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Top 9 Procure-to-Pay Software for Enterprises

Mohammed Ridwan

November 23, 2023

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You want a procure-to-pay (P2P) software that automates your procurement process and addresses issues like lack of visibility, double payments, and delayed approvals. However, since such a tool has multiple users at different hierarchies and a complex workflow, you often end up with a more complex process if you don’t choose the right software. 

With ad-hoc processes, many issues pop-up: employees wait weeks for approvals, procurement teams have no real-time visibility over purchase requests and don’t know how to prioritize, finance teams get minimal control over expenses, and the entire process is chaotic. Hence, choosing the right procure-to-pay solution requires a focus on ease of use and flexibility. 

In this post, we will share the best procure-to-pay software for businesses in the UAE. We will discuss how P2P software helps with procurement management and which tools are worth considering. 

What is Procure-to-Pay Software?

Procure-to-pay software is a tool to automate the complete procurement process, which combines accounts payable (AP) software and procurement software.

Instead of having your procurement processes and data scattered across emails, Jira, different task management tools, and custom ERPs, you bring it onto a single platform. 

Procure to Pay software

By moving from your legacy tools to an automated P2P software, you can:

  • automate approval workflows, making the purchase request (PR) process easier and faster. Flexible approval workflows enable all stakeholders to approve requests with a trigger-based flow. 
  • integrate with ERPs to maintain a preferred vendor list and manage order items. While most P2P software supports record-keeping only, some allow the conversion of PRs to purchase orders (PO) automatically after approval.
  • match the goods received note (GRN) to enable two-way or three-way matching and ensure proper inventory and timely vendor payments. 
  • process payments with multiple payment options to avoid delays and foster vendor relationships. It also helps avoid double payments, underpayment, or overpayment. 
  • reconcile data faster via integrations with accounting software, enabling more visibility and control. Accounting teams get the right documents, and finance teams get visibility over expenses.

Since legacy ERPs aren’t enough to manage your entire procurement process, adding P2P software makes purchasing and payments easier. 

Top 9 Procure-to-Pay Software

Here is a procure-to-pay software list for companies in the UAE: 

1. Pluto

Procure-to-Pay software by Pluto

Pluto is an all-in-one procure-to-pay solution to transform your procurement and AP processes. It sits on top of your ERP as a layer to manage the multiple stages of the procurement process. From automating PRs to setting multi-layer approval workflows and managing vendors, it is the ultimate solution to transform a chaotic procurement process into a faster and more efficient one. 

Key Features:

  • Features fully customizable workflows for raising PR and POs, requiring no technical expertise
  • Offers a flexible approval engine capable of managing intricate hierarchies
  • Enables multi-layer invoice approvals with policies to align with your company's structure
  • Ability to upload invoices easily via WhatsApp images, eliminating the need to search for invoice details. Also facilitates invoice capture via emails directly to speed up the receipt capture process
  • A centralized dashboard to gather bills in one place and track the status to avoid double payments
  • Vendor-specific corporate cards to control budgets and detect irrelevant expenses
  • Supports local and international wire transfers to make payments 
  • OCR technology minimizes manual data entry by creating and populating bills from invoices
  • Supports ERP integration to synchronize your vendors, POs, and bills and integrates with accounting software, such as Oracle, NetSuite, Zoho, Quickbooks, Wafeq, Xero, etc.
  • Integrates with payment gateways and accounting software for seamless payments and reconciliation (a feature not available in other solutions)
  • Raises alerts for upcoming payments and enables scheduling payments in advance and automate invoices 
  • Provides a complete audit trail of the process to ensure visibility at each step
  • Shows real-time analytics to facilitate deep insights for supporting budget control

Pricing: 

Request the sales team for a custom quote

Pros:

  • More financial control with vendor-specific corporate cards 
  • Better Forex rates than most local banks 
  • Multiple integration options including Netsuite, Dynamics and more

Cons:

  • Slightly longer on-boarding due to unlimited corporate purchasing card offering 
  • Directly integrates with all other major ERPs except Tally

2. Order.co

Procure to pay solution by Order

Order.co is a procure-to-pay platform that provides you access to over 15,000+ vendors in addition to your preferred vendors. It acts as an online marketplace like Amazon or eBay to help you procure items for your business. You add items to the cart, and it enables a rule-based approval system for POs with complete control and visibility. 

Key Features:

  • Provides a custom, pre-approved Order.co catalog, including your current vendors and a vast network of 15,000+ vendors
  • Supports purchases from multiple vendors regardless of their ordering methods (API, website, email)
  • Sources the best prices for your needs to automatically generate POs and set up recurring orders to save time and reduce manual errors
  • Offers real-time budgeting and reporting insights by the user, location, cost center, or vendor
  • Simplifies payment processing by consolidating all orders from multiple vendors into one monthly invoice

Pricing:

Dependent upon locations and usage; contact hello@order.co for pricing information

Pros:

  • Customizable product lists for ordering 
  • Easy-to-create customizable workflows
  • Ability to categorize purchases and run reports

Cons:

  • Set up is confusing and requires customer support help
  • Can not order from multiple vendors at the same time

3. Yooz

Procure to pay platform by Yooz

Yooz optimizes the procurement process by focusing on invoice management.  It is suitable for mid-size companies of all sectors wanting to automate procurement with a cloud-based procure-to-pay solution. It uses artificial intelligence (AI) and machine learning (ML) technologies to enhance security and control in their account payable automation software.

