3 Best Accounts Payable Software & Buyers Guide

QuickBooks

Accounting software for small businesses, Manage finances with either licensed or online version,. Instant access to Customer, Seller and Employee Information

NetSuite

Empowers businesses of sizes & industries to unleash growth Unified to Reduce IT costs Eliminate operational inefficiencies Allowing revenue-generating decision

Sage Business Cloud Accounting

Online accounting software Anytime anywhere access Most important small business essentials Access daily to-do Invoicing Time-tracking Expenses Cloud/mobile app

Accounts Payable Software 

Accounts Payable Software helps in automating the management of money owed to other parties and offers accountants manage expenditures and invoices. This software provides features that identify errors, track invoices, and generating reports for improving general fund management and reducing manual efforts. Generally, accounts payable tools are designed to work with a public ledger and/or accounting applications and can be taken together within core accounting solutions.

Benefits of Accounts Payable Software 

Streamlining accounts payable process: This software helps in automating accounting functions, that finally removes errors like over-payments and duplicate payments. It automatically flags any exceptions which need manual review by a payment approver, streamlining the whole accounts payable procedure and resulting in efficient and correct reporting of invoices.

Real-time reporting:

  • Accounts payable software’s real-time reporting helps in delivering a full overview of the payment procedure.
  • The parties involved with every transaction, facilitating better monitoring of the overall payment cycle.

The availability of dynamic information also offers users take prompt action to counter fraud attempts. 

Centralized system: This software integrates all accounts payable information from across business units and departments into one central location, increasing data accessibility and helping to establish visibility into cash reserves and payment flow, that are crucial for auditing and compliance requirements.

Features of Accounts Payable Software 

Approval process control: Streamlining and managing the process of granting permission to appropriate users throughout task progression.

Invoice processing: Creating, processing, and managing supplier invoices until the payment is made.

Vendor management: Storing and tracking all vendor-related information, like contact details, offered services, and agreed terms.

Cash management: Managing different activities related to an organization’s funds, including collection and usage.

Data extraction: Automatically extracting information from documents or websites and input into a database.

Duplicate payment alert: Receiving automatic notification when a particular payment is initiated more than once. 

Electronic funds transfer: Transferring money securely between bank accounts, electronically

Tax preparation: Creating and distributing tax forms to suppliers.

Cost of Accounts Payable Software 

Most accounts payable software products are priced on a “per month” basis and can be divided into three pricing tiers based on their starting price. An enterprise product is rated higher have unique features like advanced reporting, document management, and third-party integrations.

Points to Consider while Buying Accounts Payable Software 

Integration capabilities: If the user already has another business app, like financial ones, deployed at the organization, be sure the accounts payable software you choose can talk to them. The integration will save the user from manually reconciling entries in each system. Check with the seller about all the third-party integrations supported by the tool.

The customizability of workflow rules: Generally, job flows in accounts payable tools are based on general accounting practices. Template job flows such as this can save time and effort, but rigidity or a lack of customization may become a tool ineffective if user accounting processes have unique requirements. Discuss user process requirements with vendors and explore the customize tool before buying.

Accounts Payable Software Trends

Accounts payable automation will offer businesses prevent fraud: 82% of organizations were victims of actual or attempted fraud during last years. This proportion could very well enhance if control measures are not implemented in the accounts payable process. Automating accounts payable can provide by centralizing all accounts payable activities and building payment controls into the procedure.

Artificial intelligence (AI) and machine learning turning data into business intelligence: The world is capitalizing on just one per cent of available data effectively. With the help of AI and machine learning, this is expected to enhance to about 14% in 2020. In terms of accounts payable, expect these technologies to be leveraged for more intelligent invoice data capturing and procedure efficiency analytics.

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