Manually streamlining your procure-to-pay process can lead to several problems. That’s why more businesses, big and small, are investing in reliable procure to pay software.
If you’re looking for the most user-friendly and scalable software solutions, this review can narrow down your options.
As a business owner for over a decade, I’ve used many procure-to-pay software platforms. Ultimately, I’ve discovered that only a few of them are worth investing valuable resources in.
Today, I’ll share with you my top recommendations designed for specific business sizes and industries.
- What Is The Best Procure To Pay Software?
- 1. Precoro – Top Pick
- 2. Basware – Best Value For Money
- 3. Medius – Most Features
- 4. BuyerQuest – Enterprise P2P Solutions
- 5. SoftCo – Smart Automation Solutions
- 6. i2B Connect – Streamlined Purchase-To-Pay Cycle
- 7. ProcurePort – Complete eProcurement Control
- 8. Fraxion – Proactive Spend Management
What Is The Best Procure To Pay Software?
If you have little time to spare, you can check out my top 3 picks instead: Precoro, Basware, and Medius.
|Best overall. Precoro has refined and robust features in its innovative platform. Starts at $29/month/user.||Industry-leader. Having over 500,000 users globally, Basware ensures continuous support for its platform.||Feature-rich. Medius is known for having numerous lists of features combined in one single platform.|
|Try Precoro||Try Basware||Try Medius|
Here’s the complete list of procure to pay software I’ll discuss today:
1. Precoro – Top Pick
Cloud-Based Procure To Pay Software For Businesses Of All Sizes [Free Trial | $29/mo/user]
Traditional methods of procurement management include tons of spreadsheets, paper invoices, and emails. Precoro certainly breaks this norm and replaces it with a simpler and more effective solution.
Its procure-to-pay software allows you to streamline the entire procurement process digitally.
It provides a dashboard to get a comprehensive look at all your procurement activities that include:
- Purchase requisition
- Product/service catalog
You can create purchase orders and send them automatically to suppliers. To speed up the approval process, you can create workflows per location and department.
Take advantage of their custom fields if you have unique elements to add to your approval workflows.
The good news is that all workflow approvals are mobile-friendly. Therefore, all approvers can accomplish it no matter their location.
Lastly, you can access all reports on your dashboard in real-time.
Currently, there are 120+ customizable fields you can use for creating custom reports. It also provides 20+ filters for quick searching.
These are only the basic functions of Precoro.
Now, let’s focus on some of its robust features. I’ll start with budgets.
Overspending is one problem you need to address, and you can easily do that by setting up different budgets per department/project.
The first step is enabling the budget module (under basic settings) and then clicking the Update button. On the left-side menu bar, click Budgets > Create.
Next is to fill up all the blank fields:
- Name of your budget
- Select between location or department
- Specify deducted sum (gross total, net, or custom)
- Set the duration period (monthly, quarterly, or custom)
Once correctly completed, you can view all budgets you’ve created in your dashboard for easy tracking.
There are two types of budget reports you can create:
- Budget Usage Report: This allows you to compare your budgets with your actual spending.
- Custom Budget Report: This one contains all company data generated from the document used in Precoro. All data sets are organized into different groups – general, supplier, company, and items.
Another advantage of this procure-to-pay software is it allows you to manage multiple companies.
You need to contact your dedicated Customer Success Manager to set up your account with multi-company access. Once everything is set up, you can switch between companies in two simple clicks.
Currently, a few of the industries they serve are listed as follows:
Pros And Cons Of Precoro
|Allows you to manage single and multiple companies in one dashboard||Only provides integration options for accounting software like QuickBooks, Oracle NetSuite, Xero, Sage One, and Open API|
|Provides mass approval option for several pending invoices||No available import option for budgets (manual encoding required)|
|Lets you assign any of the 18 user roles to all users||Onboarding can take up to 1 month for larger companies|
|Responsive customer support and takes new feature suggestions seriously|
Precoro Pricing Plan
You can get the Precoro procure to pay software by purchasing any of its four annual subscription plans. All plans charges user-per-month usage:
- Small ($29/mo./user): This plan is limited to 5 users only.
- Medium ($24/mo./user): This one lets you add 6 to 20 users.
