6 best accounts payable software in Australia for 2023
Accounts payable refers to the process by which a company pays its invoices and bills for purchases made by vendors and suppliers.
Traditionally, this would involve a long and painstaking process of receiving and processing invoices with the help of paper-based or manual processes.
Not only was this approach highly inefficient but it would cost companies a lot in terms of time and resources used.
Now, things are different. Companies no longer need to sift through and process piles of invoices because accounts payable software for small businesses can do the same for you in a fraction of the time and cost required.
This software is many in number and choosing the right one, however, is easier said than done.
6 best accounts payable software for small businesses
Given below is a list of the 6 best accounts payable software that businesses in Australia can use to streamline their accounting operations:
SAP Concur
SAP Concur is a platform that provides a state-of-the-art cloud ERP integration system to its users.
As accounts, payable tool SAP Concur focuses on providing a system to its users that aims to cut out the obstacles that come with paper invoice management.
They also aim to provide a completely connected solution for spend management that encompasses expense, travel, vendor invoice, risk, and compliance.
Main accounts payable software features of SAP Concur include but are not limited to:
• Cash Management
• Approval process control
• Electronic funds transfer
• Duplicate payment alert
• Vendor management
Zahara
Zahara is a cloud-based software that focuses on providing complete visibility over costs expected to enable improved spend control for organizations.
It is an all-encompassing solution that can automate everyday processing requirements such as supplier payments.
Zahara also helps control the process of buying by utilizing multi-step approvals workflows which create purchase orders.
The main features of Zahara include but are not limited to:
• Approval process control
• Vendor management
• Expense Tracking
• Invoice processing
•Purchase Order management
Lightyear
Lightyear is a cloud solution that brings together bookkeeping, purchasing, and billing information on one platform. Its accounts payable and purchasing software offers inventory sync and automated accounting capabilities.
These cross-platform, unique features provide organizations with a useful way of controlling resources across locations and teams.
Additionally, you can create purchase orders that are accurate and can be easily itemized using the automated bookkeeping feature of Lightyear.
Main accounts payable software features of Lightyear include but are not limited to:
• Accounts payable management
• Approval process control
• Purchase Order management
• Vendor management
• Inventory management
Tipalti
Tipalti is another software that provides a cloud-based solution that can automate accounts payable. This platform specializes in global and U.S. payments.
The software provides services across 196 countries in 120 currencies. You can send money via PayPal, ACH, global ACH, wire transfer, e-check, and several other methods.
The main accounts payable software features of Tipalti include but are not limited to:
• Instant reconciliation
• Electronic document capture
• Tax form capture and validation
• Invoice processing
• Payment method and currency selection
Procurify
Procurify is another one of the best accounts payable software for small businesses. It helps empower teams to purchase what’s needed and speed up the purchasing process.
With the Procurify platform, your teams can verify, approve and track purchases all from one place. This platform is also capable of fully integrating with the accounting systems you currently use.
The main accounts payable software features of Procurify include but are not limited to:
• Comprehensive procure-to-pay workflows
• 3-way matching
• Custom approvals
• Invoice management
• Accounts payable management
Stampli
Stampli is one of the best accounts payable software known for its facilities that process invoices in real-time.
It can capture invoices automatically for immediate processing onto its platform. Additionally, the platform combines AP documentation, communication, and payments into one comprehensive platform.
Stampli also has one of the best User Interfaces of any AP automation software solution out there.
The main accounts payable software features of Stampli include but are not limited to:
• Smart dashboard and UI
• Real-time invoice processing
• Audit ready access
• Full 365-degree visibility with advanced search and reports
Which features to consider when selecting accounts payable software?
Given below is a list of features that you must look out for when deciding which accounts payable software for small businesses is best fitted to the needs of your organization:
• Matches with the accounts payable workflow of the enterprise
• Accurate data capture
• Easy Invoice approvals
• Real-time monitoring/tracking of invoices
• Integration with the existing accounting system
• Automation of payments
• Centralized information storage and management
• Integration with tax management
Interesting read: Guide to invoice payment terms in Australia
How can Volopay help manage your accounts payable efficiently?
Another option that falls under the category of the best accounts payable software for small businesses in Australia is Volopay.
Volopay is an account payable software and accounting automation platform that you can use to streamline your AP system.
It is a comprehensive, end-to-end automation solution that covers all requirements a business’s AP department can have.
Some of the most prominent features of Volopay include:
• Accounts payable management: From invoice receipt to the actual payment the entire process can be automated with Volopay.
• Expense management: Maintain control over all company expenses from one comprehensive dashboard.
• Accounting automation and integration: Automate your bookkeeping with Volopay and integrate with any accounting software easily with the help of accounting triggers.
• Business account: Hold money and make global payments with a wide range of currencies.
FAQ's
The biggest challenges associated with traditional management of accounts payable include but are not limited to:
• Processing and data-entry errors
• Increased probability of fraud
• Lack of visibility and transparency
• Time-consuming and labor-intensive process
• Increased expenses
Yes, accounts payable are considered to be short-term debt and are therefore treated as a liability and classified as ‘Current liability’.
Vendor payments on Volopay happen almost instantaneously.