Buying
Top 7 Real Time Accounts Payable Software
Published on:
February 21, 2025
Ajay Ramamoorthy
Senior Content Marketer
Karthikeyan Manivannan
Head of Visual Design
State of SaaS Procurement 2025
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Is your finance team stuck in  a never-ending cycle of manual invoice processing, approval delays, and late payments? You're not alone. 68% of businesses still rely on outdated AP systems, leading to 155% YoY error increases and an average cost of $15 per invoice. These inefficiencies drain resources, disrupt cash flow, and frustrate vendors.

But what if you could automate the entire accounts payable process, eliminate errors, and save thousands in operational costs? Modern AP software makes it possible—transforming your financial workflows from chaotic to seamless.


What are accounts payable software?

Accounts payable software automates invoice processing, vendor payments, and expense tracking, reducing errors and inefficiencies. It captures invoice data, routes approvals, matches purchase orders, and schedules payments. Integrated with ERP systems, it ensures seamless financial workflows and cost control.

7 Best accounts payable software

Some of the best accounts payable software include Spendflo, Bill.com, and SAP Concur. Here’s a detailed breakdown of their key features:

1. Spendflo

Spendflo is primarily known as a SaaS buying and optimization platform, but it also offers a comprehensive accounts payable features tailored for managing software subscriptions and licenses.

Imagine you are a rapidly growing tech startup with 200 employees. Your company uses dozens of SaaS tools across various departments, from project management software to design tools and cloud infrastructure services. Managing these subscriptions, their renewals, and associated invoices becomes a nightmare for the finance team.

Spendflo can automatically capture invoices from all these SaaS vendors, categorize them, and track renewal dates. It can flag duplicate subscriptions or underutilized services, potentially saving the company thousands of dollars. When it's time to pay an invoice, Spendflo can route it through the appropriate approval workflow and integrate with the company's payment system.

The Result? The finance team gets a clear, real-time view of all software expenses, helping with budgeting and forecasting. Meanwhile, department heads can see their team's software usage, helping them make informed decisions about which tools to keep or cut.

Best for: SaaS expense management and optimization for growing businesses.

Compliance & Security Features

Spendflo ensures secure and compliant accounts payable management with robust security measures: 

  • Automated Audit Trails – Track every transaction for full transparency and compliance.
  • Role-Based Access Controls – Restrict access based on user roles to prevent unauthorized      actions.
  • Multi-Layered Encryption – Secure vendor payment data with enterprise-grade encryption.
  • SOC 2 & GDPR Compliance – Ensure regulatory adherence without manual effort.


Key Features:

Automated invoice capture for SaaS subscriptions

Renewal tracking and alerts

Spend analytics specifically for software expenses

Integration with major accounting systems

Vendor contract management

Pros:

  • Specialized for SaaS expense management
  • Helps identify cost-saving opportunities
  • Simplifies complex SaaS ecosystems

Cons:

  • Limited to SaaS-related expenses
  • May require additional AP software for non-SaaS invoices

G2 Rating: 4.7 out of 5 (82 reviews)

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2. Bill.com

Bill.com is a cloud-based software platform that automates financial operations for small and midsize businesses (SMBs). Bill.com excels in its user-friendly interface and strong integration capabilities with popular accounting software like QuickBooks and Xero. It's particularly beneficial for businesses looking to transition from paper-based processes to digital AP management.

Key Features:

  • AI-powered invoice processing
  • Custom approval workflows
  • Multiple payment options (ACH, check, international wire)
  • Vendor management
  • Synchronization with accounting software
  • Mobile app for on-the-go approvals

  • Pros:

    • User-friendly interface
    • Strong integration with popular accounting software
    • Suitable for businesses transitioning to digital AP

    Cons:

    • May be less suitable for large enterprises
    • Some users report occasional syncing issues

    G2 Rating: 4.4 out of 5 (1,086 reviews)

    3. SAP Concur

    SAP Concur is an enterprise-level solution that combines travel, expense, and invoice management. SAP Concur is ideal for large enterprises with complex AP needs, especially those operating internationally. Its strength lies in its ability to handle multi-currency transactions and comply with various international tax regulations.

