Top 5 procure-to-pay software solutions to consider in 2024

Is your procurement process holding back business growth?

As your business grows, so do your expenditures. You’ll be spending more money on a greater range of goods and services and working with more vendors. If your procure-to-pay (P2P) process can’t handle the increased volume, it could become a bottleneck for your growth — and not a problem you can solve by adding headcount.

Efficient and accurate P2P processing requires collaboration, strong financial controls, and attention to detail. However, manual P2P processes are error-prone and time-consuming. They’re also not easily scalable — adding staff just moves the bottlenecks and increases the risk of errors.

P2P software improves processing efficiency and accuracy by streamlining manual processes and reducing errors. Software solutions are also scalable, letting you control spending as your business grows.

In this article, we’ll help you identify the right P2P software solution for your business. We’ll walk through the benefits of automation, look at the leading P2P software solutions, and share how to choose the best solution to support your growing business. 

Let’s dive in.

What is procure-to-pay software?

Procure-to-pay (P2P) software, also known as source-to-pay (S2P) software, streamlines and manages the processes of purchasing, receiving, and paying for goods and services. By integrating procurement and accounts payable functions, P2P software solutions give finance teams visibility and control over P2P processes and data from end to end.

Most procure-to-pay solutions automate some or all of the six core stages of the P2P process:

• Purchasing: Helps purchasers source a product or service, prepares purchase requisitions, and routes purchase requisitions for approval.
• Ordering: Creates purchase orders, sends them for approval, and sends approved POs to suppliers.
• Receiving: Tracks shipment deliveries and records shipping receipts.
• Invoice processing: Captures, enters, and codes supplier invoices and sends them for approval.
• Two- and three-way matching: Checks invoices for accuracy by matching against POs and shipping receipts.
• Payments: Processes payments for approved invoices. 

In addition to automating core procure-to-pay processes, many P2P software platforms automate other procurement and finance processes, such as:

• Vendor management: Onboarding new vendors, monitoring vendor performance, and managing vendor information and documents.
• Spend analysis: Spend reporting and analytics, fraud detection, and process performance.
• Inventory management: Tracking and managing inventory levels and stockroom management.
• Integration: Synchronizing documents and data with ERPs, accounting software, supply chain systems, vendor relationship management (VRM) platforms, and other business systems.

There are two approaches to automating procurement and accounts payable workflows with P2P software:

• End-to-end automation: Automating the entire P2P process with one software suite. Some end-to-end solutions offer modules that customers can add or remove to customize their solutions.
• Integrated point automation: Automating all or some P2P processes using task-specific solutions that are integrated to ensure seamless processing and data sharing.

Both approaches provide significant benefits to your business. 

Benefits of P2P automation

P2P software enables companies to efficiently purchase the goods and services needed to operate and grow their business. By reducing manual paperwork, increasing visibility and control over processes, and improving employee productivity, it provides several benefits, including:

• Reduced processing errors: Replaces error-prone manual processes and improves three-way matching to improve processing accuracy.
• Seamless ERP integration: Synchronizes data and documents with ERPs in real time to provide a single source of truth.
• Scalability for growth: Scales to handle growing PO and invoice volumes and complexity without adding additional headcount.
• Cost savings: Minimizes manual tasks and improves labor productivity to reduce operational costs.
• Process efficiency gains: Streamlines approvals, supplier onboarding, invoice processing, and PO matching to reduce procurement cycle times.
• Greater spend oversight: Enforces purchasing and payment approval policies and improves audit trails across the organization to monitor and control spending.
• Better supplier relationships: Reduces disputes, shortens purchasing and payment times, and improves supplier communications.

With these benefits in mind, let’s look at the top five P2P software solutions. 

Top 5 procure-to-pay software solutions

1. Stampli

Stampli is a cloud-based finance operations platform that enhances efficiency across the procure-to-pay cycle. It creates breakthrough productivity for procurement and accounts payable teams through purchase order automation, invoice processing, payments, credit cards, and advanced vendor management.

Stampli features

Stampli helps finance and procurement departments optimize processing efficiency and drive business growth. 

