Still irritated from the headache of manually managing the documents, bills, and expenses? Or feeling dizzy from this monotonous and tedious job? If yes, then you definitely need to automate your Accounts Payable. If we look at the reasons in detail, then according to Finly, the 5 signs which prompt you to jump to AP Automation are losing productive time and delayed vendor payments. In addition to these, erroneous data entry, team inefficiency and damaged financial records due to physical maintenance are also some of the factors.
And ever wondered, there are many industry leaders out there, providing you easy, and user-friendly solutions to solve these problems.
If you don’t understand what Accounts Payable Automation is, here’s a quick short definition, In today’s day and age, organizations have adopted digital technology such that they cannot sustain without it. Documents are being shared via email and getting digitally signed. Automation has taken over through most of the businesses. However, finance teams are still struggling with the same old paperwork, manually filing expenses, accounting entry, etc. In fact, with this methodology, companies incur many costs. Accounts payable automation software can help reduce the business expense by streamlining and automating your payable.
Accounts payable automation is a great way to improve business processes and reduce costs. With the right solution in place, you can eliminate many of your current pain points, making life easier for both your team and your vendors.
Let’s have a look at some global as well as local industry leaders who are dealing with Accounts Payable Automation.
California based Airbase is a cloud-based spend management platform for US-based companies with 50-1,000 employees. Clean up your corporate card spend and eliminate expense reports. Implement expense pre-approvals, issue physical and virtual company cards, pay bills, and automate your expense account coding.
AvidXchange’s solution is comprised of three main applications: purchase order application, invoice application, and payment application. These applications are supported by several service teams to enable our users to have a very supported software experience.
#3 Beanworks AP Automation
Beanworks AP automates accounting workflow to empower teams to succeed. It frees up the Controller’s time, previously spent chasing approval and verifying information, for more strategic work. From purchase to payment, Beanworks AP integrates with your software to make accounts payable (AP) simple and delightful.
Coupa’s AP automation software solution provides e-invoicing choices from EDI and cXML to a supplier portal and emails. It’s Business Spend Management(BSM) platform provides one single place to manage business expenses. You can streamline processes and speed up adoption by seamlessly integrating enterprise applications using CoupaLink, their open API integration platform. CoupaLink supports APIs for tax engines, single or multiple ERP integrations, invoicing, payments, travel and expenses, and middleware platforms.
Finly comprises of an Intelligent & Scalable Accounts Payable Automation solution to manage employee travel and expense, e-procurement, invoices, enterprise utility bill payments, agreement based payments, budget, and vendors. The powerful policy engine governs all business transactions & an integrated payment technology system allowing automated reconciliations. These solutions enable easy enforcement and control of spend policies, budgetary controls across the organization and eliminate human errors or frauds along with saving resources including time and money.
MineralTree offers the end-to-end APA solution that automates invoice and payment processing. Plus, MineralTree’s APA solution includes two-way integration (automatic sync) with NetSuite, Sage Intacct, QuickBooks, Microsoft Dynamics GP, Xero, and Caliber. And, check and electronic payments are processed directly from the business’s bank.
Nvoicepay’s payment solution enables AP teams to pay all supplier invoices in a single automated workflow, without keeping track of payment instructions or going through a complicated ERP integration. To get started, we reach out to enable all your suppliers for payments via Nvoicepay.
#8 Sage Intacct
Sage Intacct gains real-time financial and operational visibility throughout your business. Sage Intacct financial management software delivers the automation and controls around billing, accounting and reporting that finance needs to reduce errors. Sage Intacct helps CFOs access integrated management and financial reports across their business entities.
Stampli is a powerful APA available, giving AP full control of the invoice lifecycle. By centering communications on top of the invoice, issues are quickly resolved, and approval happens 5x faster. Stampli makes it effortless to automate AP. Their AP Automation software solution uses Artificial Intelligence technology — Billy the Bot — to automate AP invoice processing and learn an organization’s unique patterns to simplify GL-coding, automate approval notifications, identify duplicates and more.
Tipalti is the end-to-end solution to automate the entire global payables operation in a cloud platform. It provides the systems infrastructure to scale, with robust tax and regulatory compliance built-in and financial controls to govern your AP operations.
You can choose the 1 most appropriate solution among these or a complete automation suite like Finly which is fully customizable and configurable which suits your needs and fulfills all the requirements. Be it Expense Management, or Vendor payments, you can have it all here. Make sure to check all the features provided by these companies.
If we talk about the trending culture in the Finance Industry, Automation of Accounts Payable is surely the one!
What is the one thing an AP automation company must take care of? Give it a thought!