Accounts Payable Software
Accounts payable software (also called invoice processing software) automates invoice processing. Since invoices submitted through Electronic Data Interchanges (EDI) can be processed by simple, rules based systems, we will focus on software that can process invoices shared outside of EDIs.
Accounts payable process (also called invoice processing) includes
- extracting data from invoices. We explained document capture in detail here. Invoices are a type of semi-structured document
- performing validations as determined by the jurisdiction and the company's internal compliance rules
- in case of physical good purchases: matching invoices with goods received
- in case of service purchases: ensuring that services were indeed received
- creating the necessary accounting entities
To be categorized as an accounts payable software a product must be able to
Compare Accounts Payable Software
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Searches with brand name
These are the number of queries on search engines which include the brand name of the product. Compared to other product based solutions, accounts payable software is less concentrated in terms of top 3 companies' share of search queries. Top 3 companies receive 62% (14% less than average) of search queries in this area.
Accounts payable software is a less concentrated than average solution category in terms of web traffic. Top 3 companies receive 67% (10% less than average solution category) of the online visitors on accounts payable software company websites.
Number of Employees
Median number of employees that provide accounts payable software is 53 which is 7
less than the median number of employees for the average solution category.
In most cases, companies need at least 10 employees to serve other businesses with a proven tech product or service. 28 companies (21 less than average solution category) with >10 employees are offering accounts payable software. Top 3 products are developed by companies with a total of 101-500 employees. However, 1 of these top 3 companies have multiple products so only a portion of this workforce is actually working on these top 3 products.