• Cognitive AI™ for PO matching: Stampli’s groundbreaking three-way matching solution substantially reduces manual effort and provides 97-100% match accuracy. Built with expertly mapped business logic and backed by Large Language Models (LLMs), Cognitive AI understands the nuances of PO matching. It learns your P2P processes and preferences to augment your work — replicating human judgment and decision-making processes while giving you total oversight and control.
• Paperless invoice processing: Stampli optimizes invoice processing by fully automating invoice capture, data entry, and GL coding.
• Pre-built ERP integration: Stampli adapts to your existing P2P processes and ERP configuration with pre-built integrations with MS Dynamics GP, BC, Finance, Sage Intacct, SAP, Oracle NetSuite, and Quickbooks Online. It implements in weeks, not months, with no change to your existing processes or IT environment.
• Enhanced collaboration: P2P is a team sport. Stampli centralizes all communications, invoice details, and documentation on top of each invoice in a simple, intuitive interface to make collaboration between teams, stakeholders, and vendors easier.
• Multi-subsidiary support: Seamlessly manage P2P processes across companies, offices, departments, or locations from a single Stampli account.
• Integrated payment processing: Pay vendors using multiple payment options, including international transfers to 100+ countries.
• Advanced vendor management: Stampli improves vendor engagement by centralizing vendor interactions, compliance, and data management within the P2P workflow.

Stampli key strengths

Unparalleled AI experience and expertise

AI is at the core of Stampli’s business. Its powerful finance operations solutions are built on data and insights gathered over a decade of collaboration with finance and procurement teams. Since Stampli was founded in 2015, its solutions have helped finance departments save millions of hours of labor. 

Billy the Bot, Stampli’s AI co-pilot, is powered by Stampli’s revolutionary Cognitive AI. Billy learns from your cost accounting rules and existing processes, can understand context, and can solve problems like a human being. It frees procurement and AP teams from tedious manual tasks while leaving a human in the loop — Stampli ensures human operators have total oversight and control of critical decisions.

The leading finance operations solution

Stampli is the leader in customer satisfaction in accounts payable and procurement automation. Software rating site G2 named Stampli #2 out of 3,400 competitors in its Best Accounting & Finance Software Products for 2024.

Numerous other flagship customer review sites and reports recognize Stampli’s customer service leadership, including:

• G2 Best Software Products for 2024: Stampli is ranked #2 for Accounting & Finance software out of 3,401 contestants and listed among the top 100 highest satisfaction products.
• G2 Grid for Accounts Payable Software: Grid Leader and #1 for Highest User Satisfaction.
• Capterra Shortlists: Awarded for Accounts Payable, Payments Processing, and Billing and Invoicing. 
• SoftwareAdvice FrontRunners: Ranked #3 for Accounts Payable.
• GetApp’s Category Leaders: Ranked #3 for Accounts Payable.
• TrustRadius Top Rated Solutions: Ranked #5 for Accounts Payable Software.

Stampli target customers

Stampli’s customer base is comprised of mid-market and enterprise businesses, government, and non-profits, and it includes multi-location and multi-subsidiary organizations. 

Stampli customer reviews

“I didn’t get a penny for this post, and we get no discount on their service. I am intending to GUSH over my favorite software company to date and with the internet these days it’s hard to know the truth from paid endorsements. 

“The past six months have [been] incredible working with this Team. If I wore socks they would be BLOWN OFF! I want to share my unbelievable experience with the world because I didn’t know a 100% customer focused relationship was possible in the #SaaS model.

Stampli is proof SERVICE this is possible with an amazing product!

“…There is not enough room on LinkedIn for me to explain how impactful Stampli has been to the Finance team at Superior Masonry.

“The most notable impact…..Stampli has saved us 30-35 hours a week in productivity gain which has allowed our team to focus on strategy, growth, and moving our Company forward. This is worth 10X the investment we have made in this software!!!”
Matt Andersen, CFO
Superior Masonry

“In an era where time is of the essence, and efficiency is paramount, Stampli stands out as a beacon of simplicity and effectiveness. One of the standout features of Stampli is its seamless integration with existing accounting systems. Regardless of whether your organization utilizes QuickBooks, NetSuite, or another platform, Stampli seamlessly integrates, eliminating the need for tedious manual data entry and ensuring data accuracy. 

