• Benjamin Elliott

4 Key Payment Automation Software Trends In 2022

Updated: Oct 17

A big part of running a business today is choosing the right tools and software solutions. Payment automation software is a must for any business that wants to streamline its accounting operations.


The right payment automation platform will save loads of time and maximise accounting accuracy.


Basically, it will be much easier to run your business properly.


In this guide, we’ve rounded up some of the best payment automation software solutions, to help you understand what each one offers, and how it can benefit your business.


Whether you’re a freelancer or a growing business, you’ll need to make sure that your payment automation software is adding the right kind of value.




What is Payment Automation Software?

Payment automation software is used by businesses to automate the process of paying vendors. These tools aim to improve the efficiency and accuracy of payments while saving businesses time and effort.


The result of using a payment automation platform is a more organised business with improved vendor relations.


Using payment automation software adds value to any Accounts Payable (AP) team, as it makes it easier for AP to check, approve, pay and manage invoices.


Payment Automation Software Features

Different payment automation solutions offer various different features. In this guide, we’ll cover two important features:

  • Accounts payable automation

  • Expense tracking

However, different software options offer a range of other features, including things like:

  • Billing tools

  • Core financials management

  • Expense claiming

  • Contact management

  • Bank reconciliations

  • And more

Any good payment automation software should offer integrations to easily fit in with your accounting system.


Software solutions with a mobile app add an extra layer of convenience for business owners on the go.


Payments Automation Platform Reviews

There are many payment automation companies and apps available. Each one offers unique features and benefits.


Here’s a quick breakdown of four different payment automation software options.


1. Sage Intacct

Sage is a complete financial management platform to help any business improve its accounting.


The platform offers a full suite of accounting tools, including core financials, billing, dashboard and reporting, and more.


AP Automation

Sage offers an AP function that helps businesses streamline workflows across the entire AP cycle.


The payment automation software helps businesses save heaps of time by minimising data entry and accessing real-time information on AP transactions.


All of Sage’s internal controls make it easy for anyone to manage AP and gain complete visibility of the process.


Expense Tracking

Sage offers time and expense management software to help streamline the expense tracking process.


The automated software is designed to accelerate time and expense management and improve the visibility of all expense data.


This can help businesses make smarter data-based decisions while streamlining the entire project accounting system.



2. Sweep

Sweep is a powerful finance automation app designed for SMEs.


The app uses smart technology to empower finance teams, save time, and make accounting for businesses far easier.


Sweep seamlessly integrates with all major accounting systems to make financial management easy.


The platform offers a highly effective plan, suitable for self-employed individuals or freelancers, small businesses preparing for growth, and growing businesses with teams.


AP Automation

Sweep covers the entire AP process, from invoice to payment.


This app can be used by finance teams to simplify the AP process; this is achieved through AI and machine learning-powered automation.


With Sweep, the end-to-end AP process can take up to four minutes.


The app accurately manages all invoices and automates manual data entry tasks with complete precision.


Expense Tracking

Sweep connects to your bank account to automatically track transactions as they happen.


This makes it incredibly easy to create expense reports in real-time and submit them on the go.


The app eliminates the need for paper reports and keeping receipts. This gives you complete control over expense tracking through a fully GDPR-compliant system.




3. Stampli

Stampli is another end-to-end platform to help businesses with AP automation.


The platform allows you to process all invoices and credit card transactions in one place. While it is a powerful tool, it doesn’t offer a wide range of functions beyond AP automation.


AP Automation

Stampli payment automation software is based around AP automation.


The platform lets you control the entire invoice cycle. AP automation is combined with a communication tool for better collaboration, approval, and vendor relationship processes.


The simplified AP automation solution uses AI technology to automate invoice processing based on a company’s unique patterns.


The entire AP automation process offers transparency and accountability.


Expense Tracking

Stampli provides complete visibility over your company’s spending for simplified expense tracking.


The platform offers its own card solution integrated into its AP automation platform. This allows businesses to achieve total control over corporate credit card spending, managing all card transactions and invoices in one place.


4. Spendesk

Spendesk is an all-in-one spend management platform. The payment automation software includes a complete stack of accounting tools.


These cover expenses and invoices, company cards, budgets, spending reports, and approvals.


AP Automation

Invoice payment automation is easy with Spendesk. The platform offers invoice management tools to streamline AP.


Purchase orders and supplier invoices can be linked to team approvals, budgets, payments, and accounting for a more efficient AP system.


Like any good payment automation software, Spendesk’s AP module lets businesses gain greater visibility and save time with an automated AP system in place.


Automated 3-way matching helps you optimise your AP spend, and the automated accounting feature makes bookkeeping much faster.


Expense Tracking

Spendesk’s expense module eliminates the need for paperwork. The efficient system allows businesses to digitise expense reports and automate receipt capture.


The system also includes advanced reporting for easy access to the full claim history. Businesses can also utilise instant expense reimbursement with the automatic reconciliation feature.



Summary

With the right AP automation and expense tracking software, any business can completely optimise its accounting systems.


These tools will save time, improve accounting accuracy, and offer greater visibility into a business's spending.


This results in a business that’s far easier to run.


The payment automation software options listed above offer a range of solutions to help any business streamline its operations and improve the way it manages accounting.





43 views0 comments