Key Features:

  • Enables online, real-time management of supplier relationships, improving communication and collaboration
  • Provides mobile access for invoice approval and communication
  • Maintains regulation-compliant traceability, ensuring adherence to relevant laws and standards
  • Automates real-time general ledger (GL) coding and PO matching
  • Captures all types of documents through various channels, such as email, drag and drop, mobile, scan, and secure file transfer protocol (SFTP)
  • Integrates with accounting software and ERPs
  • Allows users to approve and pay invoices in batches, offering multiple payment options, such as virtual credit card, ACH, e-check, and paper check
  • Offers a range of services, including consulting, configuration, training, and user support

Pricing: 

Free trial for up to 15 days followed by a "pay-as-you-use" model. Also offers “gold edition” subscription pricing (based on the volume of documents) for an unlimited number of users and 4 hours of complimentary service

Pros:

  • Integrates with Sage Intacct
  • Ability to tag people in the comments and email them directly from the invoice
  • Numerous criteria available for setting up the approval workflows

Cons: 

  • Doesn’t offer payment services in the UAE, so you need to carry out payments on a different platform
  • Doesn't have integrations with major vendors as a form of punchout
  • Time-consuming to download and export files
  • Hard for vendors to send the invoices through Yooz

4. Kissflow

Procure to pay solution by Kissflow

Kissflow simplifies and enhances procurement processes while ensuring transparency and compliance. It helps users automate the entire process without requiring technical expertise or coding experience. It comes with 50+ ready-to-use applications, enabling unlimited automation applications.  

Key Features:

  • Offers fluid forms to enable easy capturing, approval, and tracking of PRs
  • Allows users to register and maintain vendors with access to multilingual catalogs
  • Integration with accounting systems, ERPs, and finance systems like Quickbooks, SAP, and Microsoft Dynamics 
  • Accelerates the invoice approval process with timely alerts and automated checks. Connect invoices to contracts, POs, and service entry sheets in a single dashboard
  • Customizable reports to visualize data using charts, filters, and heatmaps
  • Ability to define and manage budget restrictions with dynamic rules throughout the entire procure-to-pay lifecycle
  • Customized approval workflows to ensure transparency with rule-based approval processes
  • Smart alerts that provide real-time updates on the status of POs and invoices to keep stakeholders informed 

Pricing: 

Starts at $2499/month (billed annually). Pricing varies based on transaction volume and number of users

Pros: 

  • Intuitive interface with a relatively short learning curve

Cons:

  • Does not support payment flows in the UAE
  • Cost of its license is high (particularly for SMBs)
  • Can not handle intricate processes that require a high degree of customization or involve multiple conditional branches
  • Customization options are limited, including specific integrations, advanced business rules, or more sophisticated automation capabilities

5. Coupa

Procure-to-pay software by coupa

Coupa is a cloud-based automation platform to manage procurement processes. It facilitates supply chain optimization by providing visibility and control. It brings consumer shopping ease to the procurement process. With a focus on user adoption, it provides an intuitive shopping experience for employees, making it easier to adhere to pre-approved spending guidelines.

Key Features:

  • Simplifies procurement by allowing organizations to track pre-approved spending and get real-time visibility into POs and order lifecycle
  • Maximizes pre-approved spend to offer complete visibility over the purchase-to-pay processes
  • Promotes user adoption at all levels with an easy-to-use interface, creating value for both employees and vendors
  • Provides a centralized platform within Coupa Procure, allowing easy comparison of items across multiple vendors
  • Offers real-time budget management with budget meters, allowing organizations to assess budget sufficiency before committing to spending
  • Employs AI and machine learning to detect errors and fraud across business spend
  • Enables quick notifications of disruptions and allows vendors to confirm availability, minimizing unplanned downtime
  • Provides real-time visibility into inventory availability, helping organizations reduce redundant and wasteful spending

Pricing: 

Request the sales team for a custom quote

Pros:

  • Several categories and filters in the analytics section to streamline data
  • Chat option enables approver and claimant to discuss issues with receipts
  • Enables setting up of customized approval chains and including additional new approvers  

Cons:

  • Lots of unnecessary notifications, making it difficult to select the ones that need action or comment
  • Low receipt searchability, making retrieval time-consuming
  • Inconsistent syncing of remit-to address from NetSuite
  • Complex to implement and not intuitive, forcing admins to spend more time resolving employees' queries
  • Slow customer service 

6. Esker

Procure to pay platform by Esker

Esker is a cloud-based automation procurement software. It helps you optimize procurement processes and collaborate strategically with your vendors. With the ability to integrate across various company departments, it simplifies user adoption while facilitating visibility and control.

Key Features:

  • Facilitates approval mechanism and GRN matching for each PR and invoice 
  • Offers real-time analytics, enabling you to maintain tighter budget controls
  • Gives access to products from preferred vendors, aligning purchases with company procurement policies
  • Provides a self-service portal, facilitating supplier onboarding, catalog management, and invoice status access
  • Customizable dashboards to manage daily tasks, monitor productivity, and identify issues and opportunities as they arise
  • Enables you to customize the interface with your company's corporate identity, enhancing the supplier's ability to identify and engage with your organization seamlessly

Pricing: 

Contact sales for pricing

Pros:

  • Contains filtered views to allow for focused priorities 
  • Auto-sends payment reminders

Cons:

  • Gets expensive with each customization implemented
  • Doesn’t allow unused/old customer accounts to be deleted
  • Integration with accounting software isn't seamless 
  • Approval workflow requires a manual trigger to start

7. PayEm

Procure to pay software by PayEm

PayEm offers a procure-to-pay solution, covering everything in one place to replace your traditional procurement process. With a core focus on processing PR, it simplifies the creation of POs with custom forms and approval workflows. It facilitates collaboration between procurement and finance teams to enhance visibility and control. 

