Top 10 Accounts Payable Solution Companies - 2020

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Top 10 Accounts Payable Solution Companies - 2020

Accounts Payable (AP) has come across as a necessity to compete in today’s increasingly digital and fast-moving business climate. With digitization bringing a sweeping cauldron of changes to workflows and operations, CFOs worldwide focus on automating their AP processes to drive efficiency and productivity. Automation of Accounts Payable leads to quicker approval of invoices, lower processing costs, and enhanced visibility in the entire AP process. In fact, with the use of spend analysis reports, AP is acting as the organization’s financial well-being as a whole through improved cash management. These automated AP procedures also lead to effective procurement and Accounts Payable synergies and facilitate better control over non-trade spend, bolster supplier-buyer relationship management, and many more. Many CFOs are even resorting to cloud technology to store AP data to enjoy better access to financial data from any location on a multitude of devices.

In the wake of such drastic transitions, we have compiled this issue of CFO Tech Outlook in order to assist organizations in the task of finding accomplished solution providers to help them navigate the vast Accounts Payable realm. In this edition, we have listed the top 10 Accounts Payable solution providers 2020 to highlight the enterprises that can escalate the chances of your growth. Equipped with innovative technological capabilities, these enlisted solution providers are transforming the Accounts Payable landscape at the cloverleaf of various disruptive technologies. Besides, the magazine comprises insights from subject-matter experts, CIOs, and CXOs in the financial and AP sector on the latest industry trends, best practices, recent innovations, and highlights their expertise. We hope this issue of CFO Tech Outlook helps you build the partnership you and your organization need to foster an environment driven by robust and efficient technology.

We present to you CFO Tech Outlook’s, “Top 10 Accounts Payable Solution Providers - 2020.”

Top Accounts Payable Solution Companies

AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. Founded in the year 2000, AvidXchange processes 9.5 million payments annually across its network of more than 500,000 suppliers, transforming the way 5,500 customers in North America pay their bills. AvidXchange is distinguished as a fintech unicorn and one of the fastest growing technology companies in the U.S. with 1,400 employees in seven office locations. At its core, AvidXchange offers accounts payable automation services, with AP automation offering to eliminate the outdated, manual processes that waste time, lead to fraud, result in late payments and lead to painful audits

www.avidxchange.com

Circulus offers a cloud-based AP platform to help organizations optimize, augment, and automate their AP environment. Along with being ERP-agnostic, the platform renders all the necessary tools for seamless invoice automation and payment processing that enables organizations to transform their legacy AP processes into a strategic function. Combining human intelligence and proprietary technologies, the Circulus AP platform offers data extraction services with an unmatched accuracy. The platform’s powerful dashboard has many accountability tools that offer notifications about employee productivity to the concerned management. On the payment processing side, Circulus offers a range of payment solutions to enable on-time payment and efficient scheduling. From a security perspective, the Circulus platform has bank-level digital security, with two-factor authentication logins. The platform is a single source of truth that offers the most flexible and practical solutions, enabling organizations to intuitively perform AP processes

circulus.io

OnPay Solutions help companies streamline AP and AR processes, digitize paper invoices, and convert expensive paper-based payments into digital e-payments. The company’s flagship solution OnPayConnect, with cloud-based accounts payable functionality seamlessly integrates with an organization’s existing ERP and accounting systems and helps customers migrate to digital payment systems in days, not months. The platform digitalizes a myriad of tasks, including invoice automation, electronic vendor payments, and accounts receivable functions, to name a few, and aids companies in tracking their payments processing effortlessly. OnPayConnect’s comprehensive workflow offers a painless path right from the digitization of invoices (eInvoicing) and processing them to their approval and eliminates the errors in payment processing, making the payments ecosystem robust

