Think about a time when you approved an invoice and it simply didn’t add up . It happened to me recently, and I think it happened to you too. Invoice approval software is a great idea for companies that have just begun to implement an electronic billing process. There is also a variety of invoice approval software programs available, which can make the task of finding the right software program even more difficult.
Best Invoice Management Software
Invoice management software helps companies automate tasks related to invoice processing. When companies or accounting departments receive invoices, these invoices typically go through an approval process, after which their information is matched with sales and purchase orders, as well as payments. Invoice management software streamlines this workflow by scanning invoices, reading and pulling data into the system, and transferring payments electronically. Some solutions offer a mobile application for remote viewing and approval, in addition to payment allocation and account selection for each payment. Once invoices are processed, they are stored either in the cloud or on premise for easy access at a later date. These tools will often allow manual data entry for invoices in addition to automatic data capture.
These software solutions benefit accounting departments by eliminating the need for paper records, manual data entry, and mailing checks. A number of invoice management tools also provide features of, or integrate with, other types of software, including billing software, procurement software, and accounting software.
To qualify for inclusion in the Invoice Management category, a product must:Pull invoices from other software or through scanning and OCRStore invoice files, along with approval and payment historyConsolidate multiple invoices or split an invoice into multipleProvide standard approval workflows that can be customized by usersMatch invoices with purchases and sales orders, as well as with paymentsSync with company accounts to transfer payments for approved invoicesTrack different types of payment such as deposits or partial paymentsApply multiple payments to one invoice or one payment to multiple invoicesMonitor due dates and late payments for AR and AP invoicesShow More
Top 10 Invoice Management Software
- SAP Concur
- Bill.com
- Stampli
- Airbase
- Spendesk
- AvidXchange
- Beanworks AP Automation
- Webexpenses
- Plate IQ
- SAP Ariba
Compare Invoice Management Software
G2 takes pride in showing unbiased reviews on user satisfaction in our ratings and reports. We do not allow paid placements in any of our ratings, rankings, or reports. Learn about our scoring methodologies.Sort By:AlphabeticalSatisfactionPopularityG2 ScoreResults: 207SAP Concur(5,462)4.0 out of 5Optimized for quick responseEntry Level Price:$9 /report average price*Favorite
SAP Concur is the world’s leading provider of integrated travel, expense, and invoice management solutions, driven by a relentless pursuit to simplify and automate these everyday processes. With SAP Concur, a top-rated app guides employees through every trip, charges are effortlessly populated into expense reports, and invoice approvals are automated. By integrating near real-time data and using AI to audit 100% of transactions, businesses can see exactly what they’re spending without worrying … Show MoreRead SAP Concur ReviewsCompareTry for freeBill.com(327)4.4 out of 5Entry Level Price:$39 user/monthFavorite
Bill.com delivers financial process efficiency to small businesses and mid-sized companies through streamlined accounts payable and accounts receivable management. It reduces data entry and human error by leveraging artificial intelligence (AI) and machine learning. Bill.com gets more intelligent as you use it, learning your processes and preferences to give you greater control over every aspect of bill management. The modern user interface is designed to deliver greater efficiency, so you can… Show MoreRead Bill.com ReviewsCompareGet a quoteStampli(203)4.8 out of 5Optimized for quick responseEntry Level Price:Contact UsFavorite
Stampli is a G2 Leader in AP Automation for the past 9 consecutive quarters. Stampli is a complete AP automation platform that brings together accounts payable communications, documentation, corporate cards, and payments all in one place, allowing AP to have full control and visibility over corporate spending. By centering communications on top of the invoice itself, AP departments collaborate and communicate better with approvers, vendors, and anyone involved with purchases, allowing approva… Show MoreRead Stampli ReviewsCompareGet a quoteAirbase(201)4.8 out of 5Optimized for quick responseEntry Level Price:Contact UsFavorite
