Best-suited AP Automation Tool For Your Business.

Companies wishing to automate accounts payment should carefully evaluate the various AP automation options to make sure it is the best fit for their company. To ensure complete automation of AP processing and significant time and money savings, it is essential that the accounts payable automation software chosen can cover all invoice processing use cases required by the business.

It is also important to understand how an organization’s AP automation software integrates with its ERP in order to guarantee data synchronization and effective processing. Through ERP integration, master data may be sent from the ERP to the AP system. Connectors for various ERP systems are typically provided as part of, or as an add-on to, AP automation solutions.

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One of these tools will probably be able to address your specific needs more effectively than the others. In order to determine which of the following checks the right boxes for your company, read through our list.

Spendesk

Spendesk wasn’t designed exclusively for accounts payable. Instead, it’s a thorough spend management solution that automates the worst parts of invoices, expenditure reports, and business credit cards.

The benefit of this is that all of your operational expenses can be managed on one platform. Employees will rapidly pick up on the proper ways to submit expense claims, make purchases while traveling, ask for additional subscription tools, and pay consultants and independent contractors for their work.

Use the same platform and essentially the same methodology to manage each of these processes.

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Key benefits

• Keep all kinds of payment in one tool for faster gains and less individualized instruction.
• Utilizing OCR software, automatically scan and enter data from invoices.
• Instead of having each employee contact the finance or procurement team, let them handle their own purchases.
• Set precise expenditure caps for team or user, and easily keep track of all managerial approvals.
• Every evidence of purchase should be automatically verified and saved on the platform as soon as a transaction is completed.

Beanworks AP Automation

Beanworks is an AP automation program created for accountants, as the ironic name implies. For businesses undergoing an audit, the program automates invoicing and reporting and is particularly beneficial.

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Of course, the fact that it’s simple to use for staff members with various levels of financial and technological expertise explains why it works so well for accountants. As a result, the finance team receives requests that are properly written and can easily transfer data into accounting software.

Key benefits

• Automatically imports and scans invoices.
• Important AP paperwork, such as purchase orders and invoices, is kept centrally.
• Automatically matches invoices to purchase orders.
• Includes processes for requesting and monitoring management approvals.

Gatekeeper

Gatekeeper bills itself as “the AI-driven all-in-one contract management platform” for finance as well as operational teams. It’s fantastic for businesses that handle numerous contracts, especially with recurring providers.

The specialized Vendor Portal is among the most intriguing features. By doing this, you can grant regular suppliers the use of (a constrained version of) the tool that bears your branding. They can save time and work for both parties by updating purchase orders and uploading invoices on their own.

The Kanban Workflow Engine, which enables your entire team to see who is responsible for each step of the process, will also be appreciated by agile teams.

Key benefits

• Through the Vendor Portal, vendors can build their own invoices within the system. Therefore, there is no requirement for your team members to scan or distribute invoices.
• Contracts may also include supplemental documentation like photos, invoices, and memos.
• The system incorporates approvals, which streamlines the procedure and reduces pointless communication.
• To connect contracts with other customer records, Gatekeeper interfaces with CRM software.

Stampli

Similar to Spendesk, Stampli automates the processing of invoices but lacks alternative payment options like business cards and expenditure automation. Your team members only input the invoices that contractors and suppliers deliver to the system for processing and approval.

Thanks to Billy, a bot that reads your bills and pulls important information, this process moves along more quickly. The more you use the tool, the more Billy learns, which makes coding invoices simpler.

Trusted vendors can also upload invoices directly into the system using the supplier portal provided by Stampli. But the tool’s approval procedures, which are well-liked by 96% of reviewers, are its most well-known feature.

Key features

• Billy the Bot extracts data from invoices after scanning them.
• Approvers have access to a central list of all outstanding invoices.
• Invoices are completely digitalized.
• Has good financial software integration with accounting software.

Conclusion