Stampli’s tagline already has us intrigued. Instant relief for accounts payable. It promises a lot, right?
So, as you can imagine, Stampli isn’t exactly a full-fledged accounting suite like QuickBooks or Sage Intacct. Instead, you’ll get an accounts payable specific platform that plugs right into your ERP.
Stampli also says—no training required—meaning, it’s pretty “sign up and go.” Now, accounts payable solutions range from the useless to the robust.
Some come with a ton of features like automated bill pay, approval flows, and inventory management, while others do little more than help you keep track of invoices owed.
The makers of Stampli promise a flexible solution that helps users combat the communication breakdown that happens in accounts payable departments. The idea is, to give teams flexible approval flows and greater visibility–bringing all stakeholders together for faster decision-making and more clarity.
So, here’s hoping Stampli can transform the accounts payable process. Let’s look closely at this AP solution and see how it stacks up.
What is Stampli?
Stampli is a cloud-based invoice management tool that solves some of accounts payable’s biggest issues. Or, at least it claims to.
Stampli aims to provide more visibility into the invoice approval process, ordering, and paying bills on time.
It’s something of a plug and play solution, compatible with existing accounting platforms like Sage Intacct, QuickBooks, NetSuite, and SAP.
There’s no setup fee and the makers of the product claim that the platform will help you save time and money.
Features include AI-assisted data capture, so no more rekeying data, duplicate detection, unlimited users, and electronic approval hierarchies.
Overall, Stampli looks pretty good. Let’s take a look at the features and benefits to get a full sense of what they can do.
According to the Stampli website, the platform allows AP processes to run 5x faster than normal.
Approvers have a tool at their disposal that makes it easy to communicate and view invoices in the same central hub. This makes things easy on staff, who often deal with waiting on approvals and managing vendor relations—creating headaches all around.
On top of the easy collaboration that comes with using the tool, you’ll also have access to AI and machine learning, which accelerate data entry with coding suggestions.
Duplicate Invoice Capture
Duplicate invoices are a major source of lost income for businesses of all levels. When teams have a poor organization system or manual processes, invoices and POs sometimes travel through the AP process twice.
Stampli uses their AP algorithm to identify duplicates and notifies approvers to sign off on any suspect transactions.
Ideally, an AP software solution will allow your accounts payable team to get more done in less time, thus saving you money in the long term.
Reduce costs by avoiding duplicate transactions, capture early payment discounts, and spend less time calling and emailing approvers for the green light.
Invoice Verification and Approval
The purpose of AP is to verify that the terms associated with each vendor match the goods and service received. However, payment approvals often require approval from management.
Stampli makes it easy for all employees to participate in the conversation regarding payables—ask questions, invite external contacts, and add more approvers into the mix. The goal of Stampli is to give AP and all other stakeholders more visibility into the process, thereby reducing the time it takes to approve purchase orders and make payments.
Using Stampli can help you fight fraud, too. The platform integrates role-based access to POs and invoice processing. Approvers receive notifications when orders are placed or payments need to be made.
Artificial Intelligence and Machine Learning
This feature brings AI technology to accounts payable. The platform learns the patterns of coding and approval—and gets better over time as the algorithm “gets to know you” better. Adding machine learning to your accounting toolkit alleviates the AP team. They won’t get stuck with tedious data entry and can focus on other things.
Track AP Efforts by Project
Organize documents by project. Users can organize projects and track spending, bills, and related orders. This gives users the ability to quickly see whether a project is on track, over budget, or how much they’re spending. Ultimately, seeing this data in one place can help teams identify opportunities to reduce spend or adjust their estimates accordingly.
Get a high-level view of your accounts payable process. The dashboard displays reports detailing invoice statuses, overdue items, and spend tracking. These basic reports allow AP to identify the source of delays, keeping problem areas top of mind.
Interactive invoice management allows for each step of the invoice approval process to be managed from one, central location. This allows the accounts payable team to communicate with multiple people in your organization, speeding up the approval process and improving communications across the board.
With Stampli, you can upload invoices via email, assign them to approvers, and send them to a person or department. Invoice approvers are notified via email and will receive automatic reminders if they fail to take action.
You can also index invoices using custom fields and take advantage of the platform’s machine learning capabilities to automatically index invoices.
