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Top 10 Accounts Payable Solution Companies - 2021

The ongoing technological innovations are catalyzing disruptive changes to the business landscape. By incorporating automation and adopting cutting-edge solutions, organizations can now accelerate their business processes and earn greater profits. And this applies to the accounts payable (AP) side of businesses as well.

In the past few years, AP has changed from a transaction-oriented back-office operation to an intelligence hub that gives businesses strategic and important insight into financial processes. And today, businesses continue to augment their AP processes and functions with disruptive new technologies to optimize the manual process and bring forth new features that were not available before. Businesses are now realizing the critical role AI and advanced machine learning and analytics play in eliminating slow and manual processes while also giving organizations greater visibility to business-critical data, which is an equally important feature as automating manual processes. Simultaneously, the application of AI and machine learning is becoming necessary for optimizing advanced AP automation functionality like real-time data capturing. Such capabilities can help AP departments further to improve exception management and implement a fully automated process.

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 accounts payable solution providers. In this edition, we have listed the top 10 accounts payable solution providers to highlight the enterprises that can escalate the chances of your growth. Equipped with innovative technological capabilities, these enlisted solution providers are transforming the AP 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 accounting environment driven by robust and efficient technology.

We present to you CFO Tech Outlook’s, “Top 10 Accounts Payable Solution Providers – 2021.”  

    Top Accounts Payable Solution Companies

  • Extropy Advisors is a boutique consulting firm specializing in financial digital transformation and spend management.

    extropyadv.com

  • Since its inception in 2011, Novus Analytics has garnered a list of highly reputable clientele and entrusted with handling their sensitive data, earning their stripes over the years by providing their excellent services in the field. The company provides clients with a comprehensive review of their Procure to Pay process (P2P) with minimal disruption of their day-to-day operations using an efficient combination of sophisticated proprietary technology combined with years of auditing experience. It helps companies gain insight with real-time reports detailing the source of errors and the best practice to avoid these errors

    www.novusanalytics.com

  • P2D

    P2D

    UK-based P2D specialises in digitalising and exchanging commercial documents electronically such as invoices, purchase orders and expense claims. The company's suite comprises e-invoicing, EDI and invoice processing, which is powered by P2D's proprietary AI, all offered through its modular 'Pay-for-Usage' approach that allows businesses of any size to gain the capabilities of a cutting-edge, yet affordable, cloud platform. With such strong core competencies, P2D has ignited several success stories since its inception in 2004.

    www.p2dgroup.com

  • Priority is a leading payments technology company helping customers collect, store and send money. Priority CPX represents the next-generation digital Accounts Payable (AP) automation solution for businesses and organizations of all sizes and types. Without replacing your accounting software or changing banks, Priority CPX integrates and processes all forms of AP payments to your suppliers from a single payment instruction file, while generating cash-back rebates to your bottom line

    prioritycommercialpayments.com

  • Tungsten Corporation (AIM: TUNG) is the world’s largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten’s mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process. Tungsten processes invoices for 60% of the FTSE 100 and 68% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government. Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 227 people.

    www.tungsten-network.com

  • Established in 1994, xSuite is a top innovator in SAP-based P2P workflows, providing software and implementing solutions for over 1,200 clients. Forging years of experience with state-of-the-art technology and an in-depth understanding of numerous industries and processes, the company has become a trusted partner in modernizing AP systems and, more specifically, automating paper-based processes. With over 100 million invoices processed in over 60 countries, xSuite increases data accuracy and mitigates risk for its clients.xSuiteassists with numerous processes from documents entering the company’s system to clearing bills or completing payments. When a client receives an invoice or an employee creates a purchase requisition, xSuite’s solutions automatically convert relevant data into usable vectors, trigger the verification task, and route information to SAP

    www.xsuite.com

  • AvidXchange

    AvidXchange

    AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. Founded in the year 2000, AvidXchange processes over $140 billion transactions annually across its network of more than 600,000 suppliers, transforming how 6,000 customers in North America pay their bills. The company builds accounts payable software solutions and dedicated service teams that help automate AP and payment processes, replacing manual AP with a digital application suite that provides their customers with 24/7 on-demand, remote access. AvidXchange is distinguished as a global fintech unicorn and one of the fastest-growing technology companies in the U.S., with 1,500 employees supporting customers across seven office locations

  • Circulus

    Circulus

    Circulus provides comprehensive invoice automation and payment processing solutions for companies of all sizes and complexities. By moving Payables to the cloud via Circulus, organizations can harness the power of a digitized AP workflow, increase controls, eliminate late payments, secure payment discounts, and transform their legacy processes into a strategic function. In addition, their tech-enabled process outsourcing offers the advantage of both technology and human brainpower to create advanced automation Engines. Circulus offers flexible & scalable offshoring solutions with world-class infrastructure, talent resources & technical capabilities under their BOLT model

  • OnPay Solutions

    OnPay Solutions

    OnPay Solutions automates, streamlines, and optimizes accounts payable payments and processes. The company automates accounts payable and accounts receivable payments in the cloud and enables organizations to make and receive payments quickly, securely, and at a low cost. They currently provide solutions and services to companies ranging from $50 million in annual revenue to some of the largest conglomerate organizations. OnPay's clear, transparent, and comprehensive, 4-tier pricing structure based on the volume of remittance lines allows users to create an account and start using the invoice clearing automation platform within minutes

  • Zycus

    Zycus

    Zycus is the pioneer in Cognitive Procurement software and has been a trusted partner of choice for large global enterprises for two decades. Zycus powers its S2P software with the revolutionary Merlin AI Suite. Merlin AI takes over the tactical tasks and empowers procurement and AP officers to focus on strategic projects; offers data-driven actionable insights for quicker and smarter decisions, and its conversational AI offers a B2C type user experience to the end-users. Zycus helps enterprises drive real savings, reduce risks, and boost compliance, and its seamless, intuitive, and easy-to-use user interface ensures high adoption and value across the organization