5 best accounts payable software in Singapore for 2023
Accounts payable is one of the most important tasks for the finance and accounting teams of a company.
It is a crucial aspect of the business function that helps operations keep running smoothly with on-time payments. Any hiccup in payments to vendors can halt business operations and delay timelines.
This can especially be a problem for small businesses, as they have to work with a few groups, and making sure that nothing goes wrong with them is paramount to business development and growth.
This is where accounts payable software can be a super helpful tool to ensure that all payments are made on time without any problems.
What is accounts payable software?
Accounts payable software is a tool that helps companies use a central system to execute and handle all their accounts payable related tasks.
This can include things like processing invoices, making domestic & international money transfers, creating and managing a vendor database, and setting up compliance policies for employees to spend allocated budgets.
Some of the best accounts payable software for small businesses are the ones that also provide some form of automation to help finish AP tasks much faster.
Rather than having AP team members in your company do everything manually, automation helps fast-track processes while also reducing the errors that are commonly overlooked or created by humans.
5 best accounts payable software in Singapore for businesses
You will find many accounts payable software for businesses in the market and choosing the right one for you might often come down to the ease of use of the application or the price that you have to pay for it.
Listed below are some of the best accounts payable software in Singapore in 2023.
Eleven
This platform is an online automated accounting software that is based in Singapore.
It is a good solution that also includes accounts receivable alongside accounts payable but misses out on some features like duplicate payment alerts and electronic fund transfers.
Netsuite
Netsuite by Oracle is a great overall AP tool that provides almost all functionalities an AP team would need.
The downside of Netsuite is that the pricing is pretty expensive starting at USD 10,000 for a one-time implementation or anywhere from USD 150-225/hour. This pricing is not suitable for most small businesses.
Tipalti
Tipalti is a great AP software that is pretty flexible and you will find most features that you need. The pricing for the platform is also pretty decent and it starts at USD 149 per month.
Pipefy
This is an extremely affordable accounts payable software that offers a free version, a starter plan at USD 19/month, and an enterprise plan at USD 32/month.
While it covers most basic AP features, it lacks the electronic fund transfer and duplicate payment alert feature.
Kissflow Procurement Cloud
Starting at USD 1990/month, Kissflow procurement cloud is a good accounts payable software for businesses that need a procurement management service integrated with an AP system.
One downside to this platform is that it does have electronic funny transfers.
Features to consider when choosing accounts payable software
1. Matches with the accounts payable workflow of the enterprise
When you’re choosing an AP software for your business, you should make sure that it is flexible enough to cater to the accounts payable workflows that your organization has set for itself.
This will help employees and users adjust quickly to a new platform as the process would still be similar.
2. Accurate data capture
One of the accounts payable software features that you should look for is whether it gives you the ability to automatically and accurately capture data from important documents such as invoices for payment processing.
This feature can save a lot of time and also reduce manual data entry errors.
3. Easy invoice approvals
Custom approval workflows will ensure that whenever an employee is trying to make an invoice payment for a vendor, it will always go through senior managers who are set as approvers.
This helps in making sure that unverified payments are not made.
4. Real-time monitoring and tracking of invoices
Knowing the status of the payment is important in order to provide peace of mind to yourself and to your vendors. Being unaware of payment status can also cause undue stress.
Most AP software tools are equipped with accurate payment tracking mechanisms that let you know the exact status of the transaction.
5. Integration with the existing accounting system
Once payments are made through the accounts payable software system, it should also be able to integrate easily with your existing accounting system and sync the expense data into your ledger.
6. Automation of payments
The ability to schedule and create recurring payments is a form of automation that helps to avoid missing out on payments and deal with any late payment fees.
7. Centralized information storage and management
AP software also acts as a centralized dashboard for the finance and accounting team to view and track all transactions.
Rather than having transactions scattered across platforms, a central view of all the expense activity gives a clear picture of budget utilization and cost efficiency.
Manage your accounts payable efficiently with Volopay
Volopay is the best accounts payable software that you will ever have to look for. We provide a complete expense management ecosystem to help you manage all your business expenses.
The platform comes with a suite of financial tools that enables you to handle all your accounts payable requirements easily. Some of the major accounts payable software features that we provide include the following:
Multicurrency wallet
Our platform has the capability to let its users hold money in 60+ currencies and make payments with them in 100+ countries. This solves a major problem that many AP teams face.
Rather than having to make payments through different portals by creating different bank accounts for your international vendors, now you can simply use Volopay’s platform to have all the transaction details in one place and save money on high forex fees.
Approval workflows
If compliance was the issue that your finance and accounting team faced, then you’d be delighted to know that Volopay comes with the ability to let you set up custom approval workflows.
This ensures that whenever an employee is making a payment, it is always sent to a senior manager for approval before the payment is processed. Volopay lets you set up to 5 levels of approvers.
Vendor management
Volopay lets you create a vendor database and manage all their crucial information in one single dashboard.
This helps to make faster payments each time rather than having to put in their details manually for each payment. This also lets you create recurring payments to vendors.