Top 7 Cloud-Based Accounts Payable Solutions for Efficient Management

As your company plans for growth or gears up for future expansion –there’s a greater demand for efficiency and accuracy from the accounting and finance departments. For small accounting teams who manage expenses manually, greater client activity and business expansion often lead to delays and errors in processing invoices. As a result, companies struggle not only with keeping customers happy but also with fostering good relationships with vendors.

This is where cloud-based accounts payable automation software comes in.

AP automation cuts down on time spent processing invoices—a survey found that businesses that automate accounts payable process four times more invoices per full-time employee [1] compared to companies that continue to rely on a manual accounts payable process.

Tired of dealing with frustrated vendors and slow invoice approvals? Revamp your AP process now and experience how a smarter accounts payable system reduces bottlenecks and transforms your invoice processing workflow. Sign up for an Envoice account to get started.

Why Cloud-Based Accounts Payable Solutions Drive Business Growth

Projected growth in the US Accounts Payable automation market is at 10.30% [2] – and one of the biggest opportunities lies in cloud-based AP automation. Using cloud technology solves accounts payable headaches for companies whose AP needs increase as they scale and for accounting firms looking to expand their client base.

When your business clients and operations grow, so would expenses like the number of employees, infrastructure and office space needs, and utilities. By implementing cloud-based AP solutions, expenses still increase but at a slower rate. Businesses – even startups and small companies – can have access to a flexible and scalable AP automation solution.

Manage Costs Better With AP Automation

Cloud-based AP automation makes growth sustainable and affordable. Using systems accessible from anywhere gives you more options especially when it comes to talent. For instance, you can manage multiple locations remotely and outsource global talents, allowing you to have fully staffed accounting departments without a considerable increase in upfront investments in people and technology.

Many AP solutions allow seamless integration with existing ERP, finance, and accounting systems. This eliminates manual data entry, and you don’t need to hire someone to enter information in multiple systems. You don’t need to worry about errors due to typing mistakes. As long as the information entered from

As a result, you can keep expenses low, increase business activity, increase efficiency, and grow profitability while having accurate financial records and happy employees. It’s a win for you, your customers, your vendors, and even your employees!
And the benefits of cloud technology don’t end there.

Discover why implementing an automated AP software creates a big difference. Experience how cloud-based automation makes expense management less stressful for you and your team. Start your free trial today!

7 Cloud-Based Accounts Payable Solutions to Consider

Envoice

Envoice markets itself as an AI-powered platform for smart and efficient bookkeeping. Designed by professionals who understand the needs of accountants, bookkeepers, and business owners who need full visibility of expenses, Envoice makes spend management simple and easy.

With features such as automated data extraction, automated workflows, and expense report management, your team can reduce time spent on manual tasks.

OCR technology enables automatic data extraction, so your team can process more invoices in less time. Automated invoice approval workflows take care of routing invoices to your approvers – so you can make sure that invoices don’t sit at the bottom of the desk drawer for weeks. Since all invoices are on one platform, you can check invoice status at a glance and keep a clear audit trail. Envoice also integrates with many accounting systems like QuickBooks, Xero, Sage, and Microsoft Dynamics 365.

Users can sign up for the Essential account which starts at $7 a month per company or the Business package at $14 a month. Each package includes 30 document scans, and users must pay $0.15 for each additional invoice processed.

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If you’re a small business with basic invoice automation needs, check out Envoice now. Sign up for an account for free.

Sage Intacct ERP

As one of the highly recognized ERP systems, Sage Intacct makes it to the list since the company includes an effective accounts payable solution that cuts invoice processing time in half. With this platform, businesses can automate tasks like entering bills and streamlining processes to reduce time spent on manual tasks.

Designed for small to medium-sized business users, Sage Intacct is ideal for companies that require accounting software that can keep up with the increased business activity and revenue growth. Sage Intacct also provides customized solutions depending on your industry and type of business, making it easier to increase visibility into expenses and invoice status. The software also prides itself on helping business owners track AP due dates and paying vendors on time to capture early payment discounts.

Pricing is a crucial consideration before using Sage Intacct. Since the platform is an all-in-one business solution, the price range can be steep for smaller companies. Sage Intacct doesn’t provide pricing information on their website and you have to get in touch with the company and request for custom pricing depending on your business needs.

AvidXchange

Created for mid-market businesses, AvidXchange is a popular AP automation software for companies in the real estate, healthcare, construction, and banking industries. Key features of the platform include intelligent invoicing, electronic invoice management, and automated payments and approval.

AvidXchange integrates with many accounting systems, such as QuickBooks, Acumatica, Sage, Yardi, Microsoft, and Oracle Netsuite. Support for integration with multiple systems lets you send invoice data from your accounts payable software to your accounting or finance system – making it easier to update all your financial records.