Key Features:

  • Offers custom request forms equipped with conditional logic to ensure a user-friendly experience
  • Provides fully customizable automated approval workflows based on factors like amounts, subsidiaries, and stakeholders
  • Integrates with communication platforms like Slack and email, allowing request tracking and approvals
  • Consolidates all the requests and approvals, simplifying discussions, document sharing, and creating an audit log
  • Enables real-time updates and clear overviews of request statuses, minimizing the need for follow-up inquiries
  • Offers OCR technology for invoice processing
  • Syncs with your ERP and enables exporting reconciled transactions and uploading them to your ERP 
  • Automates vendor management with payment scheduling, funds transferring, and limits setting for each vendor

Pricing: 

Request a custom quote

Pros:

  • Multiple virtual credit cards for different vendors
  • Supports global transactions 

Cons:

  • Some vendors don't accept PayEm cards
  • High transaction clearing time 
  • Limits the user to either a virtual or physical card at one time 

8. Pipefy

Pipefy Procure to pay platform

Pipefy is an automation procure-to-pay tool to manage end-to-end procurement processes, from PR to paying vendors, to create a frictionless experience. It aims to break silos between teams to simplify purchase and AP. 

Key Features:

  • Allows you to create and customize workflows, from purchase requisition to supplier management
  • Provides secure portals where records and documents can be organized, ensuring that all information is easily accessible, especially during audits
  • Ensures compliance with custom forms that include required fields to accelerate POs
  • Enables access to real-time insights to help you forecast ideal quantities and vendors for requisitions
  • Evaluates your processes, delivering reliable data to enable strategic and data-driven decisions
  • Integrates with your existing ERPs and accounting systems, such as NetSuite, Oracle E-business Suite, QuickBooks, Sage Intacct, etc.  
  • Enables deadline alerts, approval flows, and information exchange to prevent late fees and cashing in on early payment discounts
  • Offers a customizable dashboard to streamline vendor registration, updates, onboarding, and contract management

Pricing:

Offers three packages starting with a free option for smaller teams, and a subsequent model that costs $20 per month per user and $34 per month per user. Also, offers an enterprise plan with custom pricing

Pros: 

  • Offers templates for organizing processes

Cons:

  • Complex sign-up process
  • Workflows aren’t flexible with difficulty with respect to adding new users and making changes 
  • Difficult to import data and search in the database for information

9. Procurify

Procure to pay software solution by Procurify

Procurify speeds up the procurement process, enhances internal communication, and reduces financial risks. It is an easy-to-implement tool that saves time for finance and operations teams. From catalog management to custom user controls, it helps to track the procurement process in real time. 

Key Features:

  • Tailors POs to match your internal processes and vendor expectations
  • Creates, tracks, and maintains an audit trail of all procurement transactions for transparency and compliance
  • Enhances financial controls by enabling PO-based purchasing
  • Ensures that requested items are approved against budgets before procurement
  • Syncs PO with your accounting system or ERP, whether via API, CSV, flat file, or direct integration
  • Integrates with trusted vendors through punchout catalogs to streamline the ordering process
  • Enables blanket PO, which involve making multiple purchases against a single PO, even when details of future purchases may be unknown
  • Provides PO workflows to save on shipping costs, unlock vendor discounts, and reduce paperwork 

Pricing: 

Starts at $2000/month with a custom pricing tier

Pros:

  • Easy-to-make amendments in the original PO
  • Enables ordering from multiple websites for resources, including Amazon
  • Makes it easy to upload documents to support expense and order reports

Cons:

  • Doesn’t offer payment services in UAE, so you will need to carry out payments on a different platform
  • Doesn’t cater to the UAE market, and does not support UAE-specific workflows such as VAT management
  • Cannot edit orders once they are approved
  • Cannot see the order history for a catalog item without running a report
  • Physical inventory has to be tracked outside Procurify

Which Procure-to-Pay Software Should You Pick?

Don’t choose a platform that offers the maximum functionality. Instead, choose the one that is user-friendly and flexible. 

Procurement is already a complex process that requires visibility by different stakeholders. Choosing a tool that offers visibility and accommodates complex business needs will help you transform your chaotic procure-to-pay process

If you want to get started, book a demo, and our team will help you identify the bottlenecks and make the entire process simpler and manageable.

Disclaimer: The comparisons and rankings of procure to pay software competitors in this article are based primarily on reviews found online. While we strive to provide accurate and up-to-date information, these reviews are subjective and reflect the opinions of the users who posted them. The information presented is intended for general informational purposes and should not be considered as a definitive guide for choosing a software provider. We encourage readers to conduct their own research and consider their specific needs before making a decision.

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Guides
December 1, 2023

Mohammed Ridwan

What is Account Reconciliation? Basics for UAE-Based Companies

Last day of the fiscal year, and you are closing the books. One of the employees writes a check for 50000 AED to a vendor. The internal records show a payment of 50000 AED, but your balance will not match your bank statement due to the time difference in check clearing. 

Account reconciliation addresses these differences and mismatches of records. It helps you identify any gaps in your accounting statement to make adjustments and ensure accuracy. 

In this post, we will discuss account reconciliation and how you can ensure compliance with proper reporting.

What is Account Reconciliation?

Account reconciliation involves comparing your internal financial statements to external and third-party sources, such as bank statements, to ensure the accuracy of financial records.  

