11 Best Accounts Payable Software Platforms

What to look for in an accounts payable software vendor?

Paying suppliers and vendors on time keeps operations on track for many businesses. It allows employees to focus attention and resources on other avenues for growth. It gives them a reliable reputation, strengthening supplier relationships and opening the door for networking opportunities.

Accounts payable software can streamline the procure-to-payment process even more for faster and more reliable results. Mitigate the errors that come with manual processing and save your business time and money with automated solutions.

With so many platforms to choose from, you may wonder how they differ or what makes for the best accounts payable software.

If you are in the market to optimize your business's accounts payable system, you are in the right place. This article covers all the best features to look for and compares 10 top accounts payable software on the market.

Top Accounts Payable Software Platforms

• Medius
• Microsoft Dynamics 365 
• Epicor
• NetSuite
• SAP
• Stampli
• Oracle Cloud
• Quickbooks Online
• Zero
• Tipalti
• Sunrise
  
  

What is Accounts Payable Software?

When businesses purchase from manufacturers and suppliers, those expenses are processed through accounts payable (AP). They must capture, process, and approve supplier invoices before dispersing any payment to vendors. In theory, the process seems simple. But in practice, it is much more complicated.

To make AP processes easier to manage, many businesses developed AP systems. These systems are a road map to ensuring a vendor is paid without delay. They outline a business's steps to receive and approve invoices and payments processed from start to finish. But manual invoice processing not only takes more time but also opens the door to more errors. Inefficient AP systems can lead to discrepancies and higher threats of fraud, which are risks no business wants to take. Enhancing AP systems with technologies like AP software is vital for most businesses today.

AP software accelerates the procure-to-pay process with features like smart technology including AI and Machine Learning for invoice automation and fraud prevention. AP software can automate the entire process, from capturing invoice data to payment approval and execution, for increased efficiency and transparency.

Important Features of AP Software

With a general overview of AP software that optimizes accounts payable processing, the market will be much easier to navigate.

Here are some of the most important features that AP software can provide to benefit your business:

• Tracking of vendors, payments, and purchase orders
• AP automation
• Invoice capturing, scanning, and processing
• Multi-level matching
• AI and smart technology
• Tax compliance
• Approvals and bill payments
• Secure payment methods and reconciliation
• Fraud prevention
• Integration
• Analytics

Top 11 Accounts Payable Software Solutions

Medius

Medius is for businesses of any size looking to digitize, automate, and upgrade their AP systems. This cloud-based software makes long- and short-term operations management easy with smooth integration and other administrative and analytical tools. Medius also offers complete support to automate secure AP systems that run autonomously, boosting productivity, improving supplier relationships, and saving time and money for growing companies.

Microsoft Dynamics 365

Microsoft Dynamics 365 has many business management features as a combined CRM and ERP. This AP software is ideal for small and midsize businesses using Microsoft applications. With Microsoft Dynamics, businesses can consolidate all their AP and management systems for seamless communications and accessibility.

Epicor

Epicor is an ERP with cloud-based and global on-premises support. It's a scalable solution that offers flexibility and customization for businesses. Epicor's AP software is especially useful for businesses in the manufacturing industry, and its industrial IoT technology easily accommodates accelerated business growth without complications.

NetSuite

NetSuite is another ERP that offers simple AP automation for small startups and mid-level companies. The cloud capabilities make accessing NetSuite's user-friendly dashboards and KPIs easy. And it integrates seamlessly with other platforms and systems for comprehensive AP management.

SAP

As a high-end management solution, SAP provides customized services for clients. While the ERP caters primarily to large enterprise companies, there are AP software options for other types of business, too. SAP Business One and SAP Business ByDesign can benefit small and mid-level businesses. The features range in complexity and are compatible with many applications through integration.

Stampli

Ecommerce businesses and companies with extensive supplier lists are particularly suited to work with Stampli. This ERP focuses on expediting the AP approval and payment process. It uses cloud technology and intuitive AI to simplify communications and process payments quickly and efficiently.

Oracle Cloud

Unlike most of the other AP solutions mentioned, Oracle Cloud is a global EPM. It's equipped to handle reporting and analysis for experienced enterprises and some AP functions. By integrating with Enterprise One software and other Oracle Cloud Applications, this solution streamlines advanced accounting processes end-to-end.

Quickbooks Online

This AP solution offers a user-friendly system as a cloud-based alternative to Quickbooks Accounting software. It's ideal for small companies that need help managing a variety of payment methods and bookkeeping tools. Quickbooks Online has a high integration potential, especially for applications for AP automation.

Xero

A major competitor to Quickbooks Online, Xero is another simple AP management solution that best serves startups and small business accountants. Xero's cloud capabilities allow users to access the software anywhere. And it integrates smoothly with Bill.com for smart AP automation and digitization.

Tipalti

Tipalti is an AP software that utilizes SaaS to promote scalability and streamline payment. Businesses of any size can benefit from this software. And with automation as the primary focus, Tipalti integrates with ERP and EPM for customized AP management.

Sunrise

Freelancers are the ideal customer base for this free AP solution. The software includes invoice management tools and income and expense tracking. Small businesses can also pair Sunrise with other accounting systems for an added layer of security and accuracy.

Choosing the Best AP Software for Your Company

How AP software helps your business depends on what your business needs. You need a clear understanding of current practices before comparing AP software platforms. That way, you have all the information you need to make the best decision.

Start by mapping out your business functions as they are now. Examine how many invoices are received, processed, approved, and fulfilled. Take note of how long the AP process takes, how accurate it is, and any areas for improvement. Speak with stakeholders and listen to their advice. Create a digital workflow incorporating these new ideas to automate your business’s AP system.

Your business needs and optimized workflows will play a major part in deciding on an AP solution. But there are a few more things to consider when choosing the best AP software for your company.

Here are five questions to ask when comparing AP software:

1. Is this software user-friendly? 

2. Does it provide tools like workflows and automation to reduce manual processes?

3. Does this AP software integrate with your business's ERP or other application systems? 

4. Does it provide fast processing for on-time approval and payments?

5. Does this AP software offer fraud protection and security features for reliability and accuracy?

Why Medius?

If you are ready to optimize your business with the right AP solution, take the next step with Medius.

Our comprehensive AP solutions deliver quick ROI with services tailored to you.

We embrace smart technologies like AI, machine learning, OCR, and more for autonomous AP you can trust.

As an AP platform, our cloud-based services assist in organizing all areas of business spending, including enhanced payment automation, procurement, sourcing, contract management, and supplier management.

Digitize your business’s AP with our advanced AP automation features like:

• Intelligent Invoice Capturing
• Touchless Data Cataloging
• 3 Way matching
• Out-of-the-Box Integration
• Advanced Analytics
• Streamlined Supplier Payments

With the support of our in-house customer success team and our award-winning AP software, Medius is here to help every step of the way.

Get started with a live demo today!