Accounts Payable Software
Accounts payable software (also called invoice processing, p2p, procure to pay or purchase to pay 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
How are vendors scored in this category?
Invoice extraction performance is a key metric for these solutions. We have run a benchmark on the free trial/community edition software. In addition, we asked our clients for similar benchmarks.
- The vertical (Y) axis is a normalized measure of correctly extracted fields per invoice.
- The horizontal (X) axis is a normalized measure of extraction accuracy.
Compare Accounts Payable Software
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Market Presence Metrics
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 54%, 20% less than the 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 61% (12% less than average solution category) of the online visitors on accounts payable software company websites.
Top Words Describing Accounts Payable Software
This data is collected from customer reviews for all accounts payable software companies. The most positive word describing accounts payable software is "ease of use" that is used in 17% of the reviews.
Interest in Accounts Payable Software
This category was searched for 1000 times on search engines in the last year. This has increased to 1000 today. If we compare with other product-based solutions, a typical solution was searched 4849 times in the last year and this increased to 6276 today.