- Large ($19/mo./user): As for the Large plan, you can include 21 to 50 users.
- Enterprise (Custom pricing): Ideal for teams and businesses, the Enterprise plan enables more than 50 users.
All subscriptions will get the following perks:
- All features
- Lifetime updates
- Premium expert support
- Cover implementation fees
- Dedicated Customer Success Manager
The best part of it, you can get started for free by signing up for its 14-day trial version.
2. Basware – Best Value For Money
e-invoicing & Procure To Pay Software For Business Across All Industries [Free Access | Custom Pricing]
Like most P2P software, Basware provides complete automation for your entire procurement and payables processes.
So, what makes it stand out?
It’s only a few of the cloud-based solution provider that offer the largest open commerce network.
Here, you can communicate and collaborate with over 2 million active suppliers and buyers or transact with 220+ interoperability partners.
The best part of it, it’s compliant with applicable regulatory standards.
You can access this inside the Portal.
For ease of use, its platform supports 30+ languages and is built with the following sections:
- Dashboard: This is the section where you can monitor and manage all campaigns, tasks, received/sent invoices, sent purchase orders, and network.
- Campaign Manager: This section is where you can invite new vendors.
In the dashboard, you can assign your users to any of the two roles – regular users and company administrators.
The screenshot above will provide you with all the actions each role can perform.
Basware also enables you to create a campaign. This refers to your company’s landing web page that contains invitation links or e-invoice sending options for your suppliers.
There are two types of campaigns available, but the recommended for P2P process is the email campaign.
Using this procure-to-pay software, you can create a landing page and include a registration link.
Additionally, you can send it individually or in bulk. If you choose the latter, you can upload a CSV file or copy and paste the email addresses manually.
It also uses artificial intelligence and machine learning technologies to speed up the processing time without sacrificing accuracy.
Here are a few of the powerful capabilities provided:
- SmartPDF: This allows you to convert PDFs to e-invoices.
- CloudScan: This one digitizes paper-based invoices with a simple scan.
- Advanced Matching: Built with advanced matching algorithms, this is used for touchless processing of invoices, POs, contracts, etc.
- SmartCoding: This is recommended for the appropriate coding for invoices that aren’t backed by coding templates, purchase orders, or recurring payment plans.
- Predictive Analytics: This feature analyzes patterns from transactional information to prevent late payments and optimize cash flows.
Through all these functions, you can instantly route, code, match, and approve invoices and optimize the procure to pay cycle.
Pros And Cons Of Basware
|Includes a built-in campaign manager and dashboard||No available archiving function for data storage|
|Supports all current versions of web browsers for desktop and mobile||Requires tech support assistance to merge two or more organizations|
|Internet connection should have a stable bandwidth of 1.5Mbps and <500 ms latency||Printing of invoices not allowed inside the Basware portal|
|Variety of email templates provided (language is automatically detected based on the recipient’s location)||Features in the new Purchase-to-Pay Edge user interface aren’t automatically added for all customers (contact Customer Service Manager if you want to use it)|
Basware Pricing Plan
Get started with this procure to pay software by contacting its sales expert to request a guided tour of their solutions.
Once you find one that’s perfect for your business, you may ask for a personalized pricing quote. The good news is that it provides free limited access for your suppliers and buyers.
3. Medius – Most Features
User-Friendly Procure To Pay Software For Midsize Businesses & Enterprises [Custom Pricing]
Medius rose to fame for providing the best-in-class P2P solutions without compromising ease of use.
Its developers successfully deliver it by building the platform with an intuitive and modern user interface.
You can bring all data from various business core systems through integration and pre-configured connectors (also called Medius Connect).
If you have eCommerce sites, you can embed all its elements like checkout and cart into the platform for a seamless checkout process.
You’ll never have to leave the platform because all items in your cart are added automatically to the requisition. You can also add and browse catalogs from your chosen suppliers.
Handling purchase requests and orders can be time-consuming. With Medius, you can generate a workflow that specifies every step of the process – from creating purchase requisitions to closing the order.
You can also create a workflow for supplier contracts.
Automation is one feature that can save you time.
