“Have I paid that vendor yet?” you ask yourself as you sort through the dozens of invoices you’ve received this month. Definitely not the way you wanted to spend your Friday afternoon.
As your small business grows, manually managing accounts payable (AP) processes becomes more challenging, time-consuming and error-prone.
Enter accounts payable software. These platforms can automate processes like invoice management and payment processing while syncing to your accounting software to ensure nothing slips through the cracks.
This article offers an overview of the six best accounts payable software solutions for small businesses so you can find just the right platform for your needs. We’ll also give you a list of the features you should look for when choosing a platform, plus tips for how to make your decision.*
Financial admin eating up too much of your time? We can take it off your plate
Automate your accounts payable processes with Juni and free up your day for more impactful work.
*The information about all the platforms discussed in this article was collected between 9 January 2024 and 11 January 2024. This article was written and approved by Juni and is intended as marketing material.
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Whenever you’re researching software, whether that be an accounts payable solution or inventory management platform, you need to be clear on what functionalities your business needs. So before we get into our list, here are some features you should prioritise when selecting accounts payable software:
Let’s take an in-depth look at our list of software. For each platform, we’ll list its features (as well as its limitations), explain how pricing works and point out what kind of business it’s best fit for.
Juni’s platform for ecommerce entrepreneurs comes with automated accounts payable features that can help you run simpler, tighter and more accurate financial admin. With Juni, it takes just seconds to auto-collect, pay and even finance your invoices.
By collecting and scanning your invoices automatically, then pre-filling all the important payment details, Juni saves you time and reduces the risk of human error. You can also automatically import your receipts and invoices with your dedicated Juni inbox for effortless spend management, plus match receipts to transactions.
What’s more, if you need to reduce pressure on your cash flow cycles, Juni offers financing options for certain types of payments, giving you up to 120 days to pay.*
The platform goes beyond accounts payable features, also offering business accounts and cards, features to optimise cash flow management, powerful accounting automations, fast transfers and storefront integrations.
Most suitable for: Ecommerce entrepreneurs and small businesses
Juni has two plan options:
You can try our Scale plan for free for the first 30 days.
Based in Copenhagen, Pleo is a business spending solution with built-in AP automation software. Pleo’s invoice management features make it easy to capture, process, approve, pay and bookkeep invoices in a central location. With over 50 supported currencies, Pleo users can seamlessly pay vendors across the world.
Most suitable for: Companies that need to pay invoices in several currencies
Pleo has three plan options:
Spendesk is a spend management platform with accounts payable features like invoice automation and approval workflows, giving you greater control over the invoicing lifecycle and your AP processes. By using Spendesk, you can minimise (or eliminate) manual data entry for your invoicing processes, plus get real-time insights into your spending patterns.
Most suitable for: SaaS, tech and fintech companies
Spendesk doesn’t list its pricing options, so you’ll have to reach out to sales to get a quote
Sage Intacct’s cloud-based invoicing software helps small business owners and finance teams automate invoice management with the power of AI. For example, simply upload or email an invoice, and the software will automatically extract details and populate fields for your approval. The platform can also detect duplicate invoices, helping you stay in control of your expenses and avoid costly errors.
Most suitable for: Businesses that need powerful analytics tools
Sage Intacct has three plans for its accounts payable software. All plans come with three months free:
While SAP Concur isn’t specifically designed for small businesses, it’s still a good fit for solopreneurs and SMBs looking to automate their AP processes. The platform automates invoicing processes, meaning you can pay suppliers quickly without constantly having to double-check invoices and complete transactions yourself.
Most suitable for: Businesses with immediate plans to scale
SAP Concur doesn’t list its pricing options, so you’ll have to reach out to sales to get a quote.
Visma is the parent organisation for a number of accounting and invoicing solutions across Europe. It has designated products for 15 different EU countries, such as Visma eKonomi, its designated Swedish accounting platform. Visma eKonomi has basic AP features for paying vendors, but it has a range of other accounting features that can help you streamline your financial admin as a whole.
Most suitable for: Small businesses in Sweden
Visma platform prices range depending on which country you operate in and the Visma product you select. Visma eEkonomi has three plans that come with supplier invoicing features:
You can have all the software comparison guides in the world available to you, but if you aren’t intentional about your decision, you may end up choosing software that falls short for your needs. Here are a few steps you can take to help you make the right decision when selecting an accounts payable platform for your small business.
By digitising the traditionally paper-intensive process of handling invoices and payments, AP software is not only more efficient than manual processes, but also minimises the possibility of errors, like a missed or incorrect payment. Having more visibility over invoices, due dates and your general spending patterns can help you maintain tighter control over your financial operations.