What is account reconciliation

The frequency of account reconciliation will depend upon your company's internal policies and industry practices. Generally, companies conduct account reconciliations every month or quarter. 

You can also automate this process and reconcile accounts in real time. The software integrates with your accounting systems and ERPs and facilitates record-keeping. Employees directly upload receipts on the software, and all the transactions are visible on a centralized platform for real-time tracking. Then, the tool automatically categorizes the expenses into different general ledger (GL) accounts and tax codes, making reconciliation simple. 

Why Invest in Account Reconciliation?

Account reconciliation is a standard accounting process. While it seems reasonable to continue using traditional manual systems for record-keeping and reconciling, having a unified accounting platform enables you to close books 10X faster. 

Importance of account reconciliation

Imagine a single tool to manage reimbursement, petty cash, corporate cards, and end-to-end procurement. You eliminate the chances of errors and fraud with more visibility over your money. As a result, you get accurate financial statements, creating a transparent environment for stakeholders. 

How is Account Reconciliation Done?

Account reconciliation involves comparing GL account balances to supporting external sources and records. Here is a complete breakdown of the process: 

1. Identify Accounts for Reconciliation

Identify the accounts that need reconciliation. This depends on the nature of the business, industry regulations, and the company's internal processes. Common accounts include:

  • Bank accounts
  • Accounts payables and receivables
  • VAT
  • Inventory
  • Intercompany transactions
  • Revenue
  • Expenses

2. Gather Relevant Documents

Collect supporting documents for the identified accounts, such as bank statements, invoices, receipts, and other relevant financial records.

3. Verify Opening Balances

Compare the opening balances in the company's records with the corresponding balances in external statements or supporting documentation. This ensures that the starting point for reconciliation is accurate.

4. Adjust Differences

Identify discrepancies and make adjustments as needed. Based on the types of accounts chosen, you are likely to have the following discrepancies:

  1. Bank: Outstanding checks, deposits in transit, or bank fees
  2. Accounts payable and receivable: For accounts payable, mismatch between the company's records and vendor invoices. On the accounts receivable side, payments not being accurately reflected in the company's records.
  3. Value Added Tax (VAT): Errors in calculating input and output VAT, misclassification of transactions, or discrepancies between recorded and actual tax amounts
  4. Inventory: Errors in recording stock levels, theft, obsolescence, or misclassification of inventory items
  5. Intercompany: Errors in eliminating intercompany transactions, misallocating expenses, or differences in intercompany balances
  6. Revenue: Unrecorded sales, errors in invoicing, or misapplication of revenue recognition principles
  7. Expenses: Unrecorded expenses, duplicate payments, or errors in expense categorization

5. Review and Finalize

Review the reconciled accounts for accuracy and completeness. Obtain necessary approvals from management or relevant stakeholders before making adjustments and finalizing financial decisions.

Finalize the reconciliation process and document the adjustments made. Retain all relevant records for auditing purposes and future reference.

Top 5 Account Reconciliation Errors

Here are the top 5 most common errors that lead to discrepancies in account reconciliation: 

1. Omission

Omission includes missing certain transactions from the accounting records due to oversight. For instance, forgetting to record a payment received results in understating cash and accounts receivable.

Solution: Review transaction documentation, bank statements, and other supporting records to identify and record any omitted transactions.

2. Duplication

Duplication involves recording the same transaction more than once, leading to an overstatement of figures. For instance, recording a sales invoice twice causes excessive revenue figures.

Solution: Review transactions and eliminate any duplicate entries.

3. Timing Difference

Timing differences refer to situations where a transaction is recorded in the books at a different time than when it clears the bank or is recognized for accounting purposes. For instance, writing a check at the end of the month that doesn't clear the bank until the beginning of the following month.

Solution: Regularly compare bank statements with the company's records, adjusting for timing differences.

4. Fraud

Fraudulent activities involve intentionally manipulating financial records to deceive stakeholders and make personal gains. For instance, employees falsify expense receipts to inflate reimbursement claims.

Solution: Implement strong internal controls, conduct regular audits, and promote a culture of ethical behavior.

5. Misclassification

Misclassification occurs when transactions are recorded in the wrong accounts. For instance, adding a purchase of office supplies to the wrong expense account or labeling an incorrect GL code.

Solution: Review transactions to ensure proper coding and provide training to prevent misclassification errors.

Risk of Overlooking Account Reconciliation 

While account reconciliation seems a redundant task of matching accounts’ balances, small defaults can lead to operational, financial, and legal challenges.

You can face hefty fines or penalties imposed by regulatory authorities. You may also encounter disruptions due to legal investigations, audits, or even suspension of business activities. Moreover, failure to adhere to regulations can harm a company's reputation. 

In some cases, it leads to the revocation of licenses or permits, jeopardizing the company's ability to operate within the UAE. 

Here are some challenges you face when you do not pay due attention to account reconciliation: 

1. Manual Errors

The chances of errors are high if you rely on manual processes for account reconciliation. It can distort financial records, impacting decision-making and financial analysis.

Example: An employee records a sales transaction twice, leading to an inaccurate representation of the company's revenue.

2. Fraud

Detecting fraud becomes difficult when you lack real-time visibility or the accounts are not being cross-verified. As a result, fraudulent activities go undetected, causing financial losses and damaging trust.

Example: An employee manipulates expense reports to divert company funds for personal use.

3. Overdrafts

You lose sight of the funds available, leading to bounced checks or potential bank charges. This harms the company's financial stability and relationships with vendors.

