Top 7 Accounts Payable Automation Software Solutions for Australian Businesses
In 2023, companies have been processing supplier invoices without manual involvement through accounts payable automation, employing a digital workflow to handle tasks that were previously managed by AP staff.
Comprehensive accounts payable automation facilitates end-to-end automation of business payment processing, with a variety of available tools in the market for streamlining the AP process.
Our top 7 recommended AP Automation Software for Australian businesses are:
- SAP Concur
In this blog, let’s delve deeper into these innovative tools and understand its features, benefits, and how it can help your businesses achieve your AP goals.
Medius – Save your AP team hours of time with Medius AP Automation
Arguably the most comprehensive AP Invoice Automation software available today, Medius provides a range of automated features encompassing supplier invoice processing, purchase orders, contract management, workflow facilitation, and electronic invoice management modules. Medius caters to global retail, manufacturing, and service-oriented enterprises.
Medius AP automation solution connects invoice capture, processing, and payment, eliminating the stress and uncertainty of AP management and replacing it with a sense of assurance. Medius commits to
- Treat every invoice with the same level of speed and accuracy using a compilation of advanced technologies to effectively process invoice regardless of their format
- Facilitate easy deployment with no risk and minimum effort using pre-packaged and fully managed ERP connectors
- Automatically spot potential frauds, duplicate payments, and other changes or patterns that reveal risks with the use of anomaly detection technology
- Helps you fulfill local e-Invoice and tax regulation regardless of your location or service provider, making sure your business complies with governments’ control over taxes and other regulations.
Kofax - Start and Scale Accounts Payable Automation With One Provider
Kofax was one of the first company offering AP automation and solution demonstration on the Internet. As they have placed a significant emphasis on AP automation software for a long period of time, Kofax remain a highly favourable choice among enterprise clients seeking accounts payable automation solutions.
You can leverage the potential of Kofax capabilities to oversee essential aspects of the accounts payable procedure, ranging from extracting information from invoices to establishing approval and exception workflows, ultimately routing this data into your downstream ERP systems.
Here are some Kofax AP automation solution’s unique features
- Purpose-built AI designed for accounts payable to streamline the automation of recognising, identifying, and extracting a greater amount of text and data from various channels
- Build and manage AP workflows that are tailored to match your unique organisational regulations. Monitor key performance indicators (KPIs) and adherence to service level agreements (SLAs), while enhancing visibility into the accounts payable processed.
- Kofax’s solution can be implemented on-site, within your exclusive private cloud, or within the Microsoft Azure public cloud. Opting for the public cloud offers advantages like immediate scalability, lowered expenses, reduced IT reliance, and accelerated time-to-return on investment (ROI).
Tipalti – Finance Automation that Puts You in Charge
Tipalti is leading software that provides a cloud-based solution that can automate accounts payable. This platform specialises in global and U.S. payments.
Tipalti’s AP automation software provides services across 196 countries in 120 currencies. Its solution has reduced 80% of workload, facilitate 25% faster financial close and 66% reduction in payment.
Tipalti’s main features allow you to:
- Shift data entry to your suppliers
- Never key in another invoice with advanced OCR
- Send payments in just a few clicks
- Take the work out of tax risk
- Eliminate overpayments, fraud, and ensure audit preparedness
- Seamlessly integrate detailed, accurate transaction
- Gain control over card spend
Operated through a multi-entity cloud infrastructure, the Tipalti platform is designed to accommodate significant growth, ensuring the future of your accounts payable and supplier payment operations as your company expands.
Procurify – The Intelligent Spend Management Platform
The Procurify software simplifies the process of reconciling accounts payable (AP) and provides you with the necessary information to efficiently and confidently manage invoice processing.
- Streamline AP invoice processing with automation tools that save time and increase data accuracy during your billing processes, providing you with one centralised Invoice inbox, advanced OCR technology, predictable and transparent workflows with custom bill and payment approval routings
- Speed up the reconciliation of two- and three-way matching to identify discrepancies and ensure vendors get paid accurately and on time. This enables to effortlessly stay on top of your invoice processing, bills and payments management.
- Increase the speed, accuracy, and visibility of your vendor payments by syncing bill payments from Procurify into your account system or ERP, scheduling payments ahead of time and getting notified if payments don’t go through successfully.
With a comprehensive approach to AP Automation solution and other software, Procurify has served more than 50 industries, with more than 30k platform users and counting from around the world, with more than $30B in spend captured.
