Best Invoice Management Software
Invoice management software helps companies automate tasks related to invoice processing. When companies or accounting departments receive invoices, these invoices typically go through an approval process, after which their information is matched with sales and purchase orders, as well as payments. Invoice management software streamlines this workflow by scanning invoices, reading and pulling data into the system, and transferring payments electronically. Some solutions offer a mobile application for remote viewing and approval, in addition to payment allocation and account selection for each payment. Once invoices are processed, they are stored either in the cloud or on premise for easy access at a later date. These tools will often allow manual data entry for invoices in addition to automatic data capture.
These software solutions benefit accounting departments by eliminating the need for paper records, manual data entry, and mailing checks. A number of invoice management tools also provide features of, or integrate with, other types of software, including billing software, procurement software, and accounting software.
To qualify for inclusion in the Invoice Management category, a product must:
Best Invoice Management Software At A Glance
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Xero is a cloud-based accounting software solution designed to help small business owners and accounting professionals manage their financial operations efficiently. With a user-friendly interface and
Xero is a cloud-based accounting software that provides functionalities such as invoicing, bank reconciliation, and financial reporting. Reviewers like Xero's clean interface, easy invoicing, seamless bank reconciliation, and the ability to access their cash flow from anywhere due to its cloud-based nature. Reviewers noted that the cost of Xero has been increasing, its reporting can be inflexible, and some features take too long to be added or are missing.
77,588 Twitter followers
BILL is a financial operations platform that provides intelligent accounts payable and accounts receivable automation for businesses. This software solution is designed to help small and midsize busin
BILL AP/AR is a platform that streamlines invoice approval, reconciliation, and payment processes, and integrates with accounting software like QuickBooks Online. Reviewers like the platform's user-friendly interface, its ability to automate and speed up the accounts payable process, and its seamless integration with QuickBooks Online. Reviewers mentioned issues with the platform's syncing capabilities, slow payment processing times, and difficulties with customer support and the initial setup process.
17,270 Twitter followers
SAP Concur is a leading cloud-based spend management solution that helps small, medium, and large businesses automate and simplify expense reporting, travel booking, and invoice processing. It’s desig
SAP Concur is a tool for managing and automating business expenses, travel, and invoices, integrating AI and mobile functionality for ease of use. Reviewers appreciate SAP Concur's user-friendly interface, automated receipt capture, and real-time tracking, which streamline the expense reporting process and enhance transparency. Users reported issues with the mobile app's limited functionality, occasional slow performance, and complex user interface, which can make the tool less intuitive and efficient to use.
Stampli is the stress-free finance operations platform. Its AI-driven procure-to-pay solution runs processes from request through payment while remaining fully aligned to the ERP as the system of reco
Stampli is a software used for processing and approving invoices, helping users to organize and find prior invoices quickly and efficiently. Reviewers frequently mention the ease of use, clear instructions, and the ability to approve and disapprove invoices directly through the site, as well as the software's user-friendly layout and fast processing speed. Reviewers mentioned issues with the back button functionality, difficulty in viewing previous invoices, slow processing time of invoices, and challenges with the Stampli Card process.
9,191 Twitter followers
Paylocity delivers the most innovative technology bringing HR, Finance, and IT together in one modern, easy-to-use platform to empower teams, simplify processes, and deliver real results. Run payroll,
Paylocity is a payroll platform that offers features such as timecards, payroll processing, HR features, and reporting tools. Reviewers frequently mention the ease of use, the ability to streamline scheduling and payroll, and the platform's high degree of customizability as positive aspects. Reviewers mentioned issues with customer service responsiveness, technical difficulties with the website, and challenges with initial setup and certain features like time tracking and benefits.
4,584 Twitter followers
Payhawk is an AI-native spend management platform that orchestrates global money across Bills, Cards, Expenses, Travel, and Procurement for maximum control, automation and savings. It provides a globa
Payhawk is a platform for managing corporate credit cards, automating and tracking expenses, and handling invoice payments. Reviewers appreciate the platform's automation features, real-time budget control, easy invoice handling, and the ability to centralize financial data, along with its user-friendly interface and quick setup process. Reviewers noted issues with the high platform cost for smaller businesses, complexity in pricing, occasional software glitches after updates, limited customization options, and occasional slow response from the support team.
565 Twitter followers
SAP Cloud ERP (formerly SAP S/4HANA Cloud) is a modular ERP designed for every business need, powered by AI and analytics. SAP Cloud ERP enables users to run mission-critical operations in real time f
SAP S/4HANA Cloud is a cloud-based ERP system that supports real-time financial reporting and transaction monitoring, and assists with internal control work and compliance-related processes. Users frequently mention the seamless integration of various business processes, real-time access to comprehensive data, and the system's ability to improve the accuracy of financial records and support better audit follow-up. Users mentioned the system's high level of integration can make it less intuitive, requiring extensive training to understand how each module functions and how their specific inputs feed into the overall financial information.
