Accounting software is a necessity for the majority of businesses nowadays. Historically, it has been the main driver of computer and network development. The first computers were used to crunch numbers and execute nothing else but accounting programs.
The punch card machines went into business as early as 1907 for accounting. After the Second World War, UNIVAC retired computers from the military and released it for the general public. This was the time when General Electric bought the first computer for accounting. (Source).
Today, the Stock Exchange markets pushing the cutting-edge technology to process data faster. The speed of light becomes too slow. All these changes are happening too quickly, and many businesses are unable to adopt new technologies.
New, AI-driven accounting startups emerge every day, and it is getting hard to pick the right one. In the last year only we came across over sixty different accounts payable automation software solutions and tools. It is impossible to test drive all of them or even complete an in-depth research.
We wanted to make your life a bit easier and prepared an overview of the Top 10 Accounts Payable Automation Software solutions. Depending on the accounting principles and laws of each country, some of them are only fitted for specific markets. Some are trying to operate globally. Some specialise on the entire accounting automation process, etc.
So, here are the top 10 AP automation and invoice processing software tools:
1. Medius - Sweden
Probably the most well-rounded AP Invoice Automation software on the market. They offer automated software with supplier invoice, purchase, agreements, workflow and electronic invoice management modules. Medius serves retail, manufacturing, and service-oriented companies worldwide.
2. Beanworks - Canada
AP automation software that does the job, while not introducing new issues on the way. We know quite a few examples of AP automation software that solves one issue but introduces two new. The most interesting part about Beanworks is that they are not using any form of machine automation for the data entry part. However, it doesn’t stop them helping accountants to simplify accounts payable process.
3. ReceiptBank - UK
Well-known software on New Zealand and Australian markets for accountants and bookkeepers. They do not position themselves as an AP automation software but it can extract data from receipts and invoices. It works well for small businesses with a simplified procurement process. If you need Approval Workflow, you will need to buy it separately. ReceiptBank it is a great expense management and productivity tool.
4. HubDoc - Canada
Hubdoc positions themselves as a document management platform. It can capture receipts and invoices to help with data entry too. However, it won't be correct to say that it is an accounts payable automation solution. It is great for accountants to manage financials documents. Hubdoc originated in Canada but recently bought by Xero.
5. AvidXchange - US
Quite a large B2B payment network in the united states, founded in 2000. They focus on banking, construction, healthcare and real estate industries. They offer a range of accounting solutions, including automated invoice processing.
6. Concur - US
Concur headquarters are in the Washington DC. In 2014, it was acquired by SAP. They offer a great stack of technologies including all travel and expense management cycles. Recently, they have been actively promoting their accounts payable automation module. Works well for large companies, might be unaffordable for SME.
7. Abbyy FlexiCapture - Russia
This is an intelligent document processing platform. As far as I know, Abbyy was the lead of AI research in OCR since the late 80's. It looks like they are not selling directly to the businesses but rather through different parties. It offers a great data processing engine that needs to be well integrated into your other accounting or finance systems. A high-quality integration with MYOB advance is available.
8. Sypht.ai - Australia
Fairly new company in the Australian market launched by BPAY. They have been heavily investing in AI research and development. Their AP automation software is enhancing the OCR process for MYOB Group. They do receipting as well.
9. Tipalti - US
An enterprise-level solution that handles global mass payments. Apart from the end-to-end accounts payable automation solution you can process payments in the same system. According to customer reviews, it does the job pretty well.
1o. Kofax - US
Kofax was the first company we came across on the internet and the first AP automation demo I saw. They focus on AP automation software to a great degree. Despite being fairly outdated, they are still a very popular accounts payable automation solution for enterprise clients.
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It might seem odd that we are drawing attention to other accounts payable software tools. However, we understand that we cannot be a perfect fit for every business. And, we believe that you need to know about other options.
Whatever you end up choosing, make sure you have seen how AP Automation software works. For example, send an invoice during the live demo and see how it extracts data. However, keep in mind that there is no such AP invoice processing system that can extract all the data 100% correctly first time. You need to make sure that it is not a complex process and doesn’t take months to train your system. If you need a specific feature, make sure you have seen how it works too.
Some software will involve support, maintenance, integration and onboarding fees. Ensure your know all the costs upfront. We believe it is important to be transparent about pricing.
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It will be unfair not to mention Amazon Textract. A new player on the market from the gigantic Amazon company. It is not an AP automation software but rather a great engine for text and data extraction. We are using it in Ocerra for the automated invoice processing part. This is one of the ways how innovative companies are using the latest technology for the AP automation. Keep your software current!
At Ocerra AP automation we are focusing on a medium-sized companies, as we can assist with multi-company structure and intercompany transactions.