Medius takes it to the next level by providing predictive coding suggestions. This is an AI-powered tool that will help you process invoices fast and accurately.
All its suggestions are derived from the previous invoices you manually encoded.
The best part of it, it never replaces any of your saved coding lines, and you can always undo the applied suggestion.
Lastly, it’s equipped with configurable dashboards and reports to identify problems like bottlenecks, overspending, and more.
If you want to collaborate with other end users, you can share the dashboards with them.
Navigate Administration > Dashboard and choose the one that you want to share. Next, select the User and Role tabs.
Lastly, click Save.
If you have documents to add to the dashboard, click the +Add button (beside the Save button).
Currently, this procure-to-pay suite is designed for the following industries:
- Food and drink
- Financial services
- Business services
- Transport and logistics
- Aerospace and defense
Medius is an all-in-one business spend management system that works with your existing ERP. Therefore, you can expect to use more tools other than its procurement solution (contract management, supplier management, AP automation, etc.).
Pros And Cons Of Medius
|Supports 40 file attachments (30MB is the maximum file size per file)||Setting it up may take longer because it’s customizable|
|AI-powered coding suggestions don’t replace any saved coding lines||Mobile web app only supports Android devices|
|Runs seamlessly on desktop (Windows and macOS ) and most recent versions of web browsers (Google Chrome, Firefox, Microsoft Edge, and Safari)||No available option for deleting an existing company or supplier (you can rename or deactivate it)|
Medius Pricing Plan
Explore what Medius purchase-to-pay solutions can do for your business by booking a demo.
4. BuyerQuest – Enterprise P2P Solutions
Cloud-Based Procure To Pay Software For Enhancing Corporate Buying Process [Custom Pricing]
BuyerQuest rose to fame for its robust eProcurement solutions tailored for various business goals and industries.
As of writing, it supports eight industries, and those are:
- Higher education
- Energy and utilities
- Franchise organizations
- Consumer packaged goods
If your business isn’t part of the industries mentioned above, don’t worry. Its solutions are highly configurable, so it always has a solution to support your business’s unique needs and requirements.
For businesses that want to create a superb B2C shopping experience, its Enterprise Procure To Pay Software is your go-to product.
As the name implies, it handles all aspects of purchasing and payment acquisition.
You can create a single source of truth by integrating all your purchasing, accounts payable, and entire API ecosystems into your BuyerQuest account.
Its system will collate all data, and its reporting module will organize them to provide you a 360° view of the following:
- All activities
- Spend in real-time
- Risks, bottlenecks, and alike
When it comes to API ecosystems it’s designed to support systems like ERP/SRM, MRP, management, and accounting software.
Once you set up your account, your users can start making on-contract purchases of products/services from your approved vendors.
For a seamless shopping experience, your vendors are provided with a portal where they can add catalogs. They can also streamline the following:
- Payment process
Lastly, they offer a contract lifecycle management solution. This allows you to create, manage, track, and close contracts with ease.
BuyerQuest also strengthens supplier relationships by allowing them and the organizations to collaborate. The organizations can capture all indirect spending on their goods and services.
The suppliers, on the other hand, can create quotes.
Pros And Cons Of BuyerQuest
|Easy to use and configure dashboard||No online documentation provided for new users (only include FAQ page)|
|Provides excellent customer support through chat, phone, and email|
|Enables you to assign users with any of the 10 user roles available|
|Includes pre-built integrations to several back-end systems (Amazon business, Beeline, Onbase, CGN, Genpact, and KPMG) and legacy ERPs|
BuyerQuest Pricing Plan
Like its platform, the cost of BuyerQuest procure-to-pay software is tailored for your business goals and needs. Contact their sales expert to get a personalized pricing quote.
You can also request a live demo to get a glance at its functionalities.
5. SoftCo – Smart Automation Solutions
Enterprise Procure To Pay Software [Custom Pricing]
SoftCo is another enterprise procure to pay software in my recommendation list, and it’s been effectively automating financial processes for over 30 years.
Its platform is built with smart technology to deliver outstanding results fast and accurately.
It’s also compliant with various regulatory standards (ISO 27001 and SÄHKE2 certified).
