify GL coding and provides an easy to use and attractive UI which is easily the best among AP automation software discussed here. It also offers customizable permissions and dynamic internal control for greater visibility and security.
A flexible AP solution that integrates with your existing financial stack, Stampli can be recommended for every business – small or large.
Companies that are looking to automate their Accounts Payable must look at different options to make sure that the specific software perfectly fit their workflow and business processes. Given each business has its own set of processes and workflow, you may need help from expert accountants like us at Back Office Accountants.
However, if you want to accrue all the benefits so AP automation software without having to buy, set up or manage an AP automation software, you can choose to outsource Accounts Payable to Back Office Accountants.
Leveraging Sage Intacct, Oracle NetSuite, Bill.com and AvidXchange, our Accounts Payable experts at Back Office Accountants deliver high-performance AP services to all types of businesses. You can find us here: https://www.backofficeaccountants.com/