Best Stampli alternative in 2023
Accounts payable is a major task for any finance or accounting team at a company and completing this task efficiently without any errors is no easy job. The best bet many companies place in today’s digital era is to use the help of accounts payable software tools to automate and simplify the tedious and manual tasks involved in the AP process.
There are many accounts payable software comparisons available online to tell you which tool is better than the other. Many companies look for differences between leading software like Volopay and Stampli or other Stampli alternatives to identify which is the better option. While both are extremely capable tools, there are certain differences that set them apart.
Using Volopay you can make payments to all your vendors through a single platform. Be it an individual or corporate entity. Here you create vendor accounts on Volopay and save their account details on the platform to make payments easily in the future without having to constantly enter their data each time you want to make a payment.
You can see all the payments you are making to vendors through a single dashboard similar to Stampli. The difference here is that all the payments are segregated into separate tabs depending on their status such as pending for approval, scheduled, processing, failed, paid, and an all payments tab to see each invoice that has been processed regardless of its status. This makes it easier for users to navigate through all their AP invoices and is much more organized.
Volopay gives you the ability to create custom multi-level approval workflows so that you are always in control of knowing when and who is spending money through which budget. You can set up approval policies based on the amount of expense and accordingly assign up to 5 levels of approvers to approve a payment. This allows management to stay on top of expenses and not let payments go out without approvals from necessary managers.
Volopay’s business account has the capability to process both domestic and international payments. The best part is that it is a multi-currency wallet where you can hold and send money in 60+ currencies in over 100 countries. The benefit of using such a wallet is that when you are making payments to international vendors, you don’t have to create separate accounts elsewhere. And since you get to send money to an international vendor in their local currency, you effectively avoid any currency conversion charges that save you a lot of money. This makes Volopay the best Stampli alternative.
Automation on Volopay helps users to process invoices faster and make the task less manual. You can schedule payments in advance to make sure you don’t incur late payment fees from your vendors. You can also set up recurring payments for vendors who you deal with regularly for same services and automate this process to build a better business relationship.
Getting access to credit helps companies maintain a positive cash flow. We are very flexible with our credit line access and there are no set eligibility criteria. Rather we take every company on a case-by-case basis and check their financial health and stability in order to determine whether the credit feature will be offered.
In the rare occasion that a user is not able to find a currency wallet to pay their international vendor, you can still process international payments using Volopay the normal way. For this, we offer the lowest FX rates possible so that you don’t end up spending more. This makes Volopay the best Stampli alternative.
When sending money to an international vendor, the platform will let you calculate exactly how much your vendor will receive when you send them a particular amount based on the currency you are sending the money in and the currency they will be receiving it in.