Example: The employee wrote a check with insufficient funds, resulting in a bounced check and delayed vendor payment.

4. Inaccurate Reporting

You increase the chances of discrepancies in financial reports, providing stakeholders with misleading information. This undermines the confidence in the company's financial health and performance.

Example: An employee overlooking the balance between revenue and expenses leads to inaccurate profitability figures in financial statements.

5. Tax Issues

You can encounter inaccurate tax calculations or omissions, leading to tax filing errors. This leads to penalties, fines, and increased scrutiny from tax authorities.

Example: An employee's oversight of business expenses, like travel and meals, results in underreported deductions, leading to tax filing inaccuracies.

6. Affect Credit Score

You increase the chances of missed payments or errors that negatively impact the company's credit score. This further affects the ability to secure loans or favorable credit terms.

Example: An employee's oversight in paying a critical supplier invoice on time leads to late fees, strains supplier relations, and affects the company's credit score.

7. Audit Challenges

With incomplete or inaccurate reconciliations, you risk challenges during audits, demanding additional time and resources. This results in increased audit costs and potential legal implications.

Example: An employee fails to reconcile monthly bank statements, leading to missing documentation. The subsequent need for extensive audit adjustments increases audit costs and poses legal risks.

Automate For Ease 

Managing 1000s of expenses and individually categorizing and coding them is a big headache for finance teams. Leaving this to your accounting software will further require oversight during audit season, adding to the workload. Moreover, these software don’t help with record-keeping or real-time visibility, causing you to spend more on account reconciliation. 

Pluto makes this easier by bringing it all to a centralized platform. By shifting to the Pluto ecosystem, you close books 10x faster and simplify spend management. It is as simple as integrating your accounting software and ERPs and getting visibility over your money from Day one. 

Streamline your financial management with our all-in-one platform, integrating accounts payable software for comprehensive control. Manage categorization, reimbursements, corporate cards, and all aspects of accounts payable seamlessly from a unified dashboard.

The best part is that you can bulk export and import logs and even lock the transactions to avoid changes once approved. Further, with view-only access to external bookkeepers, you ensure transparency and security with no chaos during audit season. 

Reconciliation in Accounting Made Simple

Meeting compliance standards should not be an afterthought during the audit season. 

You must adopt the right processes, standards, and tools to get complete control over your accounts. This will ensure accurate records and build trust amongst stakeholders. Moreover, the teams will have a proper systems to reconcile without rushing at the end time. 

With automation, you make the process easier and more efficient. Pluto assists you with a centralized platform to automate your accounts payables and simplify account reconciliation without having to juggle multiple accounting software

5
All
Procurement
December 4, 2023

Mohammed Ridwan

Top 7 Accounts Payable Automation Software

An invoice has landed in your inbox. As soon as it arrived, a team member cleared the payment. Later, when another team member came across it, they made the payment again. This is a common scenario of duplicate payments that results in cash leakage. Invoices are not consolidated. There is no proper approval workflow, and stakeholders lack visibility. 

Overall, managing accounts payable (AP) becomes a nightmare. 

An automation tool solves these bottlenecks and provides a centralized platform for invoice management and accounts payable. An accounts payable automation software automates invoice capture and retrieval to consolidate all the information on a unified platform. You get real-time visibility and control over your payables. 

As a result, you establish better vendor relationships and supply chain management without impacting cash flows.

This post will cover 7 AP automation software to help you choose the right automation partner.  

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Top 7 accounts payable automation software 

Here are the top 7 AP automation software. You can pick one of these to automate your accounts payable based on your company size and needs.

1. Pluto

account payable automation software by pluto

Pluto is an accounts payable software that transforms your AP processes by simplifying bill processing. From enabling GRN matching to setting fully customizable multi-layer approval workflows, it is the best AP automation software to manage your vendor payments. 

Key Features:

  • Facilitates three-way GRN matching with purchase orders and item-based matching
  • Offers a flexible approval engine capable of managing intricate hierarchies without requiring technical expertise
  • Enables multi-layer invoice approvals with policies to align with your company's structure
  • Ability to upload invoices easily via WhatsApp images and emails to speed up the receipt capture process
  • Facilitates optical character recognition (OCR) technology to retrieve invoice information, including tax and general ledger (GL) codes
  • Offers a centralized dashboard to gather bills in one place and track the status to avoid double payments
  • Consolidates approved invoices in a single window to highlight pending bills and avoid delays
  • Raises alerts for upcoming payments, enables scheduling payments in advance and automates invoices 
  • Allows you to seamlessly carry out bulk local and international wire transfers for easy payment clearing through their treasury partners.
  • Enables you to split payments for different tax and GL codes, departments, etc. 
  • Provides vendor-specific corporate cards to control budgets and detect irrelevant expenses
  • Supports ERP integration to synchronize your vendors, purchase orders, and bills
  • Integrates with accounting software such as Oracle, NetSuite, Zoho, Quickbooks, Wafeq, Xero, etc.
  • Provides a complete audit trail of the process to ensure visibility at each step
  • Shows real-time analytics to facilitate deep insights for supporting budget control

Pricing: 

Free to get started 

Pros:

  • Free to get started!
  • Enables branch and subsidiary-level spend tracking (not offered by other platforms)
  • Offers up to 2% cashback on all non-AED transactions 
  • Independent PCI DSS Level 1 certification for advanced security
  • SSO/SAML Capabilities for Enterprises
  • Better Forex rates than most local banks 

Cons:

  • Integrates with all other major ERPs except Tally
  • Slightly longer on-boarding due to corporate card offering

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2. Tipalti

AP automation software by tipalti

Tipalti is an automation tool that supports end-to-end AP processes. It streamlines accounts payables and facilitates global payments in local currencies for various recipients, from suppliers to freelancers. The cloud-based platform helps finance teams manage payments without losing visibility and control. 