297,265 Twitter followers
SAP Ariba automates management of the purchasing lifecycle for indirect goods and services, to streamline workflows, expedite approvals, and eradicate errors and exceptions. By increasing procurement
SAP Ariba is a procurement and supplier management platform that streamlines processes such as sourcing, contract management, and supplier collaboration. Reviewers appreciate SAP Ariba's ability to centralize and automate procurement processes, improve visibility and control over spend, and enhance supplier collaboration. Reviewers mentioned that SAP Ariba's user interface can be complex and unintuitive, with a steep learning curve for new users and occasional slow performance.
297,265 Twitter followers
With an innovative product, highly responsive 7/7 customer service and clear pricing, Qonto has become the European leader in its category. Get started with a powerful Business Account for all your
8,865 Twitter followers
Global businesses trust Corpay to power their cross-border payments, execute plans to manage their currency risk, and support their growth around the world. At Corpay, we aim to deliver unmatched
2,954 Twitter followers
TallyPrime is a comprehensive business management software solution designed to assist organizations in efficiently managing their invoicing, accounting, inventory, banking, cash and credit management
TallyPrime is an accounting software that handles tasks like GST calculations, invoicing, and financial reporting, and also offers features like inventory tracking and GST compliance. Users like TallyPrime's simplicity, its ability to save time in day-to-day accounting, reduce errors, provide quick access to accurate reports, and its interlinked modules that allow changes at one place to be reflected everywhere. Reviewers mentioned that TallyPrime has a challenging learning curve for new users, limited customization of reports and invoices, issues with integration with third-party apps and cloud-based access, and problems with data crashes during upgrades.
14,717 Twitter followers
DualEntry is the AI-native ERP that helps finance teams achieve more in less time. With powerful automations, it takes manual work out of everything from everyday accounting, AR/AP, and revenue manage
DualEntry is an accounting software that aims to streamline financial workflows and improve data accuracy through its dual-entry system. Reviewers like the user-friendly interface, the automation of repetitive tasks, the real-time data syncing, and the software's ability to handle high-volume transactions smoothly. Reviewers experienced issues with the initial setup being time-consuming, lack of detailed documentation for advanced features, limited customization options, and occasional integration problems with other tools.
706 Twitter followers
The only solution to automate your end-to-end payables process. Pick and choose from connected suite of solutions for accounts payable, global payments, procurement and employee expenses, helping eli
Tipalti is a payment automation platform that simplifies global payouts, tax compliance, and reduces manual work for finance teams. Reviewers like the platform's ability to handle complex payment workflows, automate vendor onboarding, tax compliance, and accurate, on-time payments, which significantly reduces manual work and errors. Reviewers noted that the interface can feel a bit unintuitive at times, especially when trying to navigate detailed reports or make specific customizations, and support response times could be faster in some cases.
2,422 Twitter followers
Yooz is an accounts payable (AP) and Purchase to Pay (P2P) automation platform that helps organizations capture, process, manage and pay invoices through a centralized digital workflow to track approv
Yooz is an accounting tool that automates invoice capture using OCR and AI, reducing the need for manual keying of vendor details, invoice numbers, dates, and amounts. Reviewers frequently mention Yooz's fast, accurate, and automated invoice processing, its user-friendly interface, and its seamless integration with over 250 ERP systems, which has resulted in noticeable improvements in workflow speed and visibility. Users experienced issues with the OCR technology often misreading invoices or struggling with vendor identification, the onboarding process being confusing, and the reporting tools being limited and the dashboard not easy to customize.
664 Twitter followers
Melio is an Accounts Payable/Accounts Receivable platform, designed to streamline B2B payments for businesses of any size. Easily manage vendor payments, invoices, and cash flow with flexible payment
Melio is a payment platform that allows users to pay vendors and contractors quickly, even if they prefer checks, while users can still use their credit card or bank transfer. Reviewers like the simplicity and intuitiveness of Melio, its ability to pay vendors and contractors quickly, the flexibility it offers in payment methods, and its seamless integration with QuickBooks. Reviewers noted that transfers can occasionally take a day or two to clear, customer support can be slow to respond, and the platform lacks advanced reporting features and integrations with other tools.
5,851 Twitter followers
Learn More About Invoice Management Software
What is Invoice Management Software?
Invoice management software is responsible for processing, managing, and paying invoice documents from suppliers and vendors. This software helps to automate the processes of extracting invoice information, verifying and validating the information, approving or processing payments, and securely storing all relevant information either in the cloud, or on the vendors’ servers. It is important to have this data easily accessible for audits, compliance, and forecasting. Invoice management software sometimes provides features of finance and accounting software, including billing, procurement, accounts payable (AP) automation, and accounting software; integration with these other software types is also common.
