6 Best Accounts Payable tools for Small Businesses in 2024
If someone asks you “Have you paid to your suppliers, and vendors last month?”, then you need to check the multiple excel sheets or paper documents to find the past transaction history, right? It is not the right way to handle your accounts payable, especially while having all the advanced software solutions. For some reason, you will have issues with handling all the accounts payable manually.
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Challenges with Manual Accounts Payable Process
- Data entry errors
- Missing invoice records
- Duplicate invoice
- Approval delays
- Duplicate payments
- Data inaccuracies
- Delayed payments
- Matching errors
- Compliance risks
- Lack of visibility
Solution:
How About Using Accounts Payable Tool to Handle All The Above Challenges?
What is Accounts Payable Tool?
Accounts Payable Automation Tool is a technology that helps accounts team to automate day-to-day operations like receiving invoice, approval management, setting payment reminders, auto-generated reports, real-time tracking, and so on.
Have you heard about the term, “touchless invoice processing”?
If not, let me explain. Touchless invoice processing is a way that eliminates the need for manual intervention or physical entry of handling invoices.
The accounts payable software comes with the concept of promoting touchless invoice processing. It eases the invoicing process by handling A to Z accounts payable process which includes three-way matching, cashflow optimization, real-time data access, auto-generated reports, and so on.
In this blog, let’s learn about the top 6 accounts payable tools and the supportive and staggering features of those tools. Before diving into the topic, you must know about the ideal steps to consider while choosing an accounts payable tool for your business.
4 Simple Steps to Choose an Ideal Accounts Payable Tool
1. Formulation of Strategy.
Organize cross-functional teams in your company to identify goals for implementing AP tool.
2. Determine the Scope of Work.
At this point, the accounts payable department must conduct a business requirement analysis and document the existing accounts payable processes in detail.
3. Vendor Evaluation.
After receiving proposals from vendors responding to your request for proposal, assess the details of accounts payable tool solution companies including their features, cost and implementation strategy.
4. Vendor Selection.
After analyzing choose best AP solution provider and analyze how they can fulfill your requirements. After getting convinced, ask for a demo with the company to understand their process.
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6 Best Accounts Payable Tools for Small Businesses in 2024
1. iFlows
iFlows is an efficient accounts payable tool developed by iSQUARE. It effortlessly handles digital documents, invoice processing, aligning purchase orders, and payment matching. With advanced automation features like OCR technology, it scans, reads, and converts handwritten bills and paper invoices into digital documents. Also, its three-way matching process is an effectual feature that compares the purchase order, invoice, and goods receipt and acknowledges if all the documents are matching perfectly which promotes for an error-free approval process. The iFlows helps to optimize cash flow, selects the convenient method of payment method, and executes the payment automatically. It ensures that the payment process is completed on time.
2. Oracle NetSuite
Oracle NetSuite offers accounts payable (AP) tool that automates the process of review, approval and payment of supplier invoices. This provides you with greater control over the full procure-to-pay process. It also provides users with overviews of customer activities in terms of invoicing, payment activity, system reporting and usage of analytics without having to run new sets of reports for every question that arises. This tool is particularly useful to startup companies which have aggressive growth strategies and will require to making lots of decision. Also, it is best for small business, mid-sized, and some enterprise companies.
3. Tipalti
Tipalti has the best accounts payable automation process features which include invoice approval workflows along with approval process routing, self-service supplier on boarding and invoice automation. It also comes with bill pay, tax-compliant risk management and risk measures mitigating fraud to ensure you have appropriate accounting. The software ensures that your company comprises of a strong system of checking accounts. Tipalti’s software combines artificial intelligence (AI)/ machine learning with RPA processes.
4. QuickBooks Online
QuickBooks Online is the Web version of the QuickBooks accounting software. The accounting software package; QuickBooks Online (and QuickBooks Desktop) incorporates add-ons to automate activities such as accounts payable automated with integrations of Tipalti. Some optional functions of QuickBooks Online involve Intuit Merchant Services for credit card processing, so users can accept credit cards, debit cards, PayPal, Apple Pay, Standard wire transfers and ACH electronic bank transfers. It is best for small and mid-market SMEs (for up to 25 users) that accept various payment methods.
5. Sage Intacct
Sage Intacct, being a cloud-based accounting and financial management software suite, is one that ensures that businesses can scale and grow but also continues offering accuracy, efficiency, and visibility on data. Sage Intacct has inbuilt dashboards that the users can utilize to monitor tallies, transactions, and even patterns and reports. On the other hand, Sage Intacct also permits approval workflows to be systematized, and internal control implementation simplified by the built-in customizable control options within the system. It suits best the growing organizations that typically have 20 + employees as well as mid-sized companies.
6. Kissflow
Kissflow is one of the best accounts payable automation software with a low-code platform which helps to build applications and workflows without getting too technical. Supplier management, invoice processing, expenditure tracking and reporting, and integration facilitate the processes of managing accounts payable. Also, it comes with a feature that automatically routes invoices to the appropriate approval workflows. With its low-code capabilities, it has become much easier for businesses to customize accounts payable process at each stage according to their needs. That’s why it has customers from many various industries, yet the information technology and services sector are their higher user bases. It can be used by businesses of all sizes. The only thing is that the company must have over 10 employees.
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Take Away
After the dawn of advanced automation solutions, the accounts payable team is witnessing a reduced burden with various tasks like invoice recording, payments/ transfers, real-time reporting and data integrations with accounting platforms.
Using accounts payable automation software opens the door to possibilities of scaling your accounts payable process effortlessly to satisfy the needs of your business. As the accounts payable process has a significant impact on the growth of your business revenue, it is essential to take time to choose the right accounts payable software.
Looking for a better Accounts Payable System for your business? Schedule a Demo with us to dive in for a discussion.
Posted by Prakathsree
On 09/07/24
