Accounts Payable Software

Accounts Payable (AP) software (now also interchangeably known as AP automation software) manages and automates the entire accounts payable process for businesses, from initial invoice capture and through to final reconciliation. Having evolved towards delivering full-scale AP automation solutions, leading AP software providers now incoporate technologies such as AI and predictive analytics to streamline the process of paying all dues on time.

Accounts payable functionalities are also typically found within accounting software, and within the accounting/finance modules of ERP software. However, dedicated AP software providers focus on accounts payable alone, while integrating with existing accounting solutions that businesses have to enhance AP processes (and not replace or compete with them).

Key features of accounts payable software

• Automatic invoice capture, storage, and processing: Capture invoices from emails and portals with OCR and AI technologies. Store bills and schedule payments for timely settlement, while also automating tax-related formalities.
• Invoice approval management: Customize approval workflows, trigger authorizers based on invoice type (such as job, vendor or category), and send alerts to approving parties for pending invoices.
• Vendor/supplier management: Offer suppliers/vendors a dedicated portal to upload their invoices, and keep them notified about their payment status at every step of the way. Also manage contracts by requesting for digital signatures.
• Purchase Order (PO) matching: AI and machine learning can enable the automatic detection and matching of purchase orders, with corresponding invoices.
• Integrations with accounting and ERP systems: Most leading accounts payable solutions integrate with top accounting systems such as QuickBooks and Sage Intacct, to streamline and scale existing AP processes.