The shift from manual accounts payable to Automated Accounts payable brought in many process optimizations benefits to businesses. Accounts Payable is automated to process invoice and approvals in an exponentially faster manner which removes the time consuming process and it is error free. Account payable software allows you to have complete access to the payment cycle which acts as real time monitoring of payments effected. An intuitive, versatile accounts payable automation software has many benefits making it easy for users to create the Accounts Payable workflows that best suit their needs. Some of the features of Accounts payable automation software includes OCR invoice scanning, accounts payable invoice processing software, automated approvals, global cross-border payments, and accounts payable document management software. Accounts Payable tools come with key functionalities listed below.

Key Functionalities of Accounts Payable Tools:

Accounts Payable Softwares

Bill.com delivers financial process efficiencies through organized accounts payable (Accounts Payable) and accounts receivable (AR) management. Bill.com aids in eliminating the errors and increasing efficiency by using artificial intelligence (AI) and machine learning. The software has the capability to adapt to preferences of the business which helps in giving greater control over every aspect of bill management.

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Tipalti is a cloud-based integration and SaaS add-on software solution which helps in automating accounts payable processes. Self-service supplier onboarding, invoice automation, and automated invoice approval workflows are the top features of this accounts payable automation software. It also provides bill pay, tax compliance, and fraud reduction which helps in maintaining compliant accounting practices.

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Kissflow Procurement Cloud does help in automating the processing and payment of supplier invoices. Manual efforts are eliminated in Kissflow Procurement Cloud which supports the reduction of the time and effort taken for processing the bills. The prime features of Kissflow are touchless invoicing, setting invoice tolerances, three-way matching, integrations with the accounting system of the business, and the ability to create a negative invoice and offer early payment discounts. Kissflow Procurement is completely customizable as it is built over the Kissflow platform itself.

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Epicor offers cloud ERP systems for manufacturers, wholesale distributors, retailers, and service industries featuring industrial capabilities for supply chain and manufacturing. The ERP system also has accounts payable software which enables streamlining the scaling process with end-to-end payables. Epicor is seen to be flexible and offers customization options. These options help in structuring the data and information to offer maximum visibility into the costs associated with the business process.

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There are many other factors apart from cost to be looked upon while choosing an accounts payable software. It's imperative to understand the intricacies involved in your invoice processing. This will help define your Accounts Payable landscape and know what features a software must have to meet business needs. The below listed points are to be considered while choosing the best Accounts Payable for your business.

Accounts Payable Teams within Finance have the need to evolve in order to meet changing operational requirements. Through the adoption of digital technologies like accounts payable automation software, finance departments are quickly adapting, improving operations, and making significant impact within organizations. Choosing the right accounts payable software plays a major role in elevating your business by creating a simple workflow.