Stampli integrates with your ERP software—which is essential, given that the tool only handles accounts payable and not all of the other stuff that comes into play.
NetSuite, SAP, Intacct, and QuickBooks are all compatible with Stampli. So, what you do within the platform will be fed into your existing accounting tool—so you’ll always know what’s going on with your cash flow.
Interactive Approval Flow
Stampli gives companies the opportunity to collaborate on an invoice using the center activity feed to ask questions and respond to inquiries. Access your activity history in real-time from the mobile app or desktop.
This is great, as you can talk with employees about specific orders, and move through the approval hierarchy much faster than before.
Search through transactions and invoices using keywords, filters, and date ranges. Stampli tracks all changes made to documents, so everything is up to date, in case of an audit. Documents come equipped with time stamps and the search system makes it easy to understand the status of every order or account. Accounting teams stand to save time they used to spend searching for documents simply by moving record keeping into the Stampli platform.
The vendor portal allows you to invite vendors to a central communications hub within your Stampli account. They’ll have their own log-in details and can use the portal to ask questions about an order and send you an invoice. Ideally, this will discourage vendors from sending paper invoices, slowing down the AP process.
Unfortunately, the site doesn’t feature any pricing grid or information about how much Stampli might cost.
Given that this is a professional-grade solution built for businesses that have an actual AP team, we’d venture to guess that there’s a small investment required on the part of business owners.
Still, you can sign up for a free trial by entering your email, phone number, and name. You can also schedule a demo if you’d like a walkthrough from someone on the Stampli team.
We’re not entirely sure if pricing is based on custom quotes, volume, or access to specific features. That said, customer service has several positive reviews posted, meaning consumers will at least be able to ask a lot of questions to determine with this will work for them.
Who Should Use Stampli?
This program is built for accounts payable teams looking to improve their processes in a cost-effective manner. The tool helps users streamline the approval process.
Stampli integrates with several top accounting applications. NetSuite, Sage Intacct, QuickBooks, and SAP all work with the platform. We’re not sure if this is the extent of the integration partnerships, but even so, you’re still covering a wide range of users across industries.
First of all, we were impressed by Stampli’s website. The makers of this product put a lot of thought into explaining the features and benefits in great detail. We really got a sense of how this platform worked right off the bat.
The site features a “success white paper” which makes the case for automating accounts payable. Users can enter their information in exchange for a free copy.
You probably don’t need this, but this may be a good resource for AP staff trying to get buy-in from the boss.
Terms of Service Listed on the Site
While we doubt most consumers will read this, we like that the people behind Stampli have made their terms of service available to prospective users. Here, they’ll outline how data is being used and the scope of the agreement you opt into by signing up.
Blog posts cover various topics related to the accounts payable field. About half of the articles talk about Stampli-specific news and updates and there aren’t that many posts overall.
Still, we won’t begrudge them too much. The Stampli website is informative and shows users how the tool can be used in any type of business. They also break down features and benefits in clear terms, which is quite helpful for those trying to comparison shop.
Here, you’ll get to see some of the companies currently using Stampli for their own AP purposes.
On the positive side, they do a good job demonstrating social proof. Customers have posted testimonials and there are case studies that dive deeper into the process.
That said, we would rather see something like a knowledge base or a help center. These resources might be available upon sign up, but the lack of helpful content is disappointing.
Another prominent tab on the Stampli website is Industry solutions. Here, you’ll get a few more details on adding the accounts payable software to your accounting stack. The app looks at things like managing invoices in the healthcare system or using Stampli in technology companies.
Click on each of these categories and you’ll get a rundown on what the tool does and how specific types of teams are using this to improve visibility and automate tedious AP tasks.
Would We Recommend Stampli?
In the end, if you don’t have many vendors to manage or many invoices, the platform might not be worth it. Whether you need a dedicated accounts payable add-on has more to do with order volume than anything.
Small companies aren’t going to need a vendor management system, but manufacturers, e-commerce sellers, and businesses with a lot to track could get a lot of use out of this platform.
Past customers have mentioned that the tool is good for keeping unnecessary paperwork at bay, and is great for managing invoices and keeping things organized digitally.
Our recommendation is for users to figure out where their accounting process can be improved. If you’re losing hours to accounts payable processes, Stampli may well be worth a shot.