AvidXchange makes life easier, but there are some drawbacks. For instance, you have limited reporting options, and some users report problems with invoice indexing, encounter issues with customer support and have trouble making check payments.

AvidXchange has quote-based pricing, so you need to contact the company for a custom quote.

Tipalti

When it comes to end-to-end accounts payable processing, Tipalti is among the cloud-based AP automation software to check out. Tipalti markets itself as a SaaS add-on that automates the accounts payable process. Some of the notable features of this tool include invoice automation, Automated invoice routing and invoice approval workflow, and self-service supplier onboarding.

Aside from allowing businesses to automate invoice processing, Tipalti makes financial management simpler by providing features that support AP reporting, invoice reconciliation, tax compliance, and global payments.

Tipalti’s pricing starts at $99 a month for the starter package. For Premium and Elite packages, you need to contact sales to get a quote. It’s also worth noting that Tipalti is more suitable for mid-sized to large businesses, and it may not be cost-effective for small companies.

Stampli

Built by AP experts, it’s not surprising why Stampli gets excellent reviews for accounts payable teams. Stampli addresses business needs across the entire invoice lifecycle. With Stampli, you can manage vendor onboarding, spend management, and remittance in one platform. Ease of use and smooth implementation are the most common reasons cited by users who moved from other AP automation software to Stampli.

Another key feature for Stampli is how it brings all communication in one place. If you have multiple approvers and you want to keep track of all discussions regarding open invoices, Stampli is worth considering. The AI bot that comes with the platform also learns from previous transactions, allowing the tool to make suggestions based on historical data. Like most AP automation software on this list, you must contact Stampli to get a quote.

If your business needs are simpler and more straightforward, and you feel that Stampli’s is not for you, check out Envoice. Small companies and accounting firms use Envoice to automate AP workflows to free up time and resources to grow the business while keeping customers, vendors, and employees happy. Read on to learn more.

Procurify

Procurify is a mid-market procure-to-pay software that helps companies reduce costs through effective spend management. With the goal of making procurement a profit-driving function, Procurify focuses on reducing rogue spending and mistakes in invoice processing to save both time and money. The platform also allows organizations to manage spending based on markets – which is ideal for larger companies operating in multiple markets. With the budget tracking function, you can see how actual expenses compare to expected spending.

Best for businesses requiring a streamlined procurement and accounts payable process, Procurify focuses on features such as a centralized procurement process, invoice approval workflows, and procurement reporting and analytics. For pricing requests, you have to talk to an expert who will evaluate your requirements and provide a quote.

Airbase

Airbase is another expense management solution that companies should consider if they’re looking to manage bill payments, control their non-payroll spending, and simplify invoice processing. Most suitable for companies with 100 to 5,000 employees, Airbase makes it easy for employees to send payment requests while keeping approvers in the loop.

With its user-friendly interface, users find Airbase easy to navigate and learn. Airbase also allows companies to issue virtual credit cards, making it easier to issue individual cards to employees who need to make purchases on behalf of the company.

Airbase does not publish pricing, but there are three packages: Standard for companies with up to 200 employees, Premium for businesses with up to 500 employees, and Elite for large enterprises with up to 5,000 employees. You can request a quote through the website.

Are You Ready for AP Automation?

Cloud-based accounts payable solutions have many advantages. But it’s essential to understand how AP automation works and how AP automation can help you solve your business pain points.

Take stock of your existing technology and understand your existing AP process to know what your business needs.

Here are some things to note when you’re ready to shop for a new AP solution.

Scalability

Evaluate the current and long-term needs of your business. Choose an AP automation solution that could keep up with the kind of growth you’re looking to achieve over time.

Compatibility with Existing Systems

List all the accounting or finance software you want to integrate with your accounts payable software. Integration speeds up invoice processing and reduces errors and mistakes.

Price and Fee Structure

Work on the budget for your accounts payable solution. Some companies charge a flat rate based on the number of users, others charge according to your usage, and others may have a modified fee structure.

Accessibility

Find a tool that makes it easier for your team to manage expenses whether you’re in the office or on the go. Check whether the AP solution is available through the website or as an app. Some also let you manage expenses through your email.

Functionality

Take your time exploring the features of the AP solutions you’re planning to implement to ease problems in your accounts payable department. Compare features from each platform and take it for a test drive or request a demo version.

Transform Your AP Process, Automate Now

Choosing a cloud-based accounts payable software can be a challenging task – for some companies, it may take a long time to find the right fit. If you are in the market for an AP solution that runs in the cloud, always do a test and see how the product works in real life.

Still confused if it’s time for AP automation? Schedule a Demo now to understand how accounts payable automation works and how your business can benefit from using smart technology.

Article Resources:
[1] Credence Research
[2] Globe News Wire