Would you like to know what Accounts Payable software are compatible with Quickbooks? As you know, QuickBooks by Intuit is a handy and popular accounting software designed to help medium to small businesses manage their financial activities.
A note on QuickBooks
QuickBooks’ functionality and features include tracking income and expenses, bookkeeping, invoicing, payroll processing, maintaining audit trails, and generating financial reports. Traditionally, the financial department of any business was recognizable by the mountains of paperwork, never-ending journal entries, and burnt-out employees.
QuickBooks helped revolutionize business accounting by streamlining their accounting and finance workflow. This meant business owners didn’t have to deal with extra resources spent on managing the accounting system and had more resources available for other tasks. QuickBooks completely removed manual data entry and substituted it with digital accounting.
There are many other options in the market regarding accounting software, such as Sage Intacct, Xero, and ZohoBooks. Still, the most widely used one is QuickBooks which is why specialty software like accounts payable automation solutions should be compatible with QuickBooks Online or QBO.
With the advent of QuickBooks, many accounting software was developed to complement it and make the job of financial departments easier. This accounting software included accounts payable software, accounts receivable solutions, and more.
What Is AP Automation?
Accounts payable automation, or AP automation, in short, refers to automating time-consuming processes that occur in the accounts payable workflow.
Many AP automation solutions available in the market integrate with accounting software like QuickBooks to increase functionality and optimize processes involved in accounting and financial management.
While there are ERP systems and ERP solutions online that enable users to automate AP processes, there is a need for AP automation software that only specializes in AP automation and provides multiple features related to AP processes.
AP automation allows businesses to digitize and automate processes such as purchase orders, approval workflows, cash flow tracking, bill payment, vendor payments, and capturing invoice data. Invoice automation saves time and resources, especially for a small business with constrained resources.
They also provide benefits in the form of accuracy. Suppose a business implements invoice automation using AP automation software. In that case, there is less chance of human error as everything is being analyzed and processed by intelligent and oftentimes AI-powered software.
Accounts payable teams usually deal with many paper invoices and manual work to extract relevant invoice data. Accounts payable automation helps reduce paper usage and digitizes almost everything while keeping all the information saved and ready to be accessed at any time.
Many AP automation solutions are cloud-based, which means they save data on the cloud and enable you to communicate with your vendors via the cloud. This means real information can be obtained, and invoices to vendors for payment can be sent in real-time.
In a nutshell, AP automation is the way to streamline payable processes and elevate your business to the next level. Invoice processing is easier to handle than ever with the help of such AP automation solutions. And automation is not limited to just accounting processes.
Businesses can use ERP systems like SAP, Oracle, NetSuite, and Microsoft Dynamics 365 to streamline CRM, HRM, marketing, SCM, and every other business operation.
Accounts Payable Software Compatible With Quickbooks
There are many accounts payable software solutions available in the market. But only some are popular and have the relevant functionality every medium or small business requires.
It’s important to note that before choosing an accounts payable solution, you should know your business requirements and do relevant research.
The first one that comes to mind is Intuit’s very own QuickBooks Online.
QuickBooks Online is a cloud-based account payable software with various features. It is not only compatible with QuickBooks but also with other third-party software. It provides users with features like online invoicing, expense tracking, and other financial management operations.
It focuses on small businesses and receives constant updates and enhancements to meet user needs. QuickBooks online is also available with certain plans, such as QuickBooks desktop and QuickBooks enterprise plan.
MakersHub is an up-and-coming AP automation software that shows a lot of promise. Its revolutionary data capture technology enables it to capture up to 39 data fields from an invoice. This means your business will no longer have to deal with any more paperwork and enter bills as long as you use MakersHub. This feature is strides ahead of any other AP automation solution, so MakersHub is a top pick.
It also has other features such as expense tracking, vendor relationship management, paying bills online, bill and workflow approvals, payment processing, and provision of insights. And it has two-way compatibility with QuickBooks, which is why it is one of the best AP automation tools.