    Key Features:

  • Global invoice capture and processing
  • Policy compliance checks
  • Advanced approval workflows
  • Integration with SAP ERP systems
  • Comprehensive reporting and analytics
  • Vendor payment optimization

  • Pros:

    • Ideal for large, multinational corporations
    • Robust compliance and policy enforcement features
    • Comprehensive solution including travel and expense management

    Cons:

    • Can be complex to implement and use
    • May be overkill for small businesses

    G2 Rating: 4 out of 5 stars (6,052 reviews)

    4. Oracle NetSuite

    Oracle NetSuite offers a comprehensive cloud-based ERP solution that includes comprehensive AP functionalities. NetSuite's AP module is part of a larger financial management suite, making it an excellent choice for businesses looking for an all-in-one solution. It's particularly strong in providing real-time visibility into financial operations.

    Key Features:

  • Automated invoice scanning and data capture
  • Three-way matching automation
  • Customizable approval workflows
  • Real-time cash flow visibility
  • Vendor portal for self-service
  • Advanced reporting and dashboards
  • Pros:

    • Part of a comprehensive ERP solution
    • Strong real-time reporting capabilities
    • Scalable for growing businesses

    Cons:

    • Can be expensive for smaller businesses
    • May require significant setup and customization

    G2 Rating: 4 out of 5 stars (3,229 reviews)

    5. Xero

    Xero is a cloud-based accounting software popular among small to medium-sized businesses, offering AP features as part of its broader financial management toolkit. Xero stands out for its affordability and ease of use, making it a go-to choice for small businesses new to AP automation.

    Key Features:

  • Invoice capture and data extraction
  • Bill scheduling and payment reminders
  • Bank reconciliation
  • Multi-currency support
  • Integration with over 800 third-party apps
  • Mobile app for on-the-go management
  • Pros:

    • Affordable for small businesses
    • User-friendly interface
    • Wide range of integrations

    Cons:

    • May lack some advanced features needed by larger businesses
    • Limited customization options compared to enterprise solutions

    G2 Rating: 4.3 out of 5 (684 reviews)

    6. QuickBooks

    Intuit's QuickBooks is one of the most widely used accounting software solutions, offering robust AP functionalities especially suited for small to medium-sized businesses. QuickBooks' strength lies in its widespread adoption and integration with a vast ecosystem of financial tools and services.

    Key Features:

  • Automated bill entry and payment
  • Recurring bill management
  • Custom approval workflows
  • Cash flow forecasting
  • 1099 contractor management
  • Integration with bank accounts and credit cards

  • Pros:

    • Widely used, with a large ecosystem of add-ons
    • Strong features for small to medium businesses
    • Good integration with other financial tools

    Cons:

    • Can become slow with very large volumes of transactions
    • More advanced features may require upgrading to higher-tier plans

    G2 Rating: 4.5 out of 5 (3,307 reviews)

    7. AvidXchange

    AvidXchange specializes in AP and payment automation for mid-market companies. AvidXchange is known for its strong focus on the middle market, offering solutions tailored to the specific needs of businesses too large for small business software but not quite needing enterprise-level systems.

