Accounts payable

8 best accounts payable software in Singapore

Apr 05, 2024

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.

8 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 2024.

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1. Volopay


Features


Volopay boasts a user-friendly interface, automating invoice processing such as invoice sourcing & data entry, expense management including tracking & controlling, and reconciliation. It also supports multi-currency transactions which helps you pay vendors and suppliers domestically and internationally.



Pros


Real-time expense tracking, seamless integration with accounting software, and customizable workflows.



Cons


Limited advanced reporting features, pricing may not suit all business sizes.



Pricing


There is no SaaS subscription fee applicable for businesses in Singapore. You can transfer money locally at zero extra cost through the platform. A minimal transfer fee is applicable for different payment methods such as Non-SWIFT and SWIFT payment methods.



G2 rating


Volopay has an average rating of 4.2 out of 5 on G2.


2. Xero


Features


Xero is mainly an accounting software, but it also offers comprehensive accounts payable features, including bill management, expense claims, and bank reconciliation. It's known for its cloud-based accessibility.



Pros


Easy collaboration with your accountant, strong mobile app, and a vast ecosystem of integrations.



Cons


Limited customer support and some advanced features like analytics plus and expense claims come with additional costs.



Pricing


The pricing plan for using Xero’s platform starts at S$35 per month. This starter plan lets you send a maximum of 20 invoices and quotes along with a cap on the number of bills that you can enter i.e. 5.



G2 rating


Xero has an average rating of 4.3 out of 5 on the G2 platform.


3. Netsuite


Features


Netsuite is considered one of the best cloud ERP solutions in the world. It provides end-to-end financial management, including accounts payable. It offers real-time financial visibility and multi-subsidiary support.



Pros


Scalability, extensive reporting capabilities, and global financial consolidation.



Cons


High implementation and maintenance costs, complex for small businesses.



Pricing


Netsuite does not have a transparent price visible to the public on its website. The platform operates on a custom pricing model. This means that each user will be charged differently based on their use case.



G2 rating


The average rating for Netsuite on G2 is 4.0 out of 5.


4. Sage


Features


Sage's AP solution offers automation, fraud prevention, and supplier management. It's designed for businesses of all sizes. Sage is an extremely easy-to-set-up tool, that manages multiple currencies, closes books, and reports results by company or consolidated company.



Pros


Strong security, good scalability, and customizable workflows.



Cons


Complex user interface, some features require add-ons.



Pricing


Pricing is available upon request. Sage is another platform that does not have a set pricing plan available to view on their website. You must go through a product demo after which you will be made privy to the software pricing structure.



G2 rating


Sage has an average rating of 4.3 out of 5 on the G2 platform.


5. FreshBooks


Features


FreshBooks focuses on small businesses and freelancers, offering invoicing, expense tracking, and accounts payable features. 



Pros


User-friendly, excellent mobile app, and strong invoicing capabilities.



Cons


Limited accounting features, not ideal for larger businesses. Accounts payable features are available only to Premium users under select plans.



Pricing


The pricing plan for their “Lite” plan starts at S$20 per month. Using this plan you can send invoices to up to 5 clients.



G2 rating


FreshBooks has an average rating of 4.5 out of 5 on G2.


6. QuickBooks


Features


QuickBooks provides a wide range of financial tools, including accounts payable. It's known for its user-friendly interface. You can easily keep track of all the payments you need to make to your vendors.



Pros


Robust reporting, integration with other QuickBooks products, and strong mobile app.



Cons


Limited multi-currency support, can be expensive for advanced features.



Pricing


QuickBooks' basic pricing plan named “Simple Start” starts at S$25 per month. You also get a 30-day free trial under all their plans.



G2 rating


Quickbooks has an average rating of 4.0 out of 5 on G2.


7. Tipalti


Features


Tipalti specializes in automating the entire accounts payable process, including supplier onboarding and tax compliance. The platform supports international payments with the ability to send money to 196 countries.



Pros


Excellent automation capabilities, global payment support, and strong compliance features.



Cons


Higher pricing, better suited for larger enterprises.



Pricing


The pricing plan for Tipalti starts at $149 per month. Apart from this, you can also choose to reach out to them separately for a custom pricing plan depending on the features and functionality you need from the platform.



G2 rating


Tipalti has an average rating of 4.5 out of 5 on G2.


8. SAP Concur


Features: SAP Concur streamlines expense management, including accounts payable. It offers robust reporting and travel expense integration.



Pros: Integration with SAP solutions, global compliance support, and advanced reporting.



Cons: Complex setup, may be expensive for small businesses.



Pricing: There are no pricing plans available on the website. Pricing is available upon request and will depend on the features and functions you need to perform through the platform.



G2 rating: SAP Concur has an average rating of 4.0 out of 5 on G2.