But to get the most out of a platform, you need to make sure you’re choosing the right one for your needs. For example, if you run an online storefront, you’ll want to choose a solution like Juni that has the specific needs of ecommerce entrepreneurs in mind.
By choosing a software solution that’s a good fit for you, you’ll make your business more agile, resilient and competitive. Meanwhile, you’ll get back more time in the day to focus on what you most love about running your company, whether that’s marketing your product, interacting with customers or finding ways to scale.
Financial admin eating up too much of your time? We can take it off your plate
Automate your accounts payable processes with Juni and free up your day for more impactful work.
*Juni Invoices is available for EU-based companies only. Media financing is available for companies registered in NL, SE, DE, FR, ES, IT, FI and NO, upon eligibility. Fees and terms and conditions apply. Click here for more details.
Accounts payable automation software helps businesses manage and track the money they owe to suppliers, vendors and other parties. Essentially, this type of software helps business owners and finance departments handle their payment processes by recording invoices, tracking due dates and organising information.
While you can manually manage your accounts payable process, this approach can be time-consuming and error-prone. A better way to keep track of accounts payable is by using specialised accounts payable software that tracks and pays your invoices for you.
You can automate accounts payable processes by using specialised software. These platforms handle a number of tasks, including:
"Only six more to go," you tell yourself as you upload yet another receipt to your accounting software. We all know the pain of searching for receipts across emails and platforms and trying to match them to expenses.
This becomes even more challenging the larger your business becomes and the more vendors you have to pay. You can avoid most of that frustration and wasted time with the right spend management software.
But not all spend management platforms will be a good fit for your business. For example, digital commerce companies need solutions that take into account sector-specific expenses like ad receipts and multiple platform payments, while small businesses need tools that simplify their financial admin, not complicate it.
This article takes a look at the six best spend management software solutions so you can find just the right platform for your needs. We’ll also give you a list of the features you should look for when choosing a platform, plus tips for how to make your decision.*
Spend less time on spend management
With real-time spend overviews, receipt matching automation and powerful integrations, Juni will make you forget what a hassle managing your expenses used to be.
*The information about all the platforms discussed in this article was collected between 17 January 2024 and 19 January 2024. This article was written and approved by Juni and is intended as marketing material.
Before taking a closer look at the tools on our list, here are six features your spend management software (also known as expense management software) should come with:
Bonus: Look out for spend management platforms that come with built-in accounts payable and invoice automation features, which will help you centralise your financial admin and save time.
Now, let's explore the solutions on our list in depth. For each platform, we’ll list its key features (as well as its limitations), explain how pricing works and point out what kind of business it’s best fit for.
Juni helps businesses in digital commerce manage their cash flow, track their expenses and optimise their profits with features that are specifically designed with ecommerce companies in mind.
While it’s not specifically expense management software, you can use the platform for your spend management needs. Juni's goal is to give everyone in digital commerce, from the CFO to the accounting team to marketing managers, everything they need to focus on business growth.
Juni’s expense management features are especially valuable for users who have multiple receipts coming from different media buying channels and online transactions. With Meta and Google Ads integrations, plus powerful receipt matching, expense management suddenly becomes easy. On top of that, you can also manage your unpaid invoices and accounts payable processes within Juni, bringing your financial admin under one roof.
All of this comes with easy access to media and inventory financing for up to 2 million EUR, helping you free up your cash flow and grow your business.*
*Juni Invoices is available for EU-based companies only. Media financing is available for companies registered in NL, SE, DE, FR, ES, IT, FI and NO, upon eligibility. Fees and terms and conditions apply. Click here for more details.
Most suitable for: SMBs and mid-market companies in digital commerce
Juni has two plan options:
SAP Concur helps you streamline processes to deliver efficiency savings, with a focus on eliminating manual data entry, lost receipts and unclaimed VAT refunds. As such, it’s best suited to larger organisations. The platform helps you reduce the risk of human error and compliance issues with automations, plus the software can identify potential mistakes and discrepancies in real-time.
Most suitable for: Larger and enterprise organisations
SAP Concur doesn’t list its pricing options, so you’ll have to reach out to sales to get a quote.
Zoho Expense is the business expense tracking app from the Zoho suite of business tools, which means it integrates with Zoho’s other financial management apps. It’s a reasonably priced platform suited to handling all aspects of expense management and reporting for SMBs. Zoho Expense automatically records expenses from receipts, simplifying and automating the expense reporting process.
Most suitable for: People already using other Zoho products (namely Zoho Books)
Zoho Expense has three plans for its spend management software:
Expensify is a spend management solution for keeping track of business expenses on the go. Most of the expense management functionality can be done on your phone, while a series of handy integrations help to automate and streamline processes around uploading and allocating receipts. Plus, it’s easy for employees to create and submit expense reports for quick reimbursement.
