“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.
.svg)
.svg)
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.
If you’re a Juni customer or use other leading fintech platforms, you’ve probably come across open banking. Heralded by the Financial Times as a “revolution” when it came into effect in the UK in January 2018, open banking empowers you to use data that’s traditionally only been seen by you and your bank to benefit your business.
It became mandatory in the EU in September 2019 as governments around the world recognised the benefits of open banking for consumers and SMEs.
So, what’s it all about and how does it help you to get better credit decisions? Let’s look at how open banking works in general and how it’s used here at Juni.
Open banking is a secure connection between your bank account and another account, such as your Juni account. It's something that all EU banks and the UK’s largest banks were ordered to create so their customers could benefit from financial apps, products, and services they didn't offer.
In the BBC’s words, open banking helps to “challenge banks' dominance”.
We’re not going to do a deep dive on the technicalities, but open banking works using open APIs. These allow you to give permission to send your banking data to the platform or software you want to share it with.
All permissions go through your online banking, so you always have total control. Before going ahead, you’ll see exactly what permissions you’re granting and your bank will check this, too. You’ll make the initial connection either via your bank or sometimes a third-party provider who manages it for them. You need to refresh the connection every 90 days to reconfirm the permissions and continue to benefit from open banking.
Open banking is extremely secure. It’s as secure as online banking. All open APIs — the connection between your bank and a platform like Juni — must meet the standards set out by the Open Banking Implementation Entity in the UK, and the European Banking Authority Guidelines (as implemented by each member state) in the EU.
The API is created by your bank to conform to those requirements, so it’s effectively an extension of the level of security and data protection you’re used to from online banking.
As we’ve mentioned, all the permissions are handled through your online banking. That means you’ll always be able to control and see which data you’re sharing via an open banking connection.
All open banking services in the UK are regulated by the Financial Conduct Authority — the same body that regulates your bank, credit cards, and insurers — ensuring strict rules on data protection. In the EU, the European Banking Authority performs the same role, while each member state has its own financial regulator to uphold the rules.
Connecting your banking data to Juni is a very simple but highly secure process:
The process starts in your Juni dashboard via the Integrations tab. Select the external bank you want to authorise a connection with and add the integration.
Our partners specialise in read-only API connections with thousands of banks worldwide. Rather than create our own connections with every single bank our customers use, we work with partners who do this every day and already have the connections in place.
At this stage, you need to authorise the connection. Depending on your bank, you might be redirected to log in to online banking or asked to scan a QR code to give authorisation. Keep in mind that you’ll be approving a connection with our partners for the reasons mentioned above. So don’t be surprised when it’s their name, not Juni, that you see.
As simple as that, your banking data is passed from your bank, through our partners, and into your Juni dashboard. You’ll just need to renew the integration within 90 days (all open banking connections expire automatically after 90 days as an additional layer of security).
Both Juni and our partners are regulated by the Financial Conduct Authority and European Banking Authority, so your data is always managed in strict compliance with data protection laws.
Now you know how to make the connection, let's take a look at why it’s a good idea.
Once you’ve created an open banking connection with Juni, we get read-only access to your data. How do we use that data, and why do we ask for access in the first place? For a few reasons:
Connecting your bank account with Juni gives us the answers to many of the questions we need to ask when you create a Juni account. Open banking allows for faster onboarding, so we can quickly get you up and running with Juni.
Open banking gives up-to-the-minute data on your financial situation. We can use that data to give you real-time insights on improving cash flow and an overview of your finances without you needing to log into various different accounts. That gives you the information you need to make better, faster, more informed decisions.
By combining open banking data with other real-time data from ad accounts, accounting software, and other platforms, we can save you a lot of time and ease your admin burden. We use open banking data to match bank transactions with purchases, automate reconciliations and auto-generate Google Ads receipts.
If you’re a growing ecommerce business, do you want your credit lines to be based on last year’s sales or where you’re at right now? Company accounts tell us what happened last year. Statements tell us what happened last month. Open banking tells us what's happening right now. That’s one of the key open banking benefits: we can make better credit decisions based on the here and now. The more we understand your business, the easier it is to offer a credit line that’s right for you.
Open banking makes it easier to complete an accurate risk assessment when offering you credit. No lender would ask for all of your bank statements from the last five years. But with open banking, we can factor that volume of data into our decision-making processes. This plays into making better decisions.
Having access to historical and real-time data means we can make credit decisions very quickly. Without open banking, you’d have to collate all the information we need, submit it, and then wait while we sift through it. With open banking, it’s all digital. We already have access to the data. Long waits for credit decisions are eliminated.
Have you ever applied for credit without open banking? If so, you’ll know that legacy lenders want to see a lot of paperwork before they’ll even start to consider a decision. You have to pull these together manually and send them across. With an open banking connection, we have instant access to the data we need to process your application.
Once your accounts are connected to Juni, we have real-time access to things like how your current credit lines are being used, long-term growth trends, and seasonal peaks. We can adapt to these things very quickly, such as increasing your credit limit ahead of your Black Friday ad spend.
Open banking really is win-win. It makes life easier for us, but it also means we can pass those benefits on to you. Let’s recap some of the top benefits of using open banking with your Juni account.
Since open banking helps us make better credit decisions more quickly and with less admin, we’re able to offer better rates and terms if you use open banking.
Open banking saves you from having to pull reams of accounts, statements, and other paperwork together when applying for Juni credit.
If you don’t connect via open banking, we have to send more questions and requests your way. It slows things down and creates hassle for you.
With all the financial data already available, we’ll usually have a decision on your credit application within 48 hours.
Get an at-a-glance overview of your finances and insights from your Juni dashboard based on the data pulled in from your accounts.
Start benefiting from open banking immediately by integrating your bank accounts to Juni through your dashboard.
.svg)
.png)