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Benefits of accounts payable software for businesses


1. Automation and efficiency


Accounts payable software automates routine tasks such as data entry and invoice processing, reducing manual errors and saving time. Other important steps like the payment invoice and payment approval workflows can also be automated using accounts payable software.


This efficiency allows your finance team to focus on strategic financial decisions rather than repetitive tasks.


2. Improved accuracy


Even a small error in data entry of numbers can lead to a huge loss to the company. With automated data capture and validation, accounts payable software minimizes human errors in data entry and calculations.


This results in more accurate financial records and reduces the risk of costly mistakes.


3. Streamlined approval workflows


In the traditional process, getting payment approvals through emails from co-workers can be very time-consuming depending on different schedules. These software solutions offer customizable approval workflows, ensuring invoices are routed to the right people for review and approval.


This streamlines the process, reduces delays, and enhances accountability.


4. Audit trail


Accounts payable software maintains a comprehensive audit trail of all financial transactions. This transparency is invaluable during audits, as it provides a detailed history of transactions, approvals, and changes.


This digital audit trail is a much better option than a paper trail as it is accessible across different devices and there are fewer chances of losing the data this way.


5. Enhanced visibility


Modern AP software offers real-time visibility into your financial data. You can monitor outstanding invoices, track expenses, and gain insights into cash flow, helping you make informed financial decisions.


It gives you a complete view of payments that are pending, payments that are scheduled, and those that have been cleared.


6. Security


Security is a top priority in finance. Accounts payable software employs robust security measures to protect sensitive financial data. Encryption, user authentication, and role-based access control ensure data integrity and compliance with regulations.


The automated approvals are also a primary level of security to ensure that no unauthorized payments are processed.

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.

How to automate your AP process?

Now that we've explored the benefits of accounts payable software, let's delve into the steps for effectively automating your AP process.

1

Assess your current process

Begin by evaluating your existing AP process. Identify bottlenecks, manual tasks, and pain points. Understanding your current workflow is the first step in streamlining it.


Once you know the problems your current accounts payable process has, then you can take steps to eradicate them.

2

Choose the right AP software

Selecting the appropriate accounts payable software is paramount. Consider factors like scalability, integration capabilities, and the features that align with your business needs.


Going for the lowest pricing may not always be the best option. So evaluate with factors in mind rather than just the price.

3

Data entry automation

Implement data entry automation tools to reduce errors and save time. Optical character recognition (OCR) technology can extract data from invoices automatically.


This will drastically reduce the errors you see while processing invoices and making the respective payments.

4

Invoice approval workflows

Customize approval workflows to match your organization's hierarchy and requirements. Ensure invoices are routed efficiently for review and authorization.


Many AP automation tools will let you set multilevel approval workflows. This helps to set more than one approver for a payment.

5

Electronic invoicing

Encourage suppliers to send electronic invoices. E-invoicing reduces paper waste, accelerates processing, and enhances accuracy. It can be time-consuming too.


Printing issues can also cause problems in understanding the details and getting them scanned.

6

Invoice matching

Manually matching invoices with the relevant purchase order and receipts can be taxing on the finance professional. Due to the heavy workload, they may even miss out on an error.


Automate the process of matching purchase orders, invoices, and receipts. This ensures consistency and minimizes discrepancies.

7

Accounting software integration

Seamlessly integrate your AP software with your accounting system. This allows for real-time data synchronization and eliminates manual data entry.


It ensures that the transaction details present in the accounts payable software are the same as in the accounting system.

8

Invoice tracking and reporting

Leverage the reporting capabilities of your AP software to track invoice status, outstanding payments, and cash flow. Access to insights helps in informed decision-making.


You can use the analytics tool in the software to generate customized reports based on what you need to know.

9

Automated payments

Set up automated payment processes for approved invoices.


This can include ACH transfers, wire transfers, or electronic checks. Most AP software will also let you schedule payments in advance so that you don’t miss out on any due dates and have to deal with late payment fees.

10

Employee training

Invest in training your finance team to effectively use the AP software.


Ensure they are proficient in navigating the system and understanding its features. Even if the platform is meant to automate most tasks, they need to be set up by the employees as per their needs.

11

Compliance and security

Prioritize compliance with financial regulations and data security. Accounts payable software should adhere to industry standards and employ encryption and access controls.

12

Monitor and optimize

Regularly monitor the performance of your automated AP process. Analyze metrics, gather feedback, and make continuous improvements to maximize 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. 


Electronic invoicing


Encourage suppliers to send electronic invoices. E-invoicing reduces paper waste, accelerates processing, and enhances accuracy. It can be time-consuming to scan paper invoices. Printing issues can also cause problems in understanding the details and getting them scanned.

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