Free AP Evaluation Matrix: Compare Accounts Payable Software Side by Side

If you're actively evaluating accounts payable (AP) automation software, this free matrix will save you hours.

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We created this tool to help finance teams compare vendors side by side—objectively, efficiently, and with the right priorities in mind. It’s the same matrix our sales team uses when speaking with prospects evaluating platforms like Centime and other solutions on the market.

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Most mid-market finance teams we talk to don’t have time to build something like this from scratch. So we’re sharing ours.

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Why You Need a Vendor Evaluation Matrix

There are dozens of AP automation platforms out there—and many of them sound the same in a demo. But when it comes time to make a decision, you’ll need something more structured than a gut feeling.

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A good evaluation matrix:

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Aligns your team on what actually matters
Standardizes your comparison across vendors
Surfaces tradeoffs that aren’t obvious in sales decks
Makes presenting to leadership easier

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And the truth is, building one internally is a heavy lift. It takes time to know what categories to include, how to weight them, and what questions to ask each vendor. That’s why we built this version to do the heavy lifting for you.

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What’s Included in the Matrix

This isn’t just a list of features. It’s a structured evaluation framework that reflects what real finance teams care about during the software buying process.

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The matrix breaks down scoring into 7 key categories, each with a recommended weight (which you can customize):

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1. ERP Integration (15%)

ERP integration is often the biggest make-or-break for AP software. But “we integrate” can mean anything from a true embedded experience to a clunky file upload.

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The matrix helps you evaluate:

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Real-time syncing of invoices, vendors, and payments
Multi-entity and subsidiary support
Custom field and workflow compatibility

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If you're on Sage Intacct, NetSuite, QuickBooks, Microsoft Dynamics 365 BC or a similar ERP, this section is essential.

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2. Invoice Capture & Processing (20%)

How well does the platform actually automate invoice intake?

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This section breaks down:

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OCR and AI field capture accuracy (not just “OCR included”)
PO and line-item matching
Support for non-PO invoices and edge cases

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Most platforms claim “automation,” but many still require manual coding. This helps you spot the difference.

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3. Approval Workflows (15%)

Can the platform handle your approval complexity without becoming a bottleneck?

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You'll score each vendor on:

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Custom routing by department, amount, vendor, or GL code
Mobile/email approval support
Flexibility across entities or business units

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Some platforms require admin help for every change—others let you build dynamic workflows that mirror your real-world processes.

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4. Payments Capabilities (15%)

Paying vendors is table stakes. But the how and when matter a lot more than it seems.

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Evaluate each platform’s:

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Payment methods (ACH, check, wire, card)
Same-day ACH or card rebate capabilities
Controls for timing, batching, and approvals

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5. Cash Flow Visibility (15%)

Great AP automation shouldn’t be a silo. It should be one piece of a larger cash position picture. The matrix includes cash flow visibility features like:

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If you're still exporting to Excel to understand cash outflows, the right software can fix that.

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6. Security & Compliance (10%)

The essentials—SOC 2, HIPAA, audit trails—are often hidden in the fine print.

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Score each vendor on:

Security certifications
User permissioning and approval controls
Full audit history and reporting capabilities

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If your IT or compliance team gets involved in the process (they will), this section saves time.

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7. Pricing & Support (10%)

This part of the matrix surfaces real-world factors that often get ignored until the end of the buying cycle.

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Compare:

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Transparent vs. variable pricing (per invoice, per user, per entity?)
Implementation timeline (7–21 days vs. 6+ weeks?)
Level of support (dedicated CSM? live humans? chat-only?)

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How to Use the Matrix

We’ve built this matrix so anyone on your team can pick it up and run with it. Here’s how to get the most value:

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Customize the weights. If ERP integration is more critical than payments, shift the percentages.
Assign one vendor per team member. That way, each row is filled in with care—not copy-pasted from a demo deck.
Score numerically. Keep it objective. "Looks nice" isn’t a category.
Review as a team. The highest-scoring vendor won’t always be the winner—but the conversation will be much more productive.

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Save Yourself the Spreadsheet Headache

Most teams don’t build a tool like this until they’re deep in the evaluation process and stressed for time.

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Now you don’t have to.

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This is the exact matrix we use with finance leaders evaluating AP software—refined from dozens of real conversations. Whether you're in early discovery or comparing finalists, it gives you the structure you need to move fast and make the right call.

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[Grab the Free AP Evaluation Matrix Here]

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No gate. No catch. Just a tool we wish more teams had earlier in the process.

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Want to See How Centime Stacks Up?

If you're actively comparing vendors and want to see how Centime performs across the categories in the matrix—from ERP integration to cash flow forecasting—we'd be happy to walk you through it.

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👉 [Book a live demo with our team]‍

See how Centime can automate your AP process, connect directly with your ERP, and even help you turn AP into a profit center.

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**Deposit placement through ICS is subject to the terms, conditions, and disclosures in the applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.

^††3.0% Annual Percentage Yield (APY) as of 01/07/25. Deposit rate may adjust to current market rate and may change daily. Fees may reduce earnings.

*Centime is not a bank and is not authorized by any federal or state agency to engage directly in core banking activities.
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*All banking products and services available through Centime are provided by FNBO and are governed by the applicable agreements and related disclosures provided to you by FNBO. Member FDIC.
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‍*While Centime facilitates traditional banking activities (such as the acceptance of deposits or extensions of credit), these services are actually provided by our banking partner, FNBO.
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*Centime may provide support services to FNBO, as permitted by applicable law, to facilitate the delivery of its bank products and services.

**Deposit placement through ICS is subject to the terms, conditions, and disclosures in the applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS satisfies any restrictions on its deposits. A list identifying IntraFi network bank

Free AP