Moreover, its comprehensive security and authentication features won’t disappoint you as well.
Rest assured that you and other users can access your respective accounts on multiple devices securely.
It also utilizes Unique Digital Fingerprint technology, so you can retrieve saved documents without altering their original format.
How does SoftCo procure to pay software work?
It’s built to operate with eight processes, and it starts with vendor management. As the name implies, it provides you tools to better collaborate and communicate with all your preferred vendors.
For full transparency, the platform also provides your vendors complete visibility of all the activities that include:
eProcurement is the process that allows you to organize your overall spending. Currently, they support three types of spending:
It will categorize each to streamline their process better and quickly identify issues.
Automation plays a vital role in eProcurement, and here are a few of the tasks you can use it:
- Order and approval workflow
- Convert regular purchases into reusable shopping lists
- Process of agreed contracts and pre-approved budgets
The next process is Contract Compliance, and it works by monitoring all your contracts. For safekeeping, Compliant Archive is included to store contracts and other supporting information.
Capturing data for better decision-making is hard work.
Softco makes it simpler by using advanced Optical Character Recognition and Robotic Process Automation technologies.
The first technology is used to capture all invoice data, while the latter is used for matching all types of invoices. The latter, also known as the matching engine, operates with a 3-way invoice matching to enhance accuracy.
The three remaining processes are dedicated for the following:
- ERP integration
- Invoice processing and approval workflow
- Real-time reports and analytics
Pros And Cons Of SoftCo
|Supports all major databases, finance systems, and ERP systems for integrations||Limited online help/documentation available for new users|
|Captures documents in a variety of formats (paper, email, PDF, XML, and EDI)||Methods to reach customer support depend on your location (country)|
|Provides comprehensive audit trails to speed up the preparation process of internal and external audits|
|Supports multiple currencies and languages|
SoftCo Pricing Plan
Contact SoftCo experts and find out how your business can benefit from this procure to pay software.
6. i2B Connect – Streamlined Purchase-To-Pay Cycle
Excellent Procure To Pay Software For SMEs [Starts at $2,347.48/mo/site]
i2B has addressed and resolved various clients’ pain points in their purchase-to-pay cycle since 1999. That’s why it has become the go-to product of small and midsize enterprises.
Discrepancies are often found when processing, releasing and comparing invoices. This is why they offer an excellent invoice management module.
It validates each invoice based on the following:
- Part number
- Line number
- Purchase order number
It also uses a 2-way or 3-way matching to ensure suppliers only issue invoices based on orders and delivered quantities.
When it comes to shipping, delays are inevitable. i2B eliminates stress and confusion in the process by including an automatic shipping notification module.
In this feature, its system will generate bar-coded delivery notes to attach to every shipment.
The note is dedicated to the vendors to quickly identify the purchase order, quantity, and other vital information of the shipment.
If the note isn’t enough, you can also attach all supporting documents to the shipment.
The notification feature of this module allows you to stay updated on the latest actions that the vendors implemented.
You can also eliminate delays in order fulfillment through the purchase order module. It contains the following perks:
- Get on-time delivery statistics
- Access the full change history of a specific purchase order
- Send vendors automatic prompts so they can approve or decline purchase orders fast
Pros And Cons Of i2B Connect
|Simple and quick onboarding process||Limited reporting tools|
|Pricing models not designed per number of users||Transferring data from ERP to i2B can be slow (depending on the volume) at times|
|Integrates well with any ERP systems and similar (SAP, Oracle, Lawson M3, Movex, etc.)|
i2B Connect Pricing Plan
Another advantage of i2B Connect is its transparent and simple pricing.
You can get started with a monthly subscription plan at $2,360.95 per site.
Since the pricing plan is designed per site, you can add unlimited users into your account where each can get full access.
Maintenance and support fees are also included in the plan.
If you’re not a fan of monthly commitment, you can avail of its one-off initial location deployment at $25,295.93 per site.
The good news is, all suppliers are free to use the platform, and all they need is a stable internet connection and an email address.
Do you have questions or like to request a demo? Contact their sales team, and one of their sales experts will reach out to you.