Key Benefits of Invoice Management Software
- Extracts relevant data from invoices, such as amount due, supplier names, invoice and PO numbers, and due dates
- Provides standard approval workflows that can be customized by users
- Consolidates multiple invoices or splits one into multiple invoices
- Matches invoices with purchases and sales orders as well as with payments
- Syncs with company accounts to transfer payments for approved invoices
- Stores invoice files along with approval and payment history
Why Use Invoice Management Software?
Faster invoice processing — Invoice management systems can speed up invoice processing times, reduce accounts payable expenses, and minimize human error. This can lead to lower costs per invoice, improved supplier relations, and fewer vendor payments issues. This can be accomplished by digitizing invoice processing, such as scanning or emailing invoices, and automatically matching purchase orders (POs) to invoices.
Quicker approvals — When an invoice is digitized and added to a predetermined workflow, invoice management software can confirm which manager has the authority to approve the payment. This cuts down on wasted time from invoices being sent to supervisors who aren’t authorized to approve them and streamlines the approval process.
Real-time reporting — Another value-added feature of invoice management software is its ability for managers to create and view analytical reports for further visibility into the volume of invoices, statuses, and any bottlenecks in the process. These reports can give teams insight into overdue payments, productivity, supplier payment tracking, and audit-related information.
Rapid PO reconciliation — Invoice management technology tracks down missing invoices, receipts, shipping orders, etc., making it easier to reconcile multiple invoices, credit memos, and receipts from the same supplier. This software can also flag fraudulent invoices and incorrect pricing.
Document capture and storage — This software sometimes allows the user to scan, fax, or take pictures of invoices for documentation and storage. It is helpful to have all documents digitized before any processing takes place, allowing easy access to all stakeholders.
Security — Cloud-based invoice management software stores all documents and data in the cloud so everything is accessible from anywhere and data is not lost or misplaced. User access is customizable, ensuring only authorized employees can view confidential documents.
Who Uses Invoice Management Software?
Invoice management software can be used by any employee or team involved with receiving, approving, or paying invoices. This software can also be used by teams associated with items or services that the invoices are referencing. The teams that use this invoice the most are listed below.
Accounting/finance departments — Accounting departments usually receive invoices and put them through an approval process, which includes matching the invoice information with the correct sales and purchase orders as well as making the payment. Invoice management software helps this workflow by scanning invoices, analyzing and importing data into the system, and transferring payments electronically. It also eliminates the need for paper records, manual data entry, and mailing checks.
Procurement — Procurement teams are involved in purchasing items for their company, and therefore need to be involved with approving POs related to their purchases. Invoice management software helps to reduce the time and effort spent managing tasks such as receiving and matching orders and invoices, making payments and improving relations with vendors.
Accounts payable teams — Sometimes part of the accounting team, AP teams are involved in managing invoices and financial transactions between a company and its suppliers. These teams can deal with large volumes of invoices, and invoice management software can assist them in not only monitoring AP processing activities, but also in reducing manual work and avoiding human errors.
Kinds of Invoice Management Software
Mobile — Mobile invoice management software is an application designed to be downloaded and accessed on a smart device. It gives employees the functionality to access data on the go and also enables managers to review and approve payments, and run various reports outside of working hours and an office environment.
Online (or cloud-based) — Online software requires users to access the software dashboard via the vendor’s website so they can obtain information and leverage the functionalities offered by the vendor. This type of interface is good for companies and employees that can easily access a computer with internet to add or edit data, approve or reject payments, and run various reports.
Invoice Management Software Features
Invoice management software provides numerous features and functions. These systems automate most of the unproductive and costly steps in invoice processing, which help streamline processes, increase employee productivity and efficiency, and lower processing costs. Below are some of the most important features of this software.
Intelligent capture and digitalization of invoice receipts — Users leverage invoice management software to automatically capture and digitize invoices. The software also includes features for downloading emails and attachments, while obtaining relevant information such as supplier names, invoice numbers, and PO numbers. This process reduces paperwork and eliminates the chore of manually downloading attachments and extracting data from the documents.
Payment facilitation — With invoicing platforms, managing and processing payments has become easier as organizations have the option to pay via credit card, or integrate with online payment platforms. Invoicing software usually has features to handle multiple languages, multiple currencies, and tax adjustments. There is also the functionality to track offline payments.
Reports generation — Invoice management software can generate reports that assist companies in tracking their finances and monitor which invoices are currently outstanding. Employees can also automate reports generation, export them as PDF files, and share or receive them by email. Reports are generated and data is analyzed to get relevant insights from invoicing operations, such as the number of outstanding invoices, average time for a payment cycle, and how many payments are late.
Workflow management — Companies use invoice management software to route invoices to the appropriate department or manager within a company for approval or denial, or flag for further research. This software also allows managers to create an approval workflow that will electronically confirm whether a manager has the authority to approve a specific invoice. If not, the workflow will route the invoice to a more senior supervisor.
Other features of invoice management software: Cashflow, ERP Capabilities, KPI Capabilities, Recurring Invoices, and Templates.
