We outline the market outlook for accounts payable (AP) automation software — from investment trends, to leading companies, to recommendations for players in the space.
What is accounts payable automation software?
Accounts payable (AP) automation software companies automate the entire accounts payable process, from invoice to pay to reconciliation, with the aim of reducing manual processes and avoiding human errors.
Accounting and finance departments use this technology to manage massive amounts of invoices from their suppliers or payment leaders. Typically, the software is layered with an organization’s enterprise resource planning system.
AP automation software helps automatically process invoices by utilizing artificial intelligence (AI) capabilities, such as optical character recognition (OCR) and machine learning (ML). Other AP automation solutions provide improved vendor management processes and international supplier invoicing, as well as efficient tax compliance form management.
Features & capabilities
AP automation software provides payment leaders with several capabilities and tools, including the following:
- Paperless automated solutions
- Secure end-to-end payments
- AI and ML analysis tools (such as OCR)
- Integrated vendor communications and data management