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G2 Momentum Grid® Scoring

AP Automation Momentum Grid® Description

A product’s Momentum score is calculated by a proprietary algorithm that factors in social, web, employee, and review data that G2 has deemed influential in a company’s momentum. Software buyers can compare products in the AP Automation category according to their Momentum and Satisfaction scores to streamline the buying process and quickly identify trending products. For sellers, media, investors, and analysts, the Momentum Grid® provides benchmarks for product comparison and market trend analysis. Badges are awarded to products with the top Momentum Grid® scores.

Products included in the Momentum Grid® for AP Automation have received a minimum of 10 reviews. There must also be at least a year of G2 data for the product to be included. These ratings may change as the products are further developed, the sellers grow, and additional opinions are shared by users; a new Momentum Grid® report will be issued for this category as significant data is collected.

Accounts Payable Automation Software Definition

Companies use accounts payable (AP) automation software to manage large volumes of invoices and financial transactions between a company and its suppliers. While most accounting solutions include AP features, many do not support complex AP processes. Companies choose AP automation software to reduce manual work and avoid human errors. AP automation software is used by accountants and by members of the accounting department responsible for accounts payable. Managers and executives can also use it to monitor AP processing activities.

This type of software simplifies complex AP activities and helps accountants manage large volumes of supplier invoices. Many products also use AI to detect fraud and duplicate payments before funds are released, and provide real-time analytics and reporting on invoice status, spend, and AP performance. AP automation improves the efficiency and accuracy of the AP department and helps with other accounting activities, such as financial closing.

AP automation solutions can be delivered as standalone products or as a part of accounting suites that also include AR automation, billing and invoicing, and payment processing features. This type of software is integrated with accounting solutions or with accounting modules of ERP systems.

To qualify for inclusion in the Accounts Payable (AP) Automation category, a product must:

• Deliver customizable workflows to streamline repetitive accounts payable tasks such as data entry
• Include AI-powered document capture and imaging features to convert paper invoices into electronic documents
• Process large volumes of supplier documents such as invoices or credit memos
• Provide a single repository for users to search and retrieve AP documents
• Match supplier invoices with corresponding purchase orders to accurately track the amounts owed
• Offer approval processes for payments, debits, or any modifications to AP transactions
• Comply with accounting standards and regulations for AP processing
• Integrate with accounting software, ERP, or advanced financial systems such as FP&A software