“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.
As a finance manager, you’re likely struggling with inefficient invoice matching and fragmented cash flow management. Raise your hand if any of the statements below relate:
Still, every billed item needs to match what was ordered and received. The good news is that there is a way to speed up the process and even automate it.
In this article, you'll learn all about invoice matching: Including the types, how it works, and the benefits of automating it. You'll also discover how Juni gives you full visibility and control over business finances, so you can put an end to manual processes.
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Invoice matching is the process of comparing invoices with supporting documents such as purchase orders and delivery notes. This is how companies verify all information is correct before making a payment.
There are three different types of invoice matching: two-way matching, three-way matching, and four-way matching. Which process gets used depends on the risk of discrepancies and the level of complexity of each transaction.
Two-way matching (also known as 2-way matching) is typically used for simple and straightforward transactions. This type of matching compares the purchase order to the invoice.
For example, if the company’s office manager buys printing paper for the office, the purchase order might indicate an order of 50 packs of paper at the cost of 500 EUR. Accounts payable (AP) department needs to verify that the invoice indeed lists a charge of 500 EUR for 50 packs of printing paper.
In other words, if quantity and total cost match, the payment is good to go.
Three-way matching (also known as 3-way matching) compares the purchase order, invoice, and the receipt. It’s most commonly used in procurement to ensure that what was ordered and received matches the items and amount billed.
Let’s say your IT department orders 10 servers from a certain supplier. Each server costs 5,000 EUR. The servers get delivered and you receive an invoice for 50,000 EUR.
Before processing the payment, you would compare three things: items and amount stated on the purchase order, delivery note or the goods receipt, and the invoice. If all three documents align, the payment can be released.
Four-way matching (or 4-way matching) compares the purchase order, delivery note or the goods receipt, inspection report and invoice. This process is used when it’s important to do quality control. Think procurement of high-value items in manufacturing or enterprise-level software services.
In the latter case, four-way matching ensures that the software was delivered, all agreed services completed, but also that the software meets the agreed quality requirements (inspection). Only then can the invoice be paid.
So, what does invoice matching look like in practice? Let’s analyse five key steps:
Firstly, you need to receive the invoice. In most cases it comes either through email in a PDF format or directly into your accounting software. It can also come in the form of an actual physical invoice via mail. In that case, it needs to be scanned into a digital format.
Did you know you can reconcile receipts 2x faster? Learn more about Juni's smart receipt matching.
After you receive the invoice, the data gets automatically captured and parsed by your accounting software. Best practice is to have predefined templates that can identify and extract data from received invoices.
If you’re scanning a physical invoice, you would need a solid Optical Character Recognition (OCR) software that can extract relevant data such as invoice number and date, the amount, supplier name, registration number, etc.
Today, different AI solutions are used for invoice processing which significantly reduces errors. Regardless of the method of data extraction, it’s your responsibility to make sure all the data is correct, complete, and in the right format. In some cases, you might need to do some manual data entry.
After you verify all the data is there, it’s time to start the invoice matching process. Some parts of the process are universal whether you’re using 2-way invoice matching, 3-way matching, or 4-way matching.
Here's how to verify if the invoice aligns with relevant supporting documents:
Human errors happen so sometimes you might notice discrepancies. In this case, either you or another representative of the AP department, needs to investigate what happened. This requires talking with your team and the supplier.
It’s best not to jump to conclusions. Try to assume good intentions and protect supplier relationships. However, if it turns out you can’t resolve the issue or that the vendor is not cooperating, you need to report the problem to upper management.
Having a trigger-based approval process is standard with modern technology. In other words, once the invoice is validated, your chosen system should automatically send it to an authorised person for approval. They will receive a notification requesting their final review. If everything’s in order, they can give a green light for payment release in just a few clicks.
After this, the payment can get processed. You are obligated to keep the records for the sake of financial audits, with respect to your company policy and any compliance requirements.
Did you know?
Paying supplier invoices in a regular, timely way ensures you’re on top of your cash flow. But when relying on manual or overly complex invoicing systems, bills can be forgotten, causing late fees or cancellations. Upgrading your invoicing system can make a big difference. Learn more about future proofing your finances.
