11 Best Accounts Payable Software for 2024

Imagine you have a small business where you make and sell organic skincare products. You buy things like essential oils and plant extracts from several suppliers to make your products. Every month, these suppliers send you bills for the ingredients you’ve bought. It’s really important to pay these bills on time so you and your suppliers stay on good terms.

But, when you get lots of bills, it can be tricky to keep track of them all. This is where an accounts payable software can be of big help. Think of it as a handy tool that keeps all your bills in one place and helps you pay them on time, so you don’t have to worry about forgetting any of them and getting charged extra.

In this article, we’re going to talk more about what accounts payable means and share a list of 11 accounts payable tools that can make handling it much easier for businesses.

Table of Contents

• What is an Accounts Payable Software? 
• Top 11 Accounts Payable Software  
• Key Benefits of Accounts Payable Software 
• How to Select an Efficient Accounts Payable Software 
• Accounts Payable FAQs 
• Way Forward

What is an Accounts Payable Software?

Accounts payable software is a digital tool that helps businesses manage and organize their bills and payments. It automates the process of entering invoices, tracking amounts owed, and ensuring payments are made on time. 

This software can also provide reports, help with approval workflows, and integrate with other financial systems to give a complete picture of a company’s finances. In essence, it’s a tool that makes handling bills and payments easier and more efficient for businesses.

Top 11 Accounts Payable Software

There are various software for accounts payable, each with its unique features and capabilities. Let’s take a look at the top 11 accounts payable tools (in no particular order). 

1. Hiver

Hiver is a platform that brings all your finance operations inside Gmail and Outlook. The tool helps finance teams effortlessly manage, monitor, and work together on vendor communication. It also helps to enhance vendor relationships by ensuring prompt communication and timely payments.

Hiver offers approval workflows within Gmail and Outlook, allowing you to easily initiate, monitor, and receive approvals for various requests like invoice processing, reimbursements, discounts, and more. It also enables you to create multi-step approval processes involving approvers from different departments.

Standout Features: 

– Collaboration: If you require assistance from a colleague before approving an invoice, Hiver enables you to tag the relevant person and leave a note.

– Approval: Easily set up approval processes using the Hiver admin panel. Assign approvers for each step. When at least one approver approves a given step, it automatically triggers the next step in the workflow.

– Integration: Manage all your financial operations in a centralized location by using Hiver’s integrations with various third-party tools, like Quickbooks, Zapier, Xero, among others.

– Automation: Streamline your work by automating repetitive tasks. For example, you can assign all email queries containing the word ‘Invoice’ in the subject line to a designated team member.

– Email Management: Make sure emails from vendors are promptly addressed. Set up alerts that notify appropriate stakeholders when emails are not actioned within a designated timeframe.

Pros:

• Navigating and understanding Hiver is extremely easy, since it works inside Gmail and Outlook. 
• Seamless cross-department collaboration on invoices using Hiver Notes.
• Reporting and analytics that help the finance team understand how many invoices were paid and are due in a given timeframe. 

Cons:

• May not work for teams who don’t use Gmail and Outlook.

Pricing:

Hiver offers four pricing plans.

• Free forever plan
• Lite plan: $19 per user per month
• Pro plan: $49 per user per month
• Elite plan: $79 per user per month

2. Tipalti

Tipalti is a comprehensive cloud-based software solution that facilitates payment automation and management. With this platform, you can manage everything from purchase orders and invoices to payments, and control and reporting, under one roof. 

Besides, it simplifies global payment processes and enables businesses to onboard suppliers, partners and freelancers with ease. It allows integration with several popular tools such as Oracle NetSuite, Sage Intacct, QuickBooks, and Microsoft Dynamics. 

Standout Features:
 
– Supplier Management: Onboard suppliers and enable supplier self-service.

– Invoice Management: Automatically match POs to invoices and schedule bulk payments. 

– Payment Remittance: Easily schedule payments in 196 countries in 120 currencies. 

– Payment Reconciliation: Integrate payment methods, subsidiaries, and regions in a single file. 

– Purchase Order Matching: Enable 2-way and 3-way invoice auto-matching.  

Pros:

• Easy to manage payments and check vendor status (open, paid, etc.)
• Makes it easy to pay all bills from one place
• Straightforward interface and easy to configure

Cons:

• Currently, there’s no feature for managing staff expenses
• Limited reporting capability
• You can’t select multiple invoices at once 

Pricing:

Starts at $149 per month per user. Additional cost for upgrades and advanced features (like W-8 tax forms, international tax IDs, or multi-entity payables). 

