7 Best Invoice Automation and Accounts Payable Tools

This is a complete overview of the absolutely best invoice automation and accounts payable tools you can find today. 

But before we dive in, I really need to ask…

What’s the first thing that comes to mind when you think of your company’s invoicing and accounts payable process? 

That it’s challenging? Or slow and repetitive like hell? That it often tests your resolve beyond anything? 

Well, all of this is true. There is no denying that, if done manually, the process has its flaws.

But did you know the key term in what I said above is not “flaws”? 

No. It’s “manually.” 

Because, if managed by hand, the accounts payable workflow can be, well, challenging. 

But the thing is, it doesn’t have to be this way, and that’s why these invoice automation tools exist—to streamline and automate your accounts payable workflows. 

Let’s learn more about them, then. Let’s see how accounts payable automation tools can help you streamline invoicing processes, and also what platforms you should consider using. 

What are Invoice Automation Tools?

When we use this term - invoice automation software - we refer to a range of tools designed to simplify and automate manual accounts payable workflows. 

As the name probably suggests, these platforms automate many aspects of the workflow. It helps you cut down on repetitive tasks, automate data entry so you no longer have to do it by hand, and more. 

I guess the easiest way to explain this is by comparing the manual and automated workflow. 

The manual process looks more or less like this:

• You receive an invoice (or pull it out from email or anywhere else where you’ve stored it.)
• You input it into your accounts software or ERP. This usually means retyping all the fields in the document into relevant fields within your accounting platform. 
• Then, you compare the data to the purchase order, fix any inconsistencies, etc. 
• You close the invoice and move on to the next one while others do their bit - approve the invoice, process payment, etc.

(And that’s just a tiny part of the process.)

The automated process takes away most of that work. For one, you no longer have to key in another invoice. 

• Invoicing automation software will automatically create your invoices or process the ones you’ve received. 
• It will dynamically map data to relevant fields.
• It will conduct all the necessary tax calculations, 
• It will log payments and more. 

In other words, it will eliminate most of the repetitive tasks you’d need to do in the typical accounts payable workflow. 

But does it matter?

Without a doubt!

Consider the cost involved in manually processing invoices, for example. According to a whitepaper published by Goldman Sachs, businesses spend a staggering $2.7Bn on manual, paper-based invoice processing. 

The whitepaper also points out that implementing automated AP processes can reduce invoice processing costs by up to 75%. 

But there is more. 

• Manual processes are prone to human errors. Even a simple typo on an invoice can result in delayed payments and losses for the business. 
• Manual processing is lengthy, too. From keying in an invoice to approval and payment, the process costs you time and productivity. 
• Another negative aspect of the manual process is labor costs. Processing invoices manually takes longer, so labor costs are also high.

That’s where accounts payable automation software (AKA invoice automation software) comes in. 

As we’ve discussed above, these tools help streamline AP workflows and eliminate the need for manual data entry. 

So, without further ado, here are the best AP automation tools on the market today.

Discover the Best Invoice Automation Tools Today

#1. Paycove

Paycove (disclaimer - this is our tool) is a dedicated invoice and AP automation tool designed to help organizations streamline their quoting, invoicing, and billing processes. 

With Paycove, you can eliminate manual data entry and automate invoice creation, processing, collections, and more.

But Paycove is far more than just an invoice automation solution. 

Here are other top-features that you get access when you sign up for Paycove.

• Invoice builder. Paycove lets you create customizable and professional-looking invoices and quotes that can handle a wide variety of billing scenarios, sales requirements, and fulfillment.
• Detailed estimates: With Paycove, your sales teams can quickly generate even the most complex quotes and estimates with dynamic pricing options, automated calculations, e-signatures, and more.
• E-signatures: Easy sign-off capabilities mean customers can quickly accept and sign your proposal.
• Quote to invoice automation: Paycove can quickly turn these estimates into invoices. You can also create invoices manually with a powerful but easy-to-use invoice builder.
• Flexible payment options: With our tool, you can manage flexible payment plans, offer deposits, customizable payment schedulers, and more.

• Online payments through a deep Stripe integration.