SAP Concur – Market-leading spend solutions employees love
SAP Concur stands as the foremost global brand for integrated management of travel, expenses, and invoices. Fueled by an unwavering commitment to simplify and automate routine tasks, these solutions navigate employees through business travel, seamlessly transfer approved expenses to reports, and automate the approval of invoices.
Concur Invoice (SAP Concur’s AP Automation solution) allows AP teams to Put an end to sorting through stacks of paper invoices, focus on high-value tasks, facilitate on time payments, reduce and prevent manual errors, and make smarter decisions to scale.
This software’s main features include but are not limited to
- Invoice Capture through an image and automatically bring it into the system
- Streamline and simplify AP by selecting payment methods and paying invoices automatically
- Get pre-send authorisation to better manage cash flow and ensure purchases are compliant
- Compare important documents to ensure accurate payments and reduce errors
- View, track, and approve invoices with SAP Concur Mobile app.
The platform also provides a detailed guide to help you plan, write, and present a strong case for automation to your organization’s leaders. Moreover, there is an assessment for you to evaluate whether your AP process is putting your business at risk, determining the need for a holistic AP Automation solution.
Zahara - The Leading 4-in-1 Accounts Payable Automation Solution
The Zahara team consists of individuals who are deeply immersed in AP Automation, Purchase Orders, and seamless invoice processing. This software provider is located in Bath, UK. When you opt for Zahara, you are entrusting your experience to dedicated individuals who are committed to providing the finest user experience.
Zahara is perfectly suited for service-oriented enterprises engaged in substantial purchasing or requiring a comprehensive purchase history. Their Accounts Payable solutions blend speed with precision, while their advanced control measures enhance responsibility and assurance.
Zahara Accounts Payable tool helps take back control of your spending with
- Cloud-based software
- Flexible Approval Workflows
- Controlled Spending with Pos
- Rapid OCR Invoice Processing
- Budgeting and Spend Analysis
- International Payments
Stampli – Built for the Way You run AP
Stampli AP automation software is tailored for Accounts Payable teams seeking streamlined efficiency without the need to rework their ERP or change their current AP procedures. Unlike alternative options, Stampli comprehensively supports the full range of native features across over 70 ERPs. This capability allows Stampli to implement the solution swiftly, typically within days, all while ensuring a seamless transition for your business operations.
For even greater efficiency, you can integrate with additional tools like Direct Pay, Credit Cards, Advanced Vendor Management, and others. Some immense benefits of adopting Stampli AP automation solution includes minimal disruption, clear control, AI-powered AP, and faster time to value.
While providing common features of an innovative AP automation software such as invoice processing, centralised collaboration, purchase orders, vendor management, Stampli tool also has capabilities like
- Billy the Bot: Advanced AI that can automate repetitive tasks and reduce ERP work. Based on unique AP processes
- Multi-entity support: Help you facilitate faster and seamless payment and invoice processing across departments, offices, companies, or location
- Insights: With built-in analytics and reporting, you can gain better insights into employee productivity, invoice processing and AP procedures.
- Audit-ready access: With one click, you can view all conversations and activities related to each invoice to make audits efficient.
Stampli is also ranked #4 among other AP solution providers from around the world by G2 AP Automation List.
Factors to consider when choosing an AP automation software
There are some important features of an AP software that you should consider when choosing the most suitable accounts payable software. Especially for small businesses, it is critical to select a tool that aligns with your organisational goals and requirements:
Transform your AP process with ACMO
Acknowledging the need for a more efficient invoice processing workflow, ACMO offers an innovative Accounts Payable solution built on our Intelligent Automation and Cognitive Data Capture platform, delivered by our most experienced consultants.
APAY stands as a crucial tool in business digital transformation. Our system effectively employs machine learning to identify various formats of supplier invoices and adjusts to new formats, aiming to enhance the accuracy of information extraction during invoice processing.
ACMO Accounts Payable solution can import emails, including Shared Mailboxes and folders outside the main inbox. This capability facilitates the processing and sending of invoices to your ERP system, often on the same day they are received. This results in an exceptional rate of straight-through processing without necessitating manual interventions.
With APAY, you can streamline your AP workflow within a unified system, transforming the manual and lengthy process of invoice handling into an automated one with a reduced number of manual errors and lost invoices/paperwork. ACMO's Accounts Payable Automation empowers your AP team to focus on high-value tasks such as reconciliation, exceptional handling, and query management.
We hope through this blog, you will gain a better understanding of available options to help you seamlessly automate your AP processes using cutting-edge technology. These providers offer the best AP automation software and solutions in Australia, providing businesses a range of tools to elevate efficiency, optimise invoice processes, and pave the way for a successful digital transformation.