7. ProcurePort – Complete eProcurement Control
Top-Tier Procure To Pay Software For Global 1000 & Mid-Size Organizations [Starts at $199/mo]
The procure to pay software I’ve discussed above primarily focuses on streamlining and automating your business and financial processes.
If you’re looking for software that can provide you with complete control and transparency, ProcurePort is the best option.
As standard, it digitizes all your email and paper processes to make them traceable and easy to audit.
It features integrated product catalogs with contracted pricing to simplify the purchasing process for buyers.
It provides multi-tiered approval workflows for all purchase requests to prevent delays and remain compliant with your budget.
You can also generate purchase orders and quote requests with ease.
One of its unique features is the eAuctions. Here, you can use the RFQ process to get preliminary quotes from your suppliers.
It includes a Reverse Auction feature to get a price reduction.
It provides a side-by-side comparative report to analyze each bid and process awards to all suppliers quickly.
Most procure to pay software use 2-way or 3-way matching for purchase orders, goods receipts, and invoices. ProcurePort eliminates this and replaces it with one document for all.
Pros And Cons Of ProcurePort
|Easy to use and simple user interface||Not the easiest to configure (initial setup)|
|Provides tons of training for new users (online documentation, webinars, etc.)|
|Excellent customer support via email and phone|
ProcurePort Pricing Plan
ProcurePort is a procure to pay software that is available in three subscription plans. Each is designed based on your business/team size.
You also have the option to get a monthly or annual billing period.
Individuals and small teams can get the Starter plan at $199/mo.
For mid to large-sized businesses/teams, you can get the Professional or Enterprise plan. You need to contact the sales team to request a personalized pricing quote or schedule a demo.
8. Fraxion – Proactive Spend Management
Procurement Software For Mid-Market Companies [Custom Pricing]
For my last recommendation, I’ll discuss a fully-developed procurement software with multiple deployment options – Fraxion.
It rose to fame for completely digitizing manual processes and efficiently using automation to speed up the purchasing and approval process.
Its popularity further grows as it introduces proactive spend management.
Together, they can take risks out of your operational spending and approvals while saving lots of time and money.
They make it happen by equipping the platform with the following features:
- Policy management
- Configurable process workflows
- Expense and travel management
- Flexible and multi-level approval workflows
- 2 or 3-way invoice matching and approvals
- Inventory management and stock requests
- PunchOut and catalog to streamline purchasing from your approved suppliers
To stay up-to-date with all the activities, it embeds spend analytics and reporting tools.
The insights per report vary depending on the data you want to access. You can generate reports to track budgets and compare them with actual spending and more.
The best part of Fraxion is, you can manage multi-company inside your account.
With a few simple clicks, you can switch from one company to another.
This software also covers you no matter your business location because it supports a broad range of languages and currencies.
Pros And Cons Of Fraxion
|Automatically implemented updates||May find bugs at times|
|Runs on all major web browsers and mobile devices (app support iOS and Android)||Only supports Microsoft Azure SQL Server database|
|Joined forces with eRequester to provide superior spend management solutions to the mid-market companies||Initial setup may take a long because you need to customize it to fit your business needs|
|Integration support based on your requirements and system||Limited online help/documentation available for new users|
Fraxion Pricing Plan
No business is the same. That’s why Fraxion’s products are offered in a subscription-based pricing plan tailored specifically for your business requirements.
Currently, there are two products available, and here’s a glance at each:
- Fraxion e: This lets you choose between on-premise or hosted deployment with excellent inventory control.
- Fraxion Prime: With this plan, you can enjoy an all-in-one cloud-based spend management solution.
Contact the sales team to request a demo or a personalized pricing quote.
Finding the best procure to pay software for your business doesn’t have to be complicated. If I have to pick one out of my recommendations, I’ll stick with my top pick – Precoro.
Primarily because it’s affordable, easy to use and configure, and provides excellent customer/technical support.
Learning the platform isn’t only makes it easy for users but also onboarding suppliers. They are provided with a separate portal where they can organize:
- POs from customers
- Invoices for all received orders
- Supporting documents (attachments)
They also make it simple to access and manage multiple companies in one account.
There are more features it offers, and you can learn more about it by visiting their website or accessing their free demo (by request).