Most suitable for: Small businesses with lots of employee expenses
Expensify has two plans:
One of the many features of smart accounting software QuickBooks is its built-in expense management tool. There are obvious advantages to expenses being handled via your accounting platform, like how easy it is to claim business expenses for tax purposes. And when you connect your bank to the platform, QuickBooks automatically matches and organises your receipts to transactions.
Most suitable for: Businesses who want more comprehensive accounting tools built into their spend management software
Quickbooks has five plans:
Fortnox is a cloud-based accounting software platform based in Sweden that helps businesses manage their accounting and bookkeeping processes, as well as other financial admin like spend management. Users can take photos of receipts and instantly upload them via a mobile app, and the platform automatically fills in date, amount and VAT.
Most suitable for: Businesses that operate in Sweden
Fortnox has three plans:
The information in this guide can help you make your decision, but ultimately, you need to factor in considerations about your business and its needs when choosing a platform. Here are three things you can do to ensure you’re choosing an ideal solution.
As you’ll notice from the list above, different software solutions are more suitable for different business industries and sizes. For example, Juni is spend management software built with the needs of ecommerce companies in mind. So when researching a platform, pay close attention to what type of business (big or small, ecommerce or SaaS) it’s best suited for.
While it shouldn’t be the only factor that guides your decision, you can’t ignore pricing when choosing a solution. You need to find a healthy balance between a platform you can afford (and doesn't go over budget) that still gives you all the key features and functionalities you need to run smarter, more efficient financial admin.
You may be a small business now, but if you have plans of scaling in the future, you want to make sure your expense management solution can scale with you. Juni, for example, caters to both SMBs as well as mid-market companies, meaning we can provide the solutions you need from the time your business is founder-led to when it has 100+ employees.
While you can never remove expense management from your to-do list, you can find a platform that does most of the work for you. The best spend management software is one that not only simplifies financial operations but also contributes to strategic decision-making and the long-term financial health of your organisation.
To find a platform that does all that, you need to make sure you’re making your selection with the unique needs of your business in mind. For example, if you operate in digital commerce, you want to choose a solution like Juni that comes with ecommerce-specific capabilities, like features designed specifically for media buying and online transactions.
So take your time finding the right platform—doing so can lead to significant time savings and valuable insights into spending patterns, helping you improve the overall financial health and success of your business.
Spend less time on spend management
With real-time spend overviews, receipt matching automation and powerful integrations, Juni will make you forget what a hassle managing your expenses used to be.
Spend management software is a platform or tool that helps businesses manage and control their expenses. This type of solution usually includes features for receipt management, expense reporting and approval workflows. Plus, these platforms often integrate with accounting software, as well as sync with banks and credit cards.
There are a number of benefits to using spend management software to control your expenses, including:
The price of expense management software varies depending on the size of your business and what industry you operate in, as this will impact which platform you choose. Prices range from as low as £7 per month to almost £100, and some spend management systems also offer free plans to certain users.
Without an automated accounts payable solution you get bogged down with manual processes and endless busy work just to produce month-ends.
Often, this leaves you with no time to focus on stamping out overspending and maximising profitability.
Trying to manage cash flow across multiple cost centres can lose you hours. And this is made worse by the time-inefficient and error-prone nature of manual media invoices.
In this article, we’ll take a look at the role of accounts payable in the modern commerce landscape and explore a solution to these frustrating issues.
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Accounts payable refers to the function that covers any money owed to suppliers or vendors. Once they have raised an invoice, the role of accounts payable is to receive, process, validate, record, and make the payment.
Accounts payable also manages the business’ cash flow, monitoring outgoing funds. Outstanding payments are recorded as the balance of AP on the company’s balance sheet which shows what money they need to pay in total. Short-term liabilities or current liabilities refer to payments that the business expects to settle within a year.
Let’s say an advertising agency submits an invoice for their services. As soon as this invoice is received, the payment process begins.
As the accounts payable department, you’ll need to verify the validity of the invoice, code it to the general ledger and route for payment approval.
Put simply: you need to check that the invoice is accurate, record it properly, confirm it matches the purchase order and receipt, and get the necessary approvals for payment.
Manually making payments, inputting data, and detecting issues like incorrect, duplicate, or fraudulent invoices is time-consuming. And overall, a lack of suitable accounting automation can leave room for error.
Here are some of the common issues you’ve probably seen before in the AP process alongside automated solutions that help you overcome them.
A common issue at this stage is difficulties in manually processing invoices which may come in multiple different formats (e.g. paper, email, EDI) or even incomplete.