3. BILL

BILL is a financial automation software for SMBs and accounting firms. The platform helps businesses to simplify and manage their accounts payable process. It offers multiple ways to import invoices quickly, tailor workflows as per business rules, and eliminate manual data entry. 

Besides, you get access to multiple vendors and different payment options, like ACH, credit card, check, and international wire transfer. BILL connects with some leading accounting software, including Xero, Sage Intacct, Freshbooks, Quickbooks, NetSuite, and more. 

Standout Features: 

– ACH: Automatically send ACH payments to any vendor.

– BILL Checks: Pay vendors with two styles of paper checks. 

– International Wire: Pay domestic and international vendors in over 130 countries. 

– Two-way Sync: Vendor data and invoices auto-syncs between BILL and accounting software. 

– Vendor Direct: Free digital alternative to paying by check or ePayment for faster payments. 

Pros:

• Quick and efficient bill approval process  
• Ease of sending invoices in bulk 
• Multiple currencies make way for easier international payments. 

Cons:

• Long payment times especially for international vendors 
• Currently, it doesn’t allow exporting a bill payment statement 
• Cannot search for specific invoice numbers 

Pricing:

There are four types of pricing options available, along with a free trial option. 

• Essentials: $45 per user per month 
• Team: $55 per user per month 
• Corporate: $79 per user per month 
• Enterprise: Custom pricing  

4. AvidXchange

AvidXchange is an accounts payable software for mid-market businesses. It offers a single dashboard to view invoices and make payments, and comes with comprehensive procure-to-pay features. Besides serving multiple industries, its real estate integration capability is considered one of the best. 

The platform enables integration with over 225 accounting systems, including some popular names like Sage Intacct, Quickbooks, Microsoft Dynamics, NetSuite, Acumatica, Blackbaud, and many more. 

Standout Features: 

– Paperless Invoice Processing: Receive, track, and approve invoices digitally.

– Electronic Bill Payment: Eliminate paper checks and save payment processing costs.

– Purchase-to-Pay Automation: Match invoices, purchase orders, and sales receipts digitally. 

– Invoice Management: Enable vendors to send invoices electronically in any format they prefer.  

– Bill Payment: Access two convenient payment options for settling bills. Either use the digital check creator or route to an e-payment application. 

Pros:

• Provides 24×7 access to the cloud-based AP platform 
• Approve invoices from anywhere and from any device 
• Streamlined and secured workflows that make it easier for new users to learn the tool

Cons:

• Currently, the payment process duration is long (about 3 weeks)
• Extensive implementation and set-up process 
• Returned/reissued payments are hard to reconcile 

Pricing:

Not provided by the vendor. However, certain review sites mention that businesses can expect an average cost of $5,000 per license for a 45-day implementation.

5. MineralTree

MineralTree is an end-to-end accounts payable software, for mid-sized companies. The platform automates the entire Invoice-to-Pay process while eliminating manual, tedious tasks like keying and coding invoices. You can determine when and how to pay your vendors, thus taking advantage of early-pay discounts and avoiding late fees, duplicate payments, or overcharges. 

Get popular ERP integrations with MineralTree, including Quickbooks, Microsoft Dynamics, Net Suite, Sage Intacct, Oracle EBS, Xero, and more. 

Standout Features: 

– Invoice Capture: Enable 2-way or 3-way Auto PO Matching and eliminate manual invoice entry errors.

– Invoice Approval: Instantly route invoices to a specific person for quick approval.

– Payment Authorization: Approve and schedule payments easily, besides getting built-in payment controls to minimize fraud.

– Payment Optimization: Minimize transaction costs and get detailed remittance on every payment. 

– AP Analytics: Access real-time dashboards to track key metrics like invoice aging, payment mix, and rebates earned.

Pros:

• Excellent invoice approval workflow 
• Easy to add new vendors and contractors 
• Ability to submit and view historical invoices 

Cons:

• Difficulty in handling international payments sometimes 
• Attaching images to bills can be clunky
• Currently, there’s no way to sync a payment, in case of duplicate check number

Pricing :

Not provided by the vendor. You need to request a demo on their website.

6. Stampli

Stampli is an accounts payable automation software that brings everything related to AP documentation, communication, and workflows into a single platform. 