Airbase is the only spend management platform for small and midsize businesses that brings together comprehensive accounts payable automation, software-enabled corporate card program, and fully automated employee expense reimbursement into one system. Spend management is a different approach and a new way of thinking about how companies spend money. It shifts the relationship between employees and the budget by building accountability into fast-paced workflows and supporting ownership of spendi… Show MoreRead Airbase ReviewsCompareTry for freeSpendesk(209)4.7 out of 5Optimized for quick responseEntry Level Price:Contact UsFavorite
Spendesk is the complete spend management platform that gives 100% visibility into company spend. With Spendesk, you get a 7-in-1 solution with corporate cards, invoice payments, expense reimbursements, budgets, approval, reporting, compliance, and pre-accounting in one simple, scalable solution. Trusted by thousands of businesses from start-ups to established brands, Spendesk is designed to save time and money across the entire spending process with 100% visibility, built-in automation, and an… Show MoreRead Spendesk ReviewsCompareTry for free
Beanworks AP Automation(101)4.6 out of 5Optimized for quick responseFavorite
Beanworks AP Automation gives accounting teams, from CFOs to AP professionals, the ability to work together from anywhere. With Beanworks, you can reduce follow-ups, eliminate 83% of data entry with AI-powered data capture, and cut invoice processing costs by 86%. Strengthen AP controls with approval workflows for POs, invoices, and payments that automatically route requests to the right staff members at the right time. With greater control and better visibility across AP, you can reduce risks … Show MoreRead Beanworks AP Automation ReviewsAMBeanworks AP helped our company to go paperless and made invoicing so much more efficient over 10+ entities. Beanworks will allow your vendors to… Read reviewAFAn online tool that helps mainstream all our entities on one platform and digital access to all AP invoices and POs. Read reviewCompareTry for freeCompleat Software(30)4.5 out of 5Favorite
At Compleat we have one goal – to enable businesses to achieve the extraordinary. How does AP automation, or online buying do this? Simply put – a penny saved is a penny earned – or rather another penny that you can invest into what really matters to YOU. Your product, your service. Your team, your customers. Remember, every invoice your team doesn’t have to handle is time saved. Every time your team can buy what they need when they need it in a way that works for them this is time saved. &am… Show MoreRead Compleat Software Reviews
Easy and stress free invoice processing automation. Saves huge amounts of time Read review
As CFO I have had the Compleat Software implemented at the last three companies I have been CFO. – Fast, cost efficient to implement – Promotes… Read reviewCompareLearn moreBlueSnap Accounts Receivable Automation(31)4.7 out of 5Favorite
The Armatic platform enhances the power of your existing accounting/ ERP software and your existing CRM system with workflow automation, powerful business intelligence and fully integrated cross-department communications functionality to automate tasks in finance, sales, support, HR and operations. 1. Finance & Billing Automation (AR, AP, Invoices, Subscriptions, Payments): Fully automated AR Collections drastically reduces time to payment (DSO). Our advanced rules engine delivers the rig… Show MoreRead BlueSnap Accounts Receivable Automation Reviews
Extremely reliable, and excellent customer service, the owner and founder himself responds to questions a and gets things done very… Read reviewEOA complete suite of customer-centric products. There is no more need for separate QTC or eSign and Quote system. We store all customer documents in… Read reviewCompareLearn moreHoneyBook(44)4.5 out of 5Entry Level Price:$390 Per YearFavorite
HoneyBook helps creative small business owners simplify their business process from first inquiry to final payment, so they can grow their business and enjoy the freedom of being their own boss. Core Features: – Invoices – Proposals – Online payments – Scheduling – Contact form and lead management – Branded brochures – Bookkeeping – Quickbooks integration – Automatic payment reminder – Client portal + loginRead HoneyBook ReviewsMHIt’s super user friendly, clean, organized, and the customer service is AMAZING! They are constantly updating and adding to the system and it’s so… Read reviewBWNearly 100% of my business workflow happens through honeybook! This makes organization so easy, especially with all the automated features! Read reviewCompareLearn more
Conclusion
One of the most important elements in business that is often overlooked is monitoring your invoices. Whether you’re a small start-up or an established business, the last thing you want to do is lose cash at the end of each month through incorrect invoicing and overpayment. This blog post looks at the best invoice approval software out there and how it can help you build stronger relationships with clients and cut down on costs.