If you want to handle accounts payable at scale, you have to include automation into your financial workflow. By automating invoice matching, you can prep and close books five times faster. However, speed and efficiency are just the beginning of automated invoice matching.
Many companies rely on ERP systems for automation. The goal is to reduce manual work and optimise cash flow. This is what helps you free up resources for more important tasks such as forecasting, strategy, and business innovation.
From data entry errors to incorrectly archived documents, a lot can happen when you’re matching invoices manually. When the process gets automated, the chances for discrepancies decrease and you get to streamline an important segment of your financial operations.
When you remove manual processes, you are less likely to miss paying an invoice. This means you won’t have to pay late payment fees. It’s also how you build trust with your vendor. Timely payments are a sign of reliability. Having an impeccable reputation in that sense might aid your terms and conditions with the supplier.
Having a fragmented view of your company’s finances is stressful. It’s also risky, business-wise. Without real-time access to relevant data, you can't accurately understand where your organisation stands financially. Having a single source of truth makes insights immediately available. Likewise, invoice management gets a lot easier.
Automations help you control your spend management more effectively. You can streamline the accounts payable process, predict outflows, and prevent cash shortages. Save hours and balance the books – confidently and accurately.
Related read: Learn how digital agency Savvy Moves increased their cash flow visibility and saved 20 hours on their financial administrative tasks.
When you rely on comprehensive solutions that automate manual processes, you get a lot more than a boost in efficiency. Platforms with built-in analytics and dashboards bring you insights you can understand in a single glance. The most advanced solutions offer in-platform access to tailored credit offers so that you can ease the pressure as and when you need it.
Juni is a powerful platform for your business banking and financial operations. It’s designed to give you more control over your company’s financial health. Imagine having a single login to track and reconcile payments, manage spend and cash flow and access relevant insights in real-time. Well, that’s exactly what you get.
Juni collects and scans your invoices automatically and pre-fills all the important payment details. It also matches your paid invoices to the right transactions.
These features collectively make the platform effective in streamlining invoice matching processes, improving efficiency, and reducing the likelihood of payment errors or discrepancies.
Juni automates the process of matching invoices with corresponding purchase orders or receipts, reducing manual effort and human error.
Let’s say you’re running regular ads for your business. Juni will collect and scan your Meta and Google Ads invoices automatically and pre-fill all the payment details. Paid invoices will get matched to the right transactions. Juni cards make the payment process easier and there’s no need to do anything manually.
With Juni Capital, you can unlock interest-free credit cards to fuel your growth or leverage Invoice Credit to release trapped funds, enjoying repayment terms of up to 120 days.
Related read: Discover how Stockholm-based fashion house EYTYS used Juni Capital to boost cash flow from 10K up to 20 million EUR.
Juni supports 2500+ integrations and fits into your existing tech stack perfectly. From accounting systems to different payment gateways and ad networks, it allows seamless data flow and matching across different platforms.
For example, you can get a centralised overview of your Shopify or Amazon store with real-time data and actionable insights – beautifully presented in a single dashboard.
Juni provides real-time insights into invoice status and discrepancies, enabling timely resolution of issues and better financial control. This empowers you to make better decisions at scale and stay proactive. That’s how you can take control of your revenue and grow sustainably.
Thanks to AI-driven technology, it’s now possible to fully optimise financial operations, remove the risk of human error, and gain firmer control over your cash flow.
With manual processing being the alternative, smart invoice matching is really a no-brainer. If you want to innovate and grow your business, you need to automate as much as you can. Your competition is likely already doing it. More importantly, you need to realise that everything below a complete financial overview is a compromise you cannot afford to make.
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If an invoice doesn’t match a purchase order, it will likely be flagged for further investigation. The AP department will first verify discrepancies internally and then reach out to the supplier. In most cases, the error gets resolved either by correcting the invoice or adjusting the payment amount.
Invoice matching is the process of comparing invoice line items with supporting documentation such as purchase order, goods receipt, or inspection requirements. The goal is to make sure that the billed goods or services were delivered and that the pricing and quantities match.
The best invoice matching software is compatible with your existing tech stack, has high levels of automation and is easy to use. Additionally, it has to follow high security standards and offer good value for money. The best choice of an invoice matching software highly depends on your unique business needs. When evaluating different options, make sure you ask questions related to pricing and avoid overpaying for hidden fees.
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