The platform helps reduce manual tasks and automates invoice processing with its AI Assistant – Billy the Bot. Stampli easily integrates with accounting systems and ERPs, such as Acumatica ERP, Dealertrack DMS, Quickbooks, Sage Intacct, SAP Business Suite, Microsoft Dynamics, NetSuite, and more. 

Standout Features: 

– Invoice Processing: Automate the capture, coding, and approval processes, to make accounts payable tasks more accurate and efficient.

– Centralized Collaboration: All interactions, documentation, workflows, and collaboration related to invoices are centralized in one place.

– Multi-entity Support: Process and pay invoices across different departments, offices, companies, or locations through a single platform.

– Vendor Management: Automatically manage vendor onboarding, information, and documentation to ensure compliance.

– Insights: Built-in analytics and reporting tools offer visibility into invoices, employee productivity, and AP processes.

Pros:

• Ability to create industry-specific and project-specific dashboards for approving invoices 
• Approval functionality is quick, simple, and efficient 
• Flexible reporting features  

Cons:

• You don’t receive a notification when an invoice is sent back to you 
• Cannot handle multiple invoices saved within a single file
• Past invoices are not easily accessible 

Pricing:

Not provided by the vendor. Need to request a demo on their site.

7. Paymode-X

Paymode-X is an accounts payable automation solution, for mid-market to enterprise-level businesses. The platform enables a zero fraud payment network, which means that it offers a secure payment mode for your business and your vendors. 

It offers one of the largest B2B electronic payment network with over 500,000 vendors accepting virtual card and ACH (Automated Clearing House) payments every year. Paymode-X enables flexible ERP integration with netSuite, Dynamics 365, MRI, Meditech, Microsoft Dynamics, Quickbooks, and more. 

Standout Features: 

– Invoice Automation: Digitize and streamline your complete invoice lifecycle, from receipt to approvals. 

– Payment Automation: Save time and earn cash-back rebates with virtual card and Premium ACH payments. 

– International Payments: Make seamless international payments in 53 countries and 26 currencies. 

– Manage Payments: Check payment statuses and rebates, view historic payment data, and easily add vendors as well as bank accounts. 

– Vendor Enrollment: Get a customized vendor enablement plan that suits your business, besides getting assistance in vendor recruitment and onboarding. 

Pros:

• Dashboard layout and reporting functions are clean, simple, and helpful 
• Platform set up and implementation is quick and easy 
• Easy matching of payments with open invoices 

Cons:

• No way to download the list of payment details 
• Difficult to figure out which payment is being made
• Users have to frequently change their passwords

Pricing:

Not provided by the vendor. You need to request a demo or connect with their solution expert on call (+1 (844) 729-6633).  

8. Spendesk

Spendesk is an end-to-end spend management platform for finance teams. It offers a 7-in-1 solution – which means you can manage corporate expenses, pay invoices, access reimbursements, set and track budgets, get approvals, generate reports, ensure compliance, and perform pre-accounting tasks – in one single, scalable platform. 

With Spendesk, you get visibility over operational spend and can close your expense books faster every month. Spendesk allows for integration with some leading tools, including Zero, NetSuite, Slack, and more. 

Standout Features: 

– Accounting Automation: Automate several processes such as extracting VAT, assigning expenses to the correct accounts, and matching receipts.

– Invoice Management: Streamline and simplify the accounts payable process by linking purchase orders and supplier invoices to team approvals, budgets, payments, and accounting. 

– Business Budgeting: Manage spending by setting smart business budgets, making it easier for teams to stick to their budgets and develop healthy spending habits. 

– Spend Control: Manage and control all your company’s spending in one place. Get control over who can spend money with pre-payment approvals. 

– Reports: Get accurate and timely spending reports in one place. View your current spending commitments in real-time and track your company’s cash flow.

Pros:

• Helps create seamless business and finance workflows
• Expenses can be easily registered and auto-approved 
• Clean and easy-to-understand user interface  

Cons:

• Document validation and approval takes a little longer 
• Issues with Spendesk card payment at times 
• Inability to upload word documents 

Pricing:

Spendesk offers three types of pricing plans. 

• Starter: Up to 7 users including one approver 
• Essentials: Unlimited users and approvers  
• Scale: Unlimited users and approvers  

Book a demo to know the pricing of each plan. 

9. PayEm

PayEM is a comprehensive spend management system, which helps finance and procurement teams drive business growth. The tool syncs with a company’s financial software to capture requests and invoices, create bills, and schedule and send payments worldwide – in more than 200 territories and over 130 currencies. 