• A wide range of billing options: Scheduled payments, subscription and recurring billing, one-time payments, progress billing, flexible billing, and more.
• Detailed reporting and analytics: Centralized A/R dashboards with real-time data updates, automated aging reports, custom dashboards to monitor the KPIs that matter to you, trend analysis, and more provide you with a single source of truth about the state of your business, help you uncover powerful insights, and drive revenue growth.

#2. Bill.com

Bill.com is a cloud-based financial operations platform designed to automate invoice and bill management, including approvals, payments, and reporting.

With Bill, you can create and manage invoices, bills, and expenses, manage accounts receivable and payable, run various types of account reports, and so on.

Bill.com helps you manage your spending, too. With the platform, you can control budgets, forecast your finances, manage business credit, and pretty much do everything else to keep your company’s finances in check.

#3. Airbase

Airbase is a procure-to-pay automation platform that helps automation the entire procurement workflow, from automating your intake, compliance control, routing, and more. 

The system includes AP automation capabilities, too, and helps with anything from simple bill pay, invoice management, 3-way matching, complex purchase orders, amortizations, vendor onboarding and management, to payments, and more. 

Airbase uses the power of AI to increase the accuracy of the OCR cycle, help streamline the process, and eliminate the risk of manual errors. A real-time sync with your ERP means that you can close books faster. 

#4. Stampli

Stampli is another dedicated accounts payable software powered by AI. Stampli integrates with your ERP system and uses artificial intelligence (the company named its AI Billy the Bot, by the way,) and machine learning to automate invoice processing, expenses, vendor management, payments, and more. 

What’s important about Stampli is that their product integrates all data and communications regarding your AP processes, becoming a single source of truth about your accounts payable. 

Billy the Bot can learn your AP workflow and automate many manual tasks to speed up your work. 

Two and 3-way PO match ensures that you quickly process purchase orders. 

Finally, deep data and analytics give you insights and visibility into all aspects of your AP processes. 

#5. Tipalti

Tipalti is an accounts payable platform created to help organizations reduce paperwork and automate routine AP tasks.

And I have to say, Tipalti offers a robust feature set to deliver on their goal. 

For one, Tipalti offers an AI-powered ability to scan and extract data from invoices, which almost completely eliminates the need for manual invoice processing. Naturally, it’s not a unique feature. Almost every invoice automation software on this list includes some form of machine-learning or artificial intelligence-based features. But nonetheless, it’s worth noting that Tipalti is not an exception here. 

And as many other accounts payable automation tools, Tipalti also allows you to set up automated workflows to speed up the accounts payable processes, manage vendors, ensure tax compliance, automate 2- and 3-way PO matching, manage global payments, reconcile payments, and do quite a lot more.

Overall, Tipalti is a solid option when you’re looking to automate invoicing processes.

#6. Quadient

I’ve mentioned AI several times in this guide, and Quadient is another tool that uses the power of artificial intelligence to help streamline your manual data entry processes. In fact, the company promises that with their accounts payable automation software, your organization will reduce manual data entry by a whopping 83%. 

Similarly, Quadient promises a 99% of touchless invoice processing and a 9x increase in invoice processing speed. 

Bold claims? Perhaps, but I suppose these results are quite typical when you use any invoice automation software and only prove the benefits of such tools. 

And so, with Quadient, you can process invoices paperlessly and speed up the process with the help of its AI. You can also automate purchase orders, set and manage spending limits by department, project, vendor, or even manager, automate payments, and do quite a lot more. 

#7. Docuware

The final invoice automation software on the list is Docuware. Like all the other platforms on this list, there is more to Docuware than invoice processing. But since that’s what we’re focusing on here, I’m going to focus my overview of the tool on it, too. 

And so, Docuware includes a range of options to help you process invoices faster, extract relevant data, and store it within the system. 

You can, then, set up dynamic workflows to speed up approvals. With these workflows, you can automate assigning invoices for review, review and approval processes, and then, send approved invoices directly to your accounting software. 

Docuware’s powerful search capabilities mean that you can find invoices instantly using index data or full text search. 

And that’s it…

Now you know what the best invoice automation software is. All that’s left is to review each of the platforms on the list more carefully, and choose the one that suits your business needs. 

Good luck!