5 compelling U.S. based Accounts Payable automation providers
By Pavithra R
Accounts payable automation (AP automation) is software designed to eliminate manual tasks from the accounting process. It’s a form of artificial intelligence that provides better visibility over financial data, manages large volumes of invoices and financial transactions between a company and its suppliers and streamlines payment processing.
Here is a list of 4 compelling U.S. based accounts payable automation providers:
Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates back-office financial processes for small and mid-sized businesses. It helps automate your accounts payable (AP) and accounts receivable (AR) processes and saves up to 50% more time while ensuring control.
Bill.com’s features include invoice management, workflow approval management, payment management, reconciliation, automated billing, customer management, and more. The firm seamlessly integrates with leading accounting software including QuickBooks, QuickBooks Online, Xero, NetSuite and Sage Intacct.
Stampli is a complete AP automation platform that brings together accounts payable communications, documentation, and payments in one place. It gives AP team full control over the invoice lifecycle. The FinTech’s AP solution helps companies automate their AP workflow for a faster and more controlled invoice approval process. By providing an electronic intake process, the company reduces the likelihood of data entry errors and exposure to fraud. Its Artificial Intelligence bot, Billy, further strengthens the process through workflow automation and provides a collaboration hub which is vital to getting invoices approved in a timely fashion.
The company has raised $32 mn in funding to date and processes over $13 bn worth of invoices each year. Recently the company launched Stampli Direct Pay, an extension of its AP Automation platform to enable companies to pay invoices from inside the Stampli platform via ACH or check from their own bank accounts.
AvidXchange provides automating invoice and payment processes for mid-market businesses, including real estate, HOA, construction and financial services. Its solutions virtually eliminate paper-based processing problems, reduce security risks, and cut processing costs without cutting corners and manage the entire process from invoice to payment so that businesses can receive invoices and pay bills at any time and from any location.
AvidXchange‘s solution portfolio includes Purchase Order Software, Automated Invoice Management Software, Bill Payment Software, Check Printing Software, Utility Bill Management Software. In April, the company has raised $128 million in equity capital. With the $260 million raised in January, the company financed a total of more than $388 million this year.
Tipalti offers end-to-end accounts payable software to automate the entire supplier payments operation, making global B2B payments frictionless. Its payable automation solution streamlines all phases of the AP and payment management workflow in one holistic cloud platform. The firm offers top accounts payable automation software features, including self-service supplier onboarding, invoice automation, automated invoice approval workflows, multiple payment methods in hundreds of currencies for global mass vendor payments and bill pay, tax compliance, and fraud reduction.
Its customer portfolio includes Amazon Twitch, Amplitude, Roku, Zumba, Medium, Seeking Alpha, Twitter, ClassPass, Toast, Automattic, GoDaddy, United Language Group, Zola, Headspace, and Foursquare. The FinTech recently raised $150 million in Series E funding round led by Durable Capital Partners. The investment has brought the FinTechs at a valuation of more than $2 B, bringing the total funding raised to date to around $280M.
MineralTree provides modern, secure, easy-to-use, end-to-end Accounts Payable (AP) Automation solutions that reduce costs by more than 75%, increase visibility and control, and mitigate fraud and risk while improving cash flow.
More than 2,000 mid-market and mid-enterprise companies, as well as more than 25 financial institutions rely on MineralTree to digitize and optimize the entire AP Automation and Payments process, preserving control over the complete invoice-to-payment workflow, improving vendor relationships, maximizing ROI, and transforming the finance function from a cost center to a profit center. The firm recently raised $50M in Series D Funding and acquired Inspyrus and Regal Software.