To overcome these challenges you need accounting software that automates processing and ensures invoices are all received in the same standardised format.
For example, Juni developed AI-data OCR models that accurately capture and digitise paper invoices and automatically convert them for you. This means you can save time chasing people for correct or new invoice versions.
Even if invoices are submitted in a unified way, you still need to match the right invoice with the right payment.
Errors in manually verifying invoices are common, and incorrect details or mismatches with purchase orders or delivery receipts invariably lead to delays and vendor disputes.
If you’ve ever processed invoices for Google Ads, for example, you’ll understand the admin involved in managing this.
Luckily, automated two or three-way matching solves this problem and massively speeds up the process. This term describes an algorithm that can accurately identify discrepancies by cross-referencing invoices with purchase orders. You’ll receive a report which allows you to instantly identify inconsistencies in costs.
Bottlenecks in the approval workflow are common due to inefficient processes and a lack of clear approval hierarchies. This can lead to huge delays in larger, more complex organisations.
Reducing manual data entry means accounts payable teams are freed up to focus on more strategic tasks like protecting assets and identifying overspending or growth opportunities.
However, automating invoice recording only works if your accounts payable solution seamlessly integrates with your current bookkeeping platform.
Look for an automated solution with a wide range of APIs and integrations already available. It should also have real-time data analytics and flow into live reports.
That means you can accurately validate data, ensuring variances on the balance sheet are flagged before the data is recorded.
Late payments are common and damage both vendor relationships and your business operations.
Nobody wants to deal with additional costs through late fees and lost discounts, so it’s critical to ensure timely payments through automation.
The solution you choose should also have robust duplicate payment detection systems to prevent overpayments and reduce financial losses.
Just as important as making payments is managing the relationship between them and the cash flow needs of your organisation.
Paying off ad campaigns or suppliers can lead to cash always being tied up, creating a bottleneck for growth and reinvestment.
If this is the case in your organisation, look into flexible accounts invoice financing solutions. Invoice financing means you don’t need to wait for customer payments and can immediately access the funds needed to cover your accounts payable.
For instance, with Juni’s flexible invoice credit, you get up to 120 days to settle, easing the strain on cash flow and opening up scaling opportunities.
Juni is an all-in-one solution that’s designed to free up your account team. Here’s how it makes accounts payable easier.
Automated invoice processing saves you precious time by automatically scanning invoices and pre-filling pay details. Juni can also match your paid invoices to the corresponding transactions in seconds, a feature particularly appreciated by EYTYS.
“Our marketing team uses Juni Capital for our ad spend on Google and Facebook Ads, “Juni also fetches the invoice directly from the platform which speeds up expense reporting.”
Seamless integrations with your current processes ensure data flows automatically from systems and clients into the software. Similarly, compatibility with your preferred bookkeeping tools ensures you can export data to platforms like Fortnox, DATEV and Exact Online.
Juni allows you to settle invoices in seconds, as well as schedule payments for upcoming invoices in a few clicks. You can also make fast payments from your Juni card and account to global suppliers with low-fee SEPA and SWIFT transfers.
Manage your spend by setting controls and limits for every card and getting notifications every time a payment leaves your account. As the team at ANI Jewels describes, “Juni has significantly reduced the time spent on financial admin, allowing you to focus more on strategic growth initiatives.”
Juni facilitates real-time expense tracking to help you manage your cash flow. You’ll get daily reconciliations and increased visibility of performance indicators like processing time and outgoings.
You’ll also have access to industry-leading reporting and analytics capability. That means proactive rather than reactive problem-solving and fast visibility on what’s holding payments up.
For instance, with Juni, you’ll be able to recognise a dip in cash flow on the horizon. You can then make a proactive decision to free up cash for necessities and limit non-critical spend.
You can also ease the pressure on your cash flow with flexible invoice credit and up to 120 days to repay. This was a massive help to F&F stores who used Juni’s flexible financing to maximise their ad spend:
”Juni's credit line has allowed us to increase sales and have exceptional growth on Amazon. We regularly rank in the Top 20 sellers on Amazon in the UK.” - Oscar Price, Company Accountant at F&F.
As you scale your business, balancing outgoing costs against the need to maintain control over your cash flow becomes increasingly difficult.
Juni helps you avoid inefficiencies, stress, and errors with an all-in-one accounts payable solution. Your AP department can automate invoices and payments and oversee cash flow with spend management platforms and real-time reports.
Accounts Payable (AP) is typically recorded as a credit balance in the accounting records. It represents money owed by a business to its suppliers or creditors for goods or services purchased on credit. Financial statements.
Accounts payable can cover any type of payment leaving company accounts. These include supplier invoices, paying freelancers, managing advertising costs and more.
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