    Key Features:

  • Invoice digitization and coding
  • Customizable approval workflows
  • Multiple payment options (virtual card, ACH, check)
  • Supplier management portal
  • Integration with over 180 accounting systems
  • Fraud detection and prevention
  • Pros:

    • Strong focus on mid-market companies
    • Robust supplier management features
    • Good fraud prevention capabilities

    Cons:

    • May be too complex for very small businesses
    • Some users report a steep learning curve

    G2 Rating: 4.3 out of 5 stars (257 reviews)

    Manual AP vs. Automated AP: A Comparison

    Manual vs Automated Accounts Payable
    Feature Manual Accounts Payable Automated Accounts Payable
    Invoice Processing Time Slow, prone to delays Fast, real-time processing
    Error Rate High (data entry mistakes, duplicate payments) Low (automated validation and matching)
    Approval Workflow Manual, paper/email-based approvals Digital, automated routing for faster approvals
    Cost per Invoice High ($15 per invoice on average) Low (up to 80% cost savings)
    Visibility & Tracking Limited, scattered records Centralized dashboard with real-time insights
    Compliance & Audits Risk of missing records, manual tracking Automated audit trails and compliance enforcement
    Vendor Relationships Payment delays, disputes Faster, on-time payments improving vendor trust
    Scalability Labor-intensive, difficult to scale Easily handles growing invoice volumes

    Features of the Best AP Software

    The best AP software typically includes invoice capture and OCR for automated data extraction, automated three-way matching for invoice verification, customizable approval workflows, integrated payment processing with multiple payment methods.

    Let’s have a look:

    1. Invoice Capture and OCR:

    This feature uses Optical Character Recognition (OCR) technology to automatically extract relevant data from invoices, regardless of their format (paper, PDF, email). Advanced systems can learn and improve their accuracy over time using machine learning algorithms.

    For example, when an invoice is received via email, the software can automatically detect it, extract key information like vendor name, invoice number, amount due, and due date, and populate this data into the AP system. This dramatically reduces manual data entry and associated errors.

    2. Automated Matching:

    Also known as three-way matching, this feature automatically compares the invoice with the corresponding purchase order and receiving report. 

    For instance, when an invoice is received for office supplies, the system would automatically check:

  • If a purchase order exists for these supplies
  • If the quantities and prices match the purchase order
  • If a receiving report confirms the goods were actually received
  • Any discrepancies are flagged for human review, significantly reducing the risk of paying for goods or services not received or at incorrect prices.

    3. Approval Workflows:

    Approval workflows allow businesses to set up customized approval chains based on various criteria such as invoice amount, department, or vendor.

    For example, a company might set up a workflow where:

  • Invoices under $1,000 are automatically approved
  • Invoices between $1,000 and $5,000 require department head approval
  • Invoices over $5,000 require CFO approval
  • The system automatically routes invoices to the appropriate approvers, sends reminders, and tracks the status of each invoice in real-time.

    4. Vendor Management:

    This feature maintains a centralized database of all supplier information, including contact details, payment terms, tax information, and performance history.

    For instance, the system can:

  • Automatically update vendor information when changes are detected
  • Track vendor performance metrics like on-time delivery rates
  • Manage vendor contracts and renewal dates
  • Provide a portal for vendors to submit invoices and check payment status
  • This centralized approach ensures consistency in vendor interactions and helps in strategic sourcing decisions.

    5. Payment Processing:

    This feature integrates with banks and payment systems to execute payments once invoices are approved.

    Capabilities often include:

  • Batch payment processing to save time
  • Multiple payment methods (ACH, check, wire transfer, virtual cards)
  • International payments with currency conversion
  • Payment scheduling to optimize cash flow
  • Automated remittance advice to vendors

  • 6. Real-time reporting and analytics:

    This feature provides real-time insights into AP processes and spending patterns.

    Typical reports might include:

  • Days Payable Outstanding (DPO)
  • Cash flow forecasts
  • Spend by vendor or category
  • Invoice processing times
  • Early payment discount capture rates
  • Advanced systems offer customizable dashboards and the ability to drill down into transaction-level details.

    Stay ahead on the latest procurement trends with our State of SaaS buying report 2024

    How to Choose the Best AP Software: A Step-by-Step Checklist

    Selecting the right accounts payable software is crucial for efficiency and cost savings. Use this step-by-step checklist to find the best fit for your business:

    1.  Does it integrate with your accounting/ERP system? – Seamless integration       prevents data silos and ensures smooth workflows.