www.onpaysolutions.com

P2D is a unique business process company specializing in services that turn ‘paper to data’. Powered by AI, P2D offers a comprehensive solution comprising modules for different invoice processing functionalities that cater to the needs of today and tomorrow. P2D has created a combined solution that includes e-invoicing, EDI, invoice automation, and a range of intelligent Purchase-to-Pay modules to cater to businesses of any size. P2D expands its solutions portfolio to fit in customer requirements and offers additions like purchase order systems, modules for matching purchase orders to invoices, and processing employee expense claims, workflows for invoice approval, and the recently popular, automated statement reconciliation on request

www.p2dgroup.com

Priority Commercial Payments represents the next generation of automated payment solutions for businesses and organizations of all sizes and types. Our industry-leading solutions for integrating B2B payments, includes Priority CPX® (Commercial Payments Exchange). Without replacing your accounting software or changing banks, Priority CPX integrates and processes all forms of accounts payable (AP) payments to your suppliers (card, ACH and check) from a single payment instruction file, while generating cash-back rebates to your bottom line. Priority CPX enables you to maximize cash flow, earn rebate incentives, reduce errors, protect against fraud, free up resources and keep your suppliers happy. To automate your AP payments process and monetize your supplier spending, our experienced team handles all of the integration and takes the burden of supplier enrollment off your team. Watch a two-minute video to see how Priority CPX works, schedule a custom demo or request a complimentary AP spend analysis. In addition to Priority CPX and supplier enablement, Priority Commercial Payments’ solutions include ACH.COM, commercial acquiring, managed services and card issuance. As part of Priority Technology Holdings, founded in 2005 and headquartered in Alpharetta, Georgia, Priority is one of the fastest growing payments companies in the U.S.

prioritycommercialpayments.com

SentinelC3 is a leader in cost management software linking healthcare chains with medical equipment suppliers

www.sentinelc3.com

Statement Matching simplifies and automates P2P processes for SAP customers. The company provides accounts payable departments with a better solution for reconciling supplier statements. Statement Matching is driven by its clients, which has propelled it to become a market leader. The company automates reconciliation of Excel, PDF, and paper statements every day, thus eliminating back log buildup. The company also ensures that all invoices and credits are received and highlights the ones that are missing. As a result, the suppliers shall be paid on time, and incorrect payments will be reduced

statementmatching.com

Basware

Basware

Basware is the global leader in providing networked source-to-pay solutions, e-invoicing and value added services. The company’s commerce and financing network connects businesses in over 100 countries and territories around the globe. As the largest open business network in the world, Basware provides scale and reach for organizations of all sizes, enabling them to grow their business and unlock value across their operations by simplifying and streamlining financial processes. Small and large companies around the world achieve significant cost savings, more flexible payment terms, greater efficiencies and closer relationships with their suppliers

Comdata

Comdata

For over 45 years, Comdata has been a leading provider of innovative B2B payment and operating technology. By combining their unique capabilities in technology development, credit card issuing, transaction processing and network ownership, they help clients build electronic payment programs that positively impact their bottom line and operate their businesses more efficiently. The company continuously evolve their products by focusing on customer’s needs to provide security, accessibility, and profitability. As a division of FleetCor Technologies, Comdata is part of one of the largest payment companies in the world and is the second-largest commercial issuer of MasterCard in North America

Procurify

Procurify

Procurify’s spend management software helps organizations control spending. Their improved procurement and purchasing workflows track purchases, set-up fast digital approvals, and manage all the steps of the procure-to-pay process. Unlike older clunky solutions or basic office tools like Excel, Procurify’s product is designed to be simple for everyone to use so that they gain control of their spending without slowing anyone down. It integrates with leading ERP solutions such as NetSuite, QuickBooks, and more

Tradeshift

Tradeshift

Tradeshift drives supply chain innovation for the digitally connected economy. As the leader in supply chain payments and marketplaces, they help buyers and suppliers digitize all their trade transactions, collaborate on every process, and connect with any supply chain app. More than 1.5 million companies across 190 countries trust Tradeshift to process over half a trillion USD in transaction value, making it the largest global business network for buying and selling