“Navigating through invoices and approvals is a breeze with Stampli. The platform’s intelligent automation capabilities streamline the entire invoice approval process, allowing for swift and efficient processing. With Stampli, gone are the days of lost invoices and delayed approvals – everything is centralized and easily accessible, enhancing transparency and accountability within the organization. Stampli redefines invoice management, making tedious tasks a thing of the past.”
– Capterra reviewer

2. SAP Ariba

SAP Ariba is a cloud-based procurement and supply chain management platform that is part of SAP’s procurement portfolio. It helps organizations automate and optimize purchasing processes like sourcing, supplier management, procurement, invoice management, and working capital management. 

SAP Ariba features

• Process automation: SAP Ariba automates processes like purchase requisition and PO creation, invoice processing, and sourcing.
• ERP integration: SAP Ariba integrates with SAP ERP products to share data.
• Procure-to-pay automation: SAP Ariba automates some P2P processes such as vendor selection and onboarding, signing contracts, and generating RFPs.
• Supplier management: Companies can use SAP Ariba to manage supplier performance and document management.
• SAP Ariba network: Users can access SAP’s global network of buyers and suppliers to find suppliers, make purchases, and exchange information.

SAP Ariba strengths

SAP Ariba offers comprehensive, end-to-end procurement automation solutions within the SAP family of products. It offers global reach, a wide range of features, and solid reporting and analysis capabilities.

SAP Ariba target customers

As part of the SAP portfolio, SAP Ariba is best for large, multinational companies with complex procurement needs — and large IT budgets.

SAP Ariba reviews

“SAP Ariba simplifies all supplier, procurement, purchasing, and invoice management processes, It aids in the accumulation of purchases in a business and increases the source of savings. We were able to find the best suppliers using this product, which has increased the speed of our process while also being cost effective, I like how SAP Ariba lets us track direct and indirect cost; this is significant for us because these are two critical roles for our firm. Something that I really like is that it is an easy software to implement and integrate with other SAP products.”
G2 Reviewer

“SAP Ariba helps automate the procurement process from requisition to payment. It integrates with ERP systems, allowing seamless purchase order creation, invoice reconciliation, and payment processing. This automation can lead to increased efficiency and reduced manual errors…

“Integrating SAP Ariba with existing systems, such as ERP or financial systems, can sometimes present challenges. It may require careful planning, data mapping, and technical expertise to ensure smooth integration and data synchronization.”
G2 Reviewer

Use subtle shading or color gradients to suggest the increasing sophistication of procurement needs as the business scales from a tiny auto parts startup to a vast manufacturing enterprise.

3. Coupa

Coupa is a spend management platform with a comprehensive portfolio of procurement, supply chain management, and expense management features.

Coupa features

• Supply chain design and planning: Helps organizations enhance supply chain efficiency by tracking KPIs, identifying inefficiencies, and simulating alternative supply chain strategies.
• Procurement: Automates source-to-pay processes like sourcing, vendor onboarding, contract management, and spend analysis.
• Procure-to-order: Helps manage employee procurement through guided buying workflows and spend management.
• Accounts payable: Automates invoice processing, internal controls, and fraud detection to help companies manage AP processes.

Coupa strengths

Coupa provides a wide range of expense management features for companies that want a single spend management solution. It provides advanced analytics, reporting, and modeling capabilities to give businesses deep insights into expenditures.

Coupa target customers

Coupa serves multinational enterprises with large and complex global supply chains.

Coupa customer reviews

“Coupa is a great procurement tool. It has all the modules needed to manage spending and provide spend visibility and governance to our organization.”
– G2 reviewer

“I like to have the whole S2P(Source to pay) experience in Coupa, from sourcing and contracting down to invoicing. The tool feels very easy and user-friendly to use.

“I’ve had a lot of user complaints about the sourcing functionalities, and also, the SIM forms and Risk modules are not very easy or intuitive to configure as an Admin. Especially the Risk module requires more knowledge than all, so if someone comes from no Coupa background is almost impossible to become a CRA expert like it’s possible with the other modules.

“Sourcing issues should be prioritized since it highly impacts the S2C users. Furthermore, easier functionalities for process Automator should be focused on.”
– G2 reviewer

4. Precoro

Precoro automates procurement processes, focusing on ease of use and making procurement automation accessible to small and medium businesses.

Precoro features

• Purchasing automation: Purchase request and purchase order creation and approval routing.
• Vendor information management: Stores vendor information, documents, and payment terms. 
• Invoice management: Automated invoice data entry and PO matching.
• Reporting and analytics: Helps companies track and monitor spending, requisitions, approvals, and budgets.

Precoro strengths

Precoro is an accessible procurement solution with simple implementation, customizable features, and a user-friendly interface.

Precoro target customers

Precoro is suitable for small and medium-sized businesses and non-profits wanting a cost-effective and easy-to-use procurement solution.

Precoro customer reviews

“Really love the simplicity of the system. have found in the past how complicated and confusing PO systems can be which puts off people raising them. The simplicity of the system allows clarity and efficiency in what would usually be a complicated system. I really like the use of the budgeting tool and also the implementation team are very responsive and kind…

“Invoice processing is slow. While I appreciate the human check aspect, it doesn’t seem to run smoothly so this is something they can work on. Also the contracts feature is a little pointless. I would like to see more linking towards budgets and POs.”
– G2 Reviewer

“The best things in Precoro is the how it’s very useful when your business has a lot of Purchase Orders, I really like the approval functions so that no one can just approve a PO unless the set person for approving it, customer support is so easy, they help you right away when you need them. We heavily use Precoro on our day to day basis, we deal with a lot of PO’s especially overseas. The step by step process is one of the best parts in Precoro, from Req to PO and PO to an Invoice.

I think what they need to improve or add as a feature are: comments should carry over from the Req, to PO and to an Invoice. Also for PO’s, they should have a function where you can choose a percentage or amount that you want to pay, some overseas vendors have like 50/50 terms or deposits required to start the order.”
– G2 Reviewer

5. PRM360

PRM360 is a source-to-payment procurement software system that provides end-to-end purchasing and invoice processing automation.

PRM360 features

• E-auction: Helps procurement teams source products and services by giving real-time visibility into bidding and outcomes.
• Contract management: Automates contract creation, signing, and monitoring.
• E-invoice management: Automates invoice management, verification, and reconciliation.

PRM360 strengths

PRM360 provides various managed services to assist procurement teams, including access to an extensive pre-vetted supplier network, flexible E-auction solutions, and an easy-to-use interface.

PRM360 customer reviews

“PRM360’s application’s vendor bidding process is very well organized. As a payment option, our company has selected assistance over the bidding process. The tool also has a feature where it can assist the vendors in participating in the auction without any obstacles. The good thing is that they have separate vendor support that receives training from PRM360 trainers. We would like to use PRM360 in the long run as the tool is easy to use and understands what needs to be done.

“Occasionally, our vendors were unable to participate in the bidding or submit quotations, but support is provided. Simple modifications to the application can easily resolve the majority of recurring issues. As a result, we suggested some layout adjustments that made it easier for our users to work effectively. But the support team has taken care of the issues which we raised and resolved them quickly. We are fine with using the PRM360 tool. But would suggest that they make note of our requirements at the start itself.”
– G2 Reviewer

“We are using PRM360 for managing our vendor Invoices. We use it for invoice approvals. Our approvals are location specific and value based. Before PRM360 was introduced to us, all our approval process for invoices was manual. Our Management introduced PRM360 for managing invoices through the system. From an end user point of view, this system provides capabilities to upload the invoice against a given PO number and I can have a track of events in the approval cycle and can see POs and Invoices together.

“The Invoices are to be viewed by clicking on a link. Instead if it can be viewed all time on the screen it will be very helpful. The system does not take the data directly from uploaded invoice as we are not using the system with OCR; if it comes with OCR we can further reduce the time of data entry. OCR should be made by default.”
– G2 Reviewer

Stampli: The best finance operations platform for procurement

Stampli helps finance teams maximize efficiency across the procure-to-pay cycle. The only finance operations designed with AP at the core, Stampli frees finance teams to focus on what matters. By automating time-consuming tasks, Stampli lets your team think strategically, grow your business, and take on bigger challenges.

Ready to automate your P2P processes without disrupting your ERP? Contact Stampli today.