Bill.com offers invoice generation, cloud-based and real-time payments, and all other important features. In addition, it also has a data capture feature, which can capture up to five fields of data from incoming vendor invoices. It also provides vendors multiple payment methods, such as debit and credit card payments.
Next up is AvidXchange. This software also specializes in accounts payable automation. It automates invoice and payment processes by providing basic and complex features.
It provides features such as cash flow tracking, tracking business expenses, approval workflows, invoice processing, vendor management, and payment scheduling.
Beanworks is another option if you are looking for a good accounts payable solution. Its compatibility with QuickBooks simplifies invoice processing by providing real-time visibility and automation of payment execution.
MineralTree is an account payable solution that automates all the conventional accounts payable processes and integrates well with QuickBooks.
It also has invoice capture functionality, similar to BILL. Additionally, features like security and compliance and integration with NetSuite, Intacct by Sage, and QuickBooks make it a flexible option.
Labeled as spend management software, Procurify enables purchase order creation, invoicing matching, approval workflows, purchase requisition, real-time visibility, payment tracking, and analytics.
It’s not only compatible with QuickBooks but also with Xero. Additionally, you can access Procurify remotely through a mobile app available on iOS and Android to manage purchase requests and approvals and track orders on the go.
Best Accounts Payable Software
While there are many accounts payable software, some lack certain features which may give businesses the competitive edge they need. This is why we have shortlisted the best options in the market out of the previously mentioned AP automation solutions.
MakersHub is the prime choice for users looking to completely remove all the manual processes that come with accounts payable processes.
It utilizes artificial intelligence and Deep OCR or optical character recognition to scan and capture that data from invoices/bills. It can capture up to 39 data fields, including invoice # and payment terms, all line item details – SKU, description, quantity, unit price, and much more. MakersHub can capture data from varying invoice templates.
With its two-way native integration with QuickBooks, both Online and Desktop, it means no duplicate data entry. This allows for a seamless integration experience.
You no longer have to manually enter incoming bills and vendor invoices, as MakersHub can do it for you. MakersHub is a payment processor, making ACH, wire, or check payments to your vendors. MakersHub payment communications mean your vendor never has to ask you where their payment is at. Set up approval flows for bills or payments too.
MakersHub also has auto-mapping features, meaning items and expenses are auto-coded to the right place in the Chart of Accounts (COA) every time. With MakersHub, businesses can remove manual data entry, improve accuracy, gain approval flows, and streamline their end-to-end accounts payable workflow.
Since QuickBooks Online is a product of Intuit, it has unparalleled integration and compatibility with QuickBooks. The user experience reported is seamless, so it is one of the best AP software.
The user-friendly dashboard displays key financial data, such as income expenses, bank account balances, partial payments, and outstanding vendor bills. QuickBooks Online accounts can be accessed and used with a single QuickBooks account.
It also has a mobile app version for iOS and Android, so it is an all-rounder.
Bill.com or BILL
Bill.com is a widely used solution, and rightfully so. With a comprehensive list of features that include automated bill entry, invoice approval workflows, electronic payments through ACH, vendor management, bill tracking, and notifications, it is the choice of many small businesses.
It also integrates with other software like Xero and Netsuite, and QuickBooks. With features like these, anyone can automate their payment process, making it more flexible and accessible.
The pricing of this software depends on the package, option, or plan you choose. The entry-level pricing of this software is provided in the table below.
|MakersHub||Bill Starter||$99/ month (30 day free trial)|
|BILL||Corporate Plan||$99/ month (30-day free trial)|
|QuickBooks Online||Essentials||$16.5/ month|
The age of technology has enabled businesses to reach new heights, and contemporary accounting solutions are proof of this.
Businesses, especially small businesses, can benefit from AP automation solutions as they save resources and time, which are oftentimes constrained for such businesses.
The value-to-cost benefit is immense if your business lags because of the time and resources spent on financial management.
While all of the software has the necessary features to automate your accounts payable department, it is important that you thoroughly study the requirements of your business and your financial management needs before choosing one.