Integrations are possible with ERP systems, including NetSuite, Quickbooks Online, and SAP Business One. Moreover, it also offers integration with 30+ leading HR systems like ADP, Ceridian, HR Cloud, Workday, and more. 

Standout Features: 

– Spend Management: Automate and manage vendor payments – everything from fund requests, bill payments, reconciliation and more.

– AP Automation: Speed up your payment and invoice process while minimizing errors. Get the ability to customize and view every step of your AP process.

– Procure-to-Pay: Request-to-Reconciliation (R2R) on PayEm combines procurement and finance into a single platform. Admins can create custom approval flows that align with company policies and spending limits.

– Cross-Border Payments: Set up wire transfers, ACH, and credit card payments from any location, using any currency, and on behalf of any subsidiary with ease. 

– Custom Approvals: Customize approval flows to suit employees, departments, subsidiaries, and vendors. Administrators can see the holistic picture, while initiators can check the status of their approvals. 

Pros:

• Effortless and straightforward to control the budget
• Easy to manage and track expenses 
• Keeps payment organized and safe

Cons:

• Some issues with how documents are uploaded and managed 
• Certain vendors do not accept PayEm cards, so you cannot use it everywhere
• May not be the best for tracking invoices 

Pricing:

Not clearly specified. You need to request a demo. 

10. Lightyear

Lightyear is an accounts payable software tool built for SMEs and Enterprises. The platform helps consolidate purchasing, bookkeeping, and bill approval in a single, intuitive cloud interface. 

Lightyear offers real-time payables information and business intelligence functionality to assist businesses in making informed cash flow and forecasting decisions. It offers integration with some leading Accounting, ERP and Inventory platforms, including Xero, Quickbooks Online, Sage, NetSuite, AccountsIQ, and more. 

Standout Features: 

– Multi-tiered approvals: The approval process is flexible and can be tailored to include one, two, or three levels of approval.

– Automated Bookkeeping: Automate bookkeeping tasks by creating rules for GL coding, tracking categories, and supplier tax rates. These rules can be based on specific criteria, such as supplier or invoice details.

– Bank Verification: Detect potential fraud by comparing the bank details on an invoice with your own records.

– Automated Statement Reconciliation: Automatically match each line of your statement with your supplier bills and credit notes, extracting key information like the statement date, balance, and line data.

– Flag Duplicate Bills: Get notified of any duplicate bills that are already in the approval process.

Pros:

• Easy to find bills and credit notes 
• Ease of invoice automation 
• Multi-channel support via live-chat, phone, email, ticketing, and knowledge base

Cons:

• It only offers 24×5 support
• There is a lot of functionality and detail, so the platform can get overwhelming
• Reading OCR receipts is a bit difficult lacking, 

Pricing:

There are three types of pricing plans which Lightyear offers. 

• Starter: From $125 per month  
• Business: From $199 per month
• Enterprise: From $1199 per month

11. Xero

Xero is an accounting software platform for small businesses. With this platform, you can sync your bank and financials to the cloud and view your invoices, contacts, and accounting information – all in one place. 

Easily automate invoicing and reporting tasks, get a full financial picture of your business, and collaborate with your accountant, bookkeeper, or employees in real-time. Integrate a diverse range of apps through the Xero App Store, as per your industry, region, and needs. You can also build a custom app or integration using Xero’s open API. 

Standout Features: 

– Pay Bills: Track and pay bills promptly. Get a complete understanding of your accounts payable and cash flow. Streamline your payment process by making bulk payments and scheduling them in advance. 

– Bank Connections: Seamlessly integrate your bank account with Xero and set up automatic bank feeds. Daily transactions will be securely imported into Xero, allowing you to efficiently monitor your cash inflows and outflows.

– Bank Reconciliation: Ensure the accuracy of your financial records. Save time by reviewing and accepting suggested reconciliations, making the bank reconciliation process more efficient.

– Accounting Dashboard: Monitor your financial performance on a daily basis through Xero’s accounting dashboard. Keep track of essential financial information such as bank balances, invoices, bills, and more. 

– Reporting: Gain insights into your business’s financial performance. Collaborate with your financial advisor in real-time, and customize how you want the data to be displayed in each report. 

Pros:

• The interface is intuitive and easy to navigate 
• You can go back and make changes in invoices 
• Easy to track and manage expenses 

Cons:

• Search capability is poor and limited. 
• The multi-currency functionality is expensive and doesn’t work well sometimes 
• Creating custom reports can sometimes be labor intensive

Pricing:

Xero offers three pricing plans and a 30-day free trial period. 