Key Features:

  • Supports supplier onboarding and vetting to ensure supplier reliability and trustworthiness
  • Integrates with ERP and accounting systems to help with reconciliation reporting
  • Uses OCR to scan, capture, match, and process invoice data to reduce manual errors
  • Provides built-in approval workflows and payment scheduling 
  • Offers invoice processing, including two-way and three-way purchase order matching and approval to avoid overpayments
  • Assists AP processes for subsidiaries and entities

Pricing: 

Starts at $129 per month per user for the platform fee and charges for additional features separately

Pros:

  • Can manage supplier bank account details in a secure environment

Cons:

  • Cannot use it for prepayment invoices on inventory purchases with the ERP system
  • High foreign currency exchange fees
  • Tax forms can be difficult to fill out and very difficult if you do not speak English

3. Airbase

AP automation platform by Airbase

Airbase manages global AP processes. It focuses on ensuring compliance and syncing with your accounting tool to streamline payment. It is an automation solution for small to midsize businesses (SMBs) and large enterprises with 100-5,000 employees.

Key Features: 

  • Offers OCR to populate details, including GL category, date, amount, and purpose
  • Supports onboarding with a self-service vendor portal and custom questionnaires
  • Has a centralized dashboard with all key information about the invoice to avoid friction 
  • Accepts invoices from email or vendor portal across all subsidiaries
  • Offers automated approval workflows based on multiple parameters, such as vendor, amount, GL category, etc.
  • Enables three-way invoice matching to ensure compliance and reduce wasted spend
  • Real-time audit trail with receipts, notes, and documentation for transparency

Pricing: 

Request a custom quote

Pros:

  • Intuitive and easy to use; no training or previous knowledge required

Cons:

  • The mobile app is slow and takes time to load pages 
  • SSO-based login is not smooth
  • Not suitable for complex branch-level approvals and expenses

4. Ramp

Ramp's AP automation solution

Ramp is an accounts payable solution for managing payments and business expenses. It automates bill entries, approvals, and payments while offering complete visibility and control. By tracking each AP step from data recording to approvals, it simplifies payment processing and takes the burden off teams. 

Key Features:

  • Uses artificial intelligence (AI) to extract key details from invoices to offer accuracy and eliminate data-entry errors
  • Identifies duplicate invoices and helps with two-way matching to purchase orders
  • Offers custom approval workflows to minimize errors and ensure timely payments 
  • Provides a unified dashboard with visibility into the status of invoices
  • Consolidates multiple payment options, such as check, card, same-day ACH, or international wire
  • Integrates with accounting solutions, such as QuickBooks, Xero, Oracle NetSuite, Sage, etc. for auto-sync bill pay transactions
  • Supports international payment processing in multiple currencies 
  • Tracks vendor data and transactions for easy reporting and data-driven decisions

Pricing: 

Three pricing packages—free or basic features, $15 per user per month for Ramp Plus, and custom quote for enterprises with features like enterprise ERP integration, custom implementation, and local card issuance

Pros:

  • Works with multiple subsidiaries
  • Offers cash back on credit card purchases made using VISA cards

Cons:

  • Can’t unmatch an incorrectly matched invoice (invoice to credit card)
  • Approval routing can only be set on the vendor level, not the department level
  • Limitations in syncing repayments

5. Bill

Accounts payable automation tool by Bill

Bill is an accounts payable solution for SMBs to control payables, receivables, expenses, and all corporate expenses. It allows businesses to streamline scattered AP processes into a single platform and gain more control over their finances. 

Key Features:

  • Enables custom approval workflows for minimal hassle
  • Automates purchase order workflows with the option for automated two-way and three-way matching
  • Automates receipt matching, categorization, and expense reporting, decreasing administrative tasks
  • Syncs with all major accounting systems like QuickBooks, Sage, Intacct, and NetSuite
  • OCR auto-populates invoices for data entry
  • Provides bulk payments of approved invoices with payment choices, such as ACH, credit cards, checks, and international wire transfers
  • Offers audit trail of any changes or actions related to the invoice on a single page

Pricing: 

Provides a free trial and essentials pack starting at $45 for six standard user roles. Its team and corporate pack are for $55 and $79, respectively. Enterprises need to request a custom quote.

Pros:

  • One-click swift payments
  • Minimum training required
  • Easy-to-use mobile app

Cons:

  • Customer support is difficult to initiate, slow, and unresponsive
  • Frequent changes in the interface create confusion for users

6. Procurify

Procurify's AP automation software

Procurify streamlines AP reconciliation, offering a straightforward solution for financial operations. From catalog management to custom user controls, it helps to track the procurement process in real time. Its no-code configuration allows for a prompt deployment in under six weeks, making it a suitable choice for mid-market to enterprise organizations.