    2.  Does it support multi-currency & tax compliance? – Essential for businesses       operating in multiple regions.

    3.  Can it automate three-way matching? – Helps prevent overpayments and fraud by        matching invoices, POs, and receipts.

     4.  Does it provide real-time analytics & reporting? – Enables visibility into cash flow,       outstanding invoices, and spending trends.

     5.  Is the approval workflow customizable? – Allows businesses to set flexible approval       rules based on invoice amounts, vendors, or departments.

     6.  Does it offer fraud detection & security features? – Look for role-based access       controls, audit trails, and compliance with SOC 2/GDPR.

      7.  Is it scalable for future growth? – Ensure it can handle increasing invoice volumes       and additional users as your business expands.

      8. Does it support automated payments & multiple payment methods? – ACH,       wire transfers, credit cards, and virtual cards for faster, more secure vendor payments.
     

      9. What level of customer support is available? – 24/7 support, implementation       assistance, and training resources can make adoption easier.

    By following this checklist, you can confidently choose the best AP software that aligns with your business needs and growth plans.

    Is procurement outsourcing right for you? Find out with tools and checklists in our ‘Guide to Outsourcing Procurement’
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    Frequently Asked Questions on Accounts Payable Software

    1. How long does it typically take to implement AP software?

    The implementation time for AP software typically ranges from a few weeks to several months, depending on the complexity of your business processes and the chosen software.

    Factors affecting implementation time include:

    • The number of integrations required

    • Amount of historical data to be migrated

    • Complexity of approval workflows

    • Need for customizations

    • Availability of internal resources for the project

    2. Can AP software integrate with my existing ERP system?

    Yes, most modern AP software is designed to integrate with popular ERP systems. However, the ease and depth of integration can vary.

    Key integration points often include:

    • Vendor master data synchronization

    • General ledger posting

    • Purchase order matching

    • Payment execution

    3. How does AP software help prevent fraud?

    AP software helps prevent fraud through a combination of automated checks, access controls, and anomaly detection.

    Specific fraud prevention features include:

    • Segregation of duties

    • Automated three-way matching

    • Duplicate payment detection

    • AI-powered anomaly detection

    • Comprehensive audit trails

    • Vendor verification

    4. Is cloud-based or on-premise AP software better?

    The choice between cloud-based and on-premise AP software depends on your specific needs and circumstances. Both have their advantages and disadvantages. Choose cloud-based software if you want scalability and effortless implementation. But, if you want full control over the data and expect complete flexibility, go for On-premise solutions.

    Cloud-based AP software pros:

    • Lower upfront costs

    • Automatic updates and maintenance

    • Accessibility from anywhere

    • Scalability

    On-premise AP software pros:

    • Full control over data and systems

    • Extensive customization options

    • No ongoing subscription fees

    • Can operate without internet connectivity

    Use Spendflo as your Go-to Accounts Payable Software and Gain 360° View of Your AP Operations


    If you're ready to optimize your accounts payable operations and gain clear visibility into all your vendor payments, use a procure-to-pay platform like Spendflo to make it happen.


    With Spendflo, you can:
    • Get a comprehensive view of your payables, payment terms, due dates, and key vendor      information all from one interactive dashboard—and even keep track of approval      workflows, payment history, and more.

    • Set up invoice processing, automated approval routing, and match invoices with purchase      orders so you can focus on strategic financial management, faster.

    • Access detailed AP analytics, track key metrics like days payable outstanding (DPO), and      get recommendations for optimizing payment timing to make your       accounts payable process as efficient and effective as possible.

    Sign up for a free demo with Spendflo to see how it can transform your AP visibility and vendor payment management.

    Need a rough estimate before you go further?

    Here's what the average Spendflo user saves annually:
    $2 Million
    Your potential savings
    $600,000
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