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
    Popularity
    Satisfaction
    Maturity
    Pricing
    Country

    Compare Accounts Payable Software
    Results: 52

    AIMultiple is data driven. Evaluate 52 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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    98
    100
    0.12939816783027394
    30.71583921968352
    0.01674471564682046
    96
    5star
    Hypatos
    4.78
    2%
    18%
    0%
    = 100 reviews
    = 40 employees
    = 100,000 visitors

    Hypatos offers deep learning skills to automate document-based back office tasks to improve work and make organisations more efficient. The largest consumers of financial data including global manufacturing and retail leaders, the Big 4 and other Fortune 500 and technology companies rely on us. Hypatos outperforms industry standards by >10x and focuses on automation beyond data capture. Hypatos provides an enterprise grade automation module with on-prem, cloud deployment options and integrations to enterprise systems.

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    21
    12
    1.0906338274334193
    13.649987893101477
    1.1514782793130205
    30
    top5 , top10
    3star
    Readsoft
    2.90
    1%
    100%
    8%
    = 100 reviews
    = 40 employees
    = 100,000 visitors

    0.1
    0.1
    1.782476294847692
    8.674975511835305
    1.1514782793130205
    0.1
    top5 , top10
    3star
    ReadSoft
    2.70
    0%
    100%
    13%
    = 100 reviews
    = 40 employees
    = 100,000 visitors

    Drive Productivity and Cost Savings with SaaS Based Intelligent Invoice Automation.

    0.1
    0.1
    0
    0
    0.02734970222314008
    0.1
    Airbase
    0%
    29%
    0%
    = 100 reviews
    = 40 employees
    = 100,000 visitors

    0.1
    0.1
    1.1782481543414571
    47.26966785286988
    0.005023414694046137
    0.1
    5star
    Armatic
    4.80
    20%
    5%
    8%
    = 100 reviews
    = 40 employees
    = 100,000 visitors

    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 62% (16% less than 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 67% (10% less than average solution category) of the online visitors on accounts payable software company websites.

    Satisfaction

    Accounts payable software is highly concentrated than average in terms of user reviews. Top 3 companies receive 71% (14% more than average solution category) of the reviews on accounts payable software company websites. 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

    Number of Employees

    Median number of employees that provide accounts payable software is 53 which is 11 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. 30 companies (18 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.

    Oracle
    Intuit
    Kofax
    AvidXchange