Key Features:

  • Creates, tracks, and maintains an audit trail of all procurement transactions for transparency and compliance
  • Ensures that requested items are approved against budgets before procurement
  • Integrates with trusted vendors through punchout catalogs to streamline the ordering process
  • Syncs bills and completes bill payments directly with platforms like QuickBooks Online, NetSuite, and other major accounting systems
  • Supports OCR  technology to extract data from invoices

Pricing: 

Starts at $2000/month with a custom pricing tier

Pros:

  • Ability to upload different invoices in the same PO and group invoices

Cons:

  • Doesn’t offer payment services, so you need to carry out payments on a different platform
  • Physical inventory has to be tracked outside Procurify

7. ZipHq

Accounts payable automation by ZipHQ

Ziphq is an end-to-end procure to pay software designed to streamline the entire procurement process, from purchase order to payment. It caters to businesses of all sizes — startups, mid-size companies, and enterprises with no-code configuration and deployment in under six weeks.

Key Features:

  • Offers vendor cards to automate recurring and one-time payments
  • Centralizes purchasing workflows, providing real-time visibility into the AP process
  • Facilitates automatic purchase order matching, ensuring invoice accuracy and timely payments
  • Provides automated, no-code workflows, referencing all stakeholders in the approval chain
  • Allows employees to comment on invoices and tag stakeholders, ensuring everyone has the context and visibility needed
  • Automates renewal planning with workflows initiated well ahead of deadlines, enabling stakeholders to make informed decisions
  • Supports vendor payments in 140+ countries and 40+ currencies
  • Integrates with ERP, ensuring quick and easy reconciliation, even for complex, multi-subsidiary operations

Pricing: 

Request a demo quote

Pros:

  • Provides various customization options to configure internal processes

Cons:

  • Localized to the USA market
  • Takes over five days to settle vendor payments 
  • Can’t bulk upload documents

How to choose the right accounts payable automation software?

User-friendliness

Select software that is adaptable and user-friendly, with intuitive trigger-based workflows and a clean interface, ensuring ease of use without excessive reliance on support for basic tasks.

Versatile payment capabilities

Choose a solution that supports a broad spectrum of payment methods, including the ability to issue vendor-specific cards for secure and speedy payments, a feature not commonly found in many platforms.

Accurate Invoice Processing

Opt for software with OCR technology to enhance invoice processing speed and accuracy, capable of handling invoices from various sources and integrating them into a centralized database for reduced manual entry.

Efficient Approval Workflows

The software should include a straightforward, no-code workflow builder that can handle complex hierarchies, essential for large organizations with intricate approval processes.

Seamless System Integration

Ensure the software integrates well with existing accounting systems to automate data entry and maintain synchronized records, which is crucial for effective financial management.

Advanced Reporting Features

Reporting functionality that offers insights into spending patterns and department-specific expenditures is vital. The software should provide a robust reporting dashboard with options for deeper analytics.

Choosing the right accounts payable automation software 

Implementing accounts payable software will support your procurement process only when you carefully pick an option that provides flexibility, visibility, and security without losing on functionality. 

Imagine software that makes it easy to clear payments but doesn’t settle payments for days on the vendor’s end. Contrarily, consider an option your legal or IT team is skeptical of implementing. 

That is why, at Pluto, we focus on simplifying processes and cutting all the chaos without risking security, flexibility, or functionality. We simplify accounts payable by syncing with your payment gateways for faster payments at better forex rates than banks. You get a PCI DSS Level 1 certified solution that provides you with bank-grade security. 

So, book a demo and learn more about how you can optimize your entire procurement process.

5
All
Corporate Cards
January 30, 2024

Mohammed Ridwan

How Corporate Fleet Cards Help Modern Transport & Logistic Businesses

Companies use petty cash for managing driver and transport expenses, including maintenance, repairs, and small purchases, by allocating a small amount of physical cash to drivers. Drivers submit receipts for reconciliation, and they manually track these small transactions. 

However, tracking numerous trivial transactions becomes time-consuming, and discrepancies emerge during reconciliation. There's always a risk of misuse or theft, demanding strict security measures. Moreover, negotiating favorable terms with vendors for minor, recurring transactions becomes challenging. They must carefully budget and maintain a sufficient petty cash fund, which strains their overall cash flow.

Overall, the manual process raises efficiency concerns, necessitating a balance between control and practicality in managing day-to-day vehicle-related expenses.

A better alternative to petty cash is a fleet card. 

This post will explore corporate fleet cards, their benefits for transport and logistics, and strategies to overcome potential fuel card challenges for improved spend management.

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What Is Meant by Fleet Card?

A fleet card, also known as a fuel or gas card, is a specialized payment card used by businesses to cover expenses related to their vehicle fleets. It is issued by fuel companies or financial institutions specifically for fuel purchases, maintenance, and other vehicle-related expenses.

What Can Fleet Cards Be Used For?

The fleet cards are primarily used for fuel purchases, maintenance, and repairs. They facilitate seamless payments for routine servicing, tolls and parking fees, and purchasing vehicle-related products.

You get cards with custom spending limits and advanced controls, such as real-time transaction monitoring mechanisms, category-specific restrictions, and automated alerts for enhanced security and streamlined expense management.

Drivers purchase fuel, maintenance, and other vehicle-related expenses at authorized locations with the cards, and you enjoy complete visibility on a centralized dashboard for each transaction.

What Are the Benefits of a Corporate Fleet Card?

Switching from manual petty cash management to a fleet card yields the following benefits:

  • Simplifies payment processes by reducing the complexity of cash handling

  • Improves tracking and monitoring of all vehicle-related expenses

  • Minimizes the risk of theft or misuse, providing enhanced security measures

  • Automates the expense management and reconciliation process, eliminating manual record-keeping and ensuring accuracy with reduced likelihood of errors

  • Promotes compliance by enabling you to set controls and restrictions on card usage according to company policies

  • Enhances budgeting by providing detailed reports and insights into the spending patterns for a structured and controlled approach to managing vehicle-related costs

  • Streamlines transactions with vendors, offering an efficient payment method for small, frequent transactions

Should I Use a Fuel Card or a Credit Card?

