5 best invoice management systems [2023]

Learn more about the top invoice management systems, so you can choose the platform the best suits the needs of your organization.

Rapidly scaling companies receive hundreds of invoices each month: Invoices from software vendors, invoices from manufacturing suppliers, and invoices from freelancers and contractors. It all stacks up pretty quickly.

Even the best Google Drive folder hierarchy is ill-equipped to deal with this degree of accounts payable. At this level, you need an invoice management system.

There is no shortage of software tools available to solve this challenge. Finding the right one, however, is the hard part.

Vendr's procurement efficiency guide will help you start every new SaaS purchase and renewal off on the right foot. Take charge of your processes today.

In this article, we will investigate the five best invoice management systems of 2023, so you can easily discern between product features and choose the software platform that best suits your company's individual needs.

The top 5 invoice management systems available today

We’re going to assess each of the following five invoice management systems across four categories:

Top features
Pros
Cons
Pricing

Spendesk

Spendesk is a business spending platform with a variety of products, including company cards, account automation, and, of course, invoice management.

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Top features of Spendesk

Spendesk’s top features for invoice management include:

The ability for employees to submit purchase requests to finance leaders for approval
A single dashboard for monitoring invoices and payments
Payment scheduling from within the platform
Customizable automation recipes

Pros of using Spendesk for invoice management

Spendesk users report saving significant time each month on expense processing and invoice approval and benefit from the ability to create strict approval workflows that maintain compliance with internal company regulations.

One of the biggest drawbacks of Spendesk is not available worldwide. Currently, only companies within the European Economic Area (EEA) and the US can use Spendesk.

Spendesk pricing

Spendesk doesn’t offer standard pricing packages. Because they offer multiple products, they put together custom packages and pricing schedules based on your unique requirements.

Zoho Books

Zoho is a software powerhouse offering a whole host of tools, like email marketing automation, service desk solutions, and a robust sales CRM.

Zoho Books is their invoice and accounting software platform.

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Top features of Zoho Books

The primary features of Zoho Books are:

Transaction verification to minimize payment mistakes
Digital signatures
Customizable automation rules
Purchase order request and approval workflows
Vendor relationship reporting and insights

Pros of using Zoho Books for invoice management

Perhaps the biggest benefit of using Zoho Books as your invoice management software is its deep integration with the rest of the Zoho Suite (that is, of course, if you’re already a Zoho customer).

Beyond that, common themes in positive customer reviews include:

Zoho Books pricing

There are five different pricing plans for Zoho Books, starting from $15 a month, plus a free version (only for businesses with revenue below $50,000 per year).

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Zoho also offers a free invoicing solution called Zoho Invoice. However, this is a platform for creating invoices rather than managing vendor invoices and payments.

Stampli

Stampli is an end-to-end accounts payable platform, meaning their products assist with a variety of AP duties, such as:

Invoice management
AP automation
Corporate spending cards
Direct payment management

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Top features of Stampli

For invoice management, Stampli’s most useful features include:

Invoice capturing and automatic coding
Accounts payable approval workflows
ACH payments from within the system
Integrations with ERPs like Oracle Netsuite and Quickbooks
One-click audit trail access

Pros of using Stampli for invoice management

Stampli users report high levels of satisfaction with the company’s customer service, as well as its automated functions like invoice coding.

In addition, Stampli’s payments approval workflows are easily customizable, so you can build a process that works smoothly with your current procedures.

Stampli pricing

Stampli doesn’t advertise pricing. Speak with a sales rep to learn the cost of this invoice management system.

Get access to Vendr’s pricing data from thousands of software transactions and let us help negotiate your SaaS contracts.

Bill.com

Bill.com is one of the most widely used invoice processing systems around. They also offer accounts receivable features like invoice generation and automated follow-ups.

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Top features of Bill.com

Bill.com offers a bit more than just an invoice management process. Their accounts payable suite includes a number of helpful features to help with time-consuming invoice processing, including:

Easy invoice importing and routing
Automated approval processes
Multiple options for payment processing
Two-sync with popular accounting systems

Pros of using Bill.com for invoice management

Many users find Bill.com easy to set up, intuitive to use, and a powerful eliminator of manual processes and traditional data entry of paper invoices.

The invoice automation platform also allows users to set customized permissions to minimize invoicing and data risk.

Bill.com pricing

Bill.com has three different pricing options, depending on your specific needs.

The “Pay bills” plan costs $45 per user, per month, (or $55 per user, per month, for the “Team” plan) and is designed for accounts payable teams who need to:

Manage supplier invoices across the invoice lifecycle
See invoice data in a centralized dashboard in real time
Automate approval workflows

The “Get paid” plan is for accounts receivable teams, allowing them to create professional invoices, whether one-off or recurring. This plan also costs $45 per user, per month, or $55 per user, per month.

The third option, “Pay bills & get paid”, combines the two. It costs $79 per user, per month, with a custom Enterprise pricing tier available.

Kissflow Procurement Cloud

Kissflow is a no-code and low-code app builder, helping founders and company leaders customize apps that support and streamline business operations.

They also offer several pre-built products, one of which is Kissflow Procurement Cloud, an invoice management system and workflow automation platform.

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Top features of Kissflow Procurement Cloud

Popular features of Kissflow Procurement Cloud include:

Automatic purchase order matching
Invoicing and payment approval workflows
In-depth spend insights
Internal policy regulation

Pros of using Kissflow Procurement Cloud for invoice management

Perhaps the biggest benefit of Kissflow Procurement Cloud is the fact that it’s built on Kissflow’s low-code platform. That means it's flexible and customizable, and you can create helpful integrations with other Kissflow tools.

They also boast some pretty impressive improvements as a result of using Kissflow Procurement Cloud, such as:

81 percent lower invoicing processing costs
72 percent faster invoice approval
57 percent higher employee productivity

In addition, feeding complex data into Kissflow Procurement Cloud appears to require more manual input than desired.

Kissflow Procurement Cloud pricing

Kissflow Procurement Cloud pricing starts at $1,990 a month and increases depending on the features you require, the number of users, and invoicing volume.

Vendr: Moving beyond invoice management

Invoice management is important, but it’s far from the only aspect of managing vendor relationships.

To gain a 360-degree view of supplier relationship health, vendor spend, and contract status, you need to move beyond invoice management to a procurement management solution.

Vendr is the no-brainer SaaS buying platform that will level up your software procurement processes. With Vendr, you’ll be able to: