Is your organization experiencing accounts payable problems due to complex business rules, error-prone data entry, multiple stages of invoice approval, and high volumes? You can overcome those issues with accounts payable automation from solutions like Hermes, which will automatically process vendor invoices around the clock with modern technologies AI.
As you look up for accounts payable solutions, you might also come across other platforms like Bill.Com. And like any smart consumer, it makes sense to compare different AP automation solutions to find the right platform that can suit your needs. Let’s take a look at both Hermes and Bill.Com and compare them.
About Bill.Com
Bill.Com offers accounts payable automation solutions by recording payments and synchronizing with your organization’s accounting system. It also has cash flow management, fraud protection, and accounting management capabilities. Other features include an automated approval routing process, unlimited document storage, vendor payments via PayPal, ACH, or check, and a bills payment schedule.
The platform has an activity dashboard where you can explore billing and invoicing actions, and it can automatically send notifications and deliver real-time data. Bill.Com also supports data import/export, invoice management, and third-party integration.
For $39 a month per user, you can get started with an Essentials account with Bill.com to manage payables or receivables. A Team subscription costs $49 a month per user and supports payables or receivables along with accounting software integration. A Corporate subscription costs $69 per user every month, and it allows you to manage both receivables and payables, plus has robust workflow options. The Enterprise subscription is customizable.
About Hermes
Hermes accounts payable automation uses AI-based OCR technology to obtain data from invoices, while robotic process automation (RPA) validates business-specific rules and automatically delivers invoices to your financial system. Hence, it makes your accounts payable center more profitable, efficient, and productive. You can reduce costs, pay invoices promptly , and minimize human error. It’s highly scalable, so it can be customized to suit your AP processes. Hermes also lets you access your invoices automatically anytime and anywhere with cloud-based processing.
Which one is better?
The right choice depends on your specific requirements. But when compared side by side, Hermes shines in terms of accounts payable automation. It doesn’t stop at automating—it also accelerates and simplifies your overall A/P process, setting up your business for success.
Hermes is proven to reduce A/P processing times by as much as 10 days. Not only that. It can boost productivity by a whopping 65% while saving 90% in costs. It also enhances communication, transparency, and data accessibility so you can improve vendor relationships and customer service.
You can learn more about Hermes by booking a demo.
About The Author:
This text has been written by Thomas John, who’s the President and CEO of Calpion Inc. Calpion Inc. gives simple AI-powered accounts payable automation & expense administration software program for busy accounting groups that improve productiveness. If in case you have questions on how hermes accounts payable automation can combine along with your ERP and different software program. Contact us anytime!
The global AP automation market size is expected to grow from USD 1.9 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period.
These benefits drive the adoption of AP automation solutions across industries globally.Browse 63 market data Tables and 31 Figures spread through 121 Pages and in-depth TOC on "AP Automation Market by Component (Solution and Services), Organization Size, Deployment Type, Vertical (Consumer Goods and Retail, BFSI, IT and Telecom, and Manufacturing), and Region - Global Forecast to 2024"Request a Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1206101Manual entries for AP processes are expensive, error-prone, and highly inefficient.
Moreover, it can be easily integrated with the Enterprise Resource Planning (ERP), thereby providing enhanced abilities to adopt changes and increase the efficiency of payment processes.The major AP automation vendors include SAP Ariba (US), Sage Software(US), Tipalti (Canada), FreshBooks (Canada), Zycus (US), FIS (US), Bottomline Technologies (US), Coupa Software (US), Comarch (Poland), FinancialForce (US), Avidxchange (US), Vanguard Systems (US), Bill.com (US), Procurify (Canada), and Nvoicepay (US).
These strategies have helped them innovate their offerings and broaden their customer base.SAP Ariba (US) is one of the leading players in AP automation market across the globe.
It offers SAP AP automation solutions in over 190 countries across the Americas, Europe, Middle East and Africa (MEA), and Asia Pacific and Japan (APJ).
The company has a strong trading network with more than 3.6 million businesses.
Having a centralized hub to process invoices, implementing multiple approvals in the AP process, and using analytics to measure and improve the process are some of the best practices that can be implemented using AP automation software.
