How We Chose the Best Accounts Payable Software
Accounts payable software simplifies processing, recording, and paying vendor invoices. With an appropriate program, your company can cut the need for manual tasks by up to 80%.
However, you typically have to pay for these software types, so choosing the appropriate one can be a daunting task. You need to ask yourself which program will meet your needs and suit your budget.
To simplify the process, we investigated some of the best accounts payable software on the market. The following criteria played a critical role in our reviews.
Accounts Payable Features
Most providers offer the same basic features, but there's a lot of variation in the functions. Not all the components work the same, and some are more useful than others.
When trying to discern which software is best for your company, look for the elements you need most. The best accounts payable software providers offer more than just the basics.
Here are a few essential features to look for:
- Receipts for paid invoices
- Reporting and analysis tools
- Workflow approval tools
- Document and image management tools
- Information storage and management
- Automatic data extraction tools
- Software integrations
- Trustworthy customer support
Every business is different and has different needs. Therefore, customization is vital when you're looking for a program that truly shines. The best accounts payable software will allow you to make customizations to your software's look, feel, and actions.
Consider looking for the following customization options:
- Customizable reporting templates
- Customizable invoices and documents
- Editable workflows
- Add-ons to the base application
The best accounts payable software offers detailed reporting. Reporting is a vital part of any business endeavor, and you'd be remiss not to look for this feature. You should be able to extract data from images and documents automatically and construct reports.
Consider looking for the following options:
- Detailed reporting
- Audit trails
- Custom and standard reports
- Automatic conversion from data to reports