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

  • automatically extract data from invoice images in various formats.
  • perform the necessary validations and create the necessary accounting entities
  • 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.
    Innovators Specialists Leaders Challengers Market Presence Momentum
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    Compare Accounts Payable Software
    Results: 51

    AIMultiple is data driven. Evaluate 51 products based on comprehensive, transparent and objective AIMultiple scores. For any of our scores, click the icon to learn how it is calculated based on objective data.

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    75.07492687225341
    97
    100
    100
    0
    53.14985374450684
    top5 , top10
    4star
    SAP Concur
    4.00
    100%
    0%
    100%
    = 100 reviews
    = 30 employees
    = 100,000 visitors

    73.49798781488448
    90.49934334596716
    0
    96.27196820540536
    0.12310776287048084
    56.496632283801816
    top10
    5star
    Certify
    4.50
    100%
    100%
    0%
    = 100 reviews
    = 30 employees
    = 100,000 visitors

    63.46473743859243
    82.58966717353923
    29.9093651228532
    86.90679385090812
    0
    44.33980770364563
    top5 , top10
    4star
    Sage Intacct
    4.30
    100%
    0%
    100%
    = 100 reviews
    = 30 employees
    = 100,000 visitors

    59.75592194826525
    77.98492603900362
    0
    79.77119791383365
    100
    41.52691785752687
    top5 , top10
    4star
    NetSuite ERP
    3.90
    100%
    100%
    0%
    = 100 reviews
    = 30 employees
    = 100,000 visitors

    57.381478091569306
    74.0677283856302
    2.175226554389324
    78.53335755524789
    6.037182902183801
    40.69522779750841
    top5 , top10
    4star
    Quickbooks Desktop Enterprise
    4.20
    100%
    100%
    21%
    = 100 reviews
    = 30 employees
    = 100,000 visitors

    54.67109226727973
    70.37211902088202
    23.597241773133845
    74.09917033985136
    0.3660549409246156
    38.97006551367743
    top5 , top10
    top10
    4star
    Odoo
    4.18
    100%
    100%
    100%
    = 100 reviews
    = 30 employees
    = 100,000 visitors

    51.14061735521218
    66.38335222197837
    0
    70.62058747018976
    0
    35.89788248844599
    true
    4star
    Bill.com Free trial available
    4.20
    100%
    0%
    0%
    = 100 reviews
    = 30 employees
    = 100,000 visitors

    49.11385527854574
    63.70872813838655
    1.450150161498403
    67.72715329015367
    0.05665135990500003
    34.51898241870494
    5star
    Spendesk
    4.70
    43%
    88%
    14%
    = 100 reviews
    = 30 employees
    = 100,000 visitors

    47.01868781473816
    60.96424200712418
    19.93957587380766
    64.2192071605425
    0
    33.073133622352145
    top5 , top10
    5star
    OnPay
    4.80
    50%
    0%
    100%
    = 100 reviews
    = 30 employees
    = 100,000 visitors

    44.54913961648866
    58.108541893990896
    13.293050582538438
    61.389405108393824
    0.12365248748495196
    30.989737338986416
    top10
    top10
    4star
    DocuWare
    4.40
    37%
    100%
    100%
    = 100 reviews
    = 30 employees
    = 100,000 visitors

    Market Presence Metrics

    Popularity

    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.

    Web Traffic

    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.

    Satisfaction

    Accounts Payable Software is highly concentrated than the average in terms of user reviews. Top 3 companies receive 70% (this is 12% for the average solution category) of the reviews in the market. Product satisfaction tends to be the same for more popular accounts payable software products. Average rating for top 3 products is 4.3 vs 4.3 for average accounts payable software product review.

    Leaders Average Review Score Number of Reviews

    Maturity

    Oracle
    Intuit
    Kofax
    AvidXchange
    Tradeshift

    Number of Employees

    49 employees work for a typical company in this category which is 3 less than the number of employees for a typical company in the average solution category.

    In most cases, companies need at least 10 employees to serve other businesses with a proven tech product or service. 29 companies (20 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.

    Customer Insights

    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.

    ease of use
    17%
    easy to use
    14%
    customer service
    12%
    customer support
    6%
    user friendly
    4%
    Positive
    Negative

    Customer Evaluation

    These scores are the average scores collected from customer reviews for all Accounts Payable Software companies. Compared to median scores of all solution categories, Accounts Payable Software comes forward with Ease of Use but falls behind in Value for Money.

    Customers by

    Industry

    According to customer reviews, top 3 industries using Accounts Payable Software solutions are Computer Software, Information Technology and Services and Accounting. Top 3 industries consitute 25% of all customers. Top 3 industries that use any solution categories are Computer Software, Information Technology and Services and Marketing and Advertising.

    Company Size

    According to customer reviews, most common company size is employees with a share of 19%. The median share this company size is 23%. The most common company size that uses any solution category is employees.