Fuel cards and credit cards share similarities in providing a convenient payment method for expenses. Both can be used at gas stations and offer detailed transaction records for monitoring expenditures. Moreover, both cards come with features such as spending controls, reporting tools, and rewards programs.

However, here are some differences between the two:

  • Fuel cards restrict card usage to fuel and maintenance-related purchases, providing greater control and limiting potential misuse.
  • Fuel cards come with fuel discounts or rewards programs at specific gas stations, providing potential cost savings that credit cards do not generally offer.
  • While credit cards provide transaction records, fuel cards offer more detailed reporting on vehicle-related expenses like fuel consumption, maintenance costs, and odometer tracking.
  • Fleet cards partner with fuel providers, service centers, and other vendors, allowing businesses to negotiate favorable terms and discounts for bulk purchases or regular transactions. For instance, a fleet card's partnership with a fuel station yields discounted fuel prices, facilitating substantial cost savings.

So, for transport and logistics businesses, corporate fleet cards offer specialized controls for fuel and maintenance, streamlined reporting, and potential fuel-related discounts.

What Are the Risks of Fuel Cards?

Fuel cards, tailored for fleet management, are designed to address the unique needs of companies in the transport and logistics sector. However, organizations face the following challenges when switching to corporate fleet fuel cards:

1. Gas Station Availability Issues

Fuel cards encounter challenges related to gas station availability that limit refueling options. As a result, drivers can not find suitable gas stations, leading to increased travel time and delays in delivery schedules.

3. Location-Dependent Acceptance

The acceptance of corporate fleet cards varies by location, leading to constraints and inconveniences for companies operating in areas where certain cards are not widely accepted.

Drivers will encounter difficulties during interstate routes if you offer a nationwide delivery service and the fleet card is only accepted at specific gas stations or regions. It complicates expense management and hinders the company's ability to streamline fuel-related transactions.

3. Management Complexity

The specialized design of fuel cards introduces an administrative burden when managed separately. For instance, a company using distinct fuel cards for different vehicles finds consolidating expenses difficult, leading to increased administrative efforts and potential operational inefficiencies.

As a result, administrators have a hard time reconciling statements, accurately tracking expenses, and ensuring compliance. This burden increases processing times and errors in financial reporting.

4. Reward Limitations

While crafted to suit industry needs, fuel cards encounter limitations in cashback offers. Consider a scenario where a company's preferred fuel card provides cashback benefits only at select stations, restricting potential cost savings for the entire fleet. 

Source

Why Should You Switch to Pluto Corporate Fleet Cards?

Pluto fleet cards don't restrict the use of cards at their discretion. Instead, they facilitate advanced controls and real-time visibility. From issuing budgeted fuel cards to creating vendor-specific cards, you can set rules that align with your company's needs and policies. Then, with each transaction, you track all fleet expenses from a single dashboard and get real-time data without manual effort.

Pluto's corporate fleet cards

So, you set cards and add controls, and you are good to go! Drivers can spend them at convenient gas stations while you enjoy complete visibility and control. Each transaction appears on the dashboard and notifies drivers to upload the receipt directly from WhatsApp. Once uploaded, you can approve the expense, and the data syncs with your accounting software to help you close your books ten times faster.

Here are the top six benefits of switching to Pluto corporate fleet cards:

1. Unrestricted Access Anywhere

Unlike traditional restrictions, Pluto corporate fleet cards liberate your drivers. There are no limitations on locations or specific fuel stations. Enjoy the convenience of using cards at the most budget-friendly and strategically located gas stations, repair shops, or truck stops that welcome Mastercard.

2. Easy Cashback

Pluto corporate fleet cards make cashback benefits straightforward. With up to 2% unlimited cashback on over 100+ currency spends, enjoy seamless cost savings without intricate conditions or restrictions.

3. Smart Budgeting

Smart budgeting with corporate fleet cards

Pluto fleet cards, functioning as debit cards, provide smart budgeting without blocking cash flow. Drivers can request limit increases in seconds, ensuring operational flexibility with swift approvals. This distinctive feature sets Pluto apart, seamlessly blending budget management and uninterrupted cash flow for efficient fleet operations.

4. Driver-Friendly Controls

Provide drivers with budgeted fuel cards and set spending rules. Real-time data and advanced controls give you complete transparency of fleet expenses, enabling strategic decision-making.

5. Grow With Ease

Whether you have hundreds or thousands of drivers, the streamlined process of issuing corporate fleet cards and setting controls remains hassle-free, supporting your scalability with ease.

6. Eliminate Fraud

Eliminate fraud using Pluto corporate fleet cards

Lock or freeze cards instantly from the Pluto app, ensuring proactive measures against fraud. Enable company policies to ensure in-policy transactions, eliminating the risk of unauthorized spending.

Enhance End-to-End Spend Management

Pluto eliminates the need for separate investments in corporate fleet cards, offering an all-in-one spend management solution. 

Pluto's comprehensive platform facilitates both corporate purchase cards and fleet cards, streamlining your financial operations. Enjoy the same benefits as traditional corporate fleet cards but with enhanced functionality, all within a unified platform. With Pluto, you get unparalleled efficiency in managing corporate expenses, ensuring a seamless and integrated approach to financial control. 

Transform your spend management today. Book a demo and discover how Pluto can optimize your financial processes and elevate your business operations.