• Early: $13 USD per month 
• Growing: $37 USD per month
• Established: $70 USD per month

Key Benefits of Accounts Payable Software

Accounts Payable (AP) software streamlines and automates the processes involved in managing a business’s outgoing expenses. Here are some of the primary advantages:

1. Improved Efficiency and Productivity

AP software automates repetitive tasks such as data entry, invoice matching, and payment processing, freeing up staff to focus on more strategic activities. The automation capabilities significantly reduce the time required to process invoices and payments. This enables businesses to meet payment deadlines more easily and take advantage of early payment discounts.

2. Enhanced Accuracy and Reduced Errors

By automating data entry and calculations, AP software reduces the chances of errors that can occur with manual processing, such as duplicate payments or incorrect amounts being paid. Advanced AP solutions offer three-way matching (matching invoices with purchase orders and delivery receipts),ensuring that payments are accurate and authorized.

3. Cost Savings

Automating accounts payable processes reduces labor and operational costs associated with manual invoice processing. Timely processing enables businesses to take advantage of discounts for early payments and avoid late payment penalties.

4. Enhanced Visibility and Control

AP software provides comprehensive insights into the accounts payable process, including outstanding invoices, cash flow forecasts, and spending analysis. Control over the AP process helps ensure adherence to regulatory requirements and internal policies, reducing the risk of fraud.

5. Better Vendor Relationships

Many AP systems offer vendor portals, enabling direct communication between businesses and their suppliers for updates on invoice status, disputes, and payments. Consistent and timely payments contribute to building strong relationships with vendors, which can lead to more favorable terms and reliability in supply chains.

How to Select an Efficient Accounts Payable Software

Selecting an efficient accounts payable software is crucial for streamlining your financial processes. Here’s a step-by-step guide to help you make an informed decision:

• Assess Your Needs: Determine the volume of invoices you handle monthly. Identify the challenges you currently face with accounts payable. Consider the growth trajectory of your business and future needs.

• List Essential Features: Based on your assessment, list down the features you absolutely need. (Refer to the previously mentioned features as a starting point.)

• Budget Consideration: Determine how much you’re willing to invest in the software. Remember, while cost is a factor, the benefits of automation and efficiency often outweigh the initial investment.

• Research Options: Start with a broad search to identify popular accounts payable software in the market. Read user reviews, expert opinions, and case studies.

• Request Demos: Most companies offer free demos or trial periods. Use this opportunity to test the software’s functionality and ease of use. 

• Compare Pricing Models: Some software providers might charge a one-time fee, while others might have a subscription model. Consider the long-term costs and benefits of each.

Accounts Payable FAQs

1. What is the difference between accounts payable and accounts receivable?

Accounts Payable refers to the money a business owes to its vendors, suppliers, or other creditors, while Accounts Receivable refers to the money that a business is owed by its customers for products or services sold.

2. What is the Accounts Payable process?

The AP process typically involves several steps, including invoice capture, coding, approval, payment, and reconciliation. It is essential to ensure that all invoices are accurate, approved, and paid on time to maintain good relationships with vendors. Also, diligently managing VAT returns is important to ensure compliance and financial accuracy.

3. What are some common AP challenges?

Common AP challenges include managing cash flow, handling a high volume of invoices, ensuring compliance with accounting regulations, preventing fraud, and maintaining accurate vendor data.

4. What is invoice processing?

Invoice processing is the procedure of receiving, verifying, and recording invoices from vendors, suppliers, or other creditors. This process includes reviewing invoices for accuracy, matching them to purchase orders and receiving documents, coding them, and entering them into the accounting system for payment.

5. What is vendor management?

Vendor management is the process of managing and building relationships with the vendors or suppliers that a business relies on to operate. This includes tasks such as selecting vendors, negotiating contracts, tracking vendor performance, and resolving issues that arise during the course of the relationship.

Way Forward

Hiver offers a convenient way to manage payables directly from your Gmail account, making it easy to assign, track, and collaborate on vendor emails. The platform helps improve vendor relationships by ensuring timely communication and payment.

Moreover, finance teams can simplify processes by delegating, tracking, and collaborating on all finance-related communication. This gives team managers a comprehensive view of what’s happening across the team at any given point.

In summary, Hiver provides finance teams with a powerful toolkit to streamline payables, collaborate with other teams, and respond to queries faster. If you’re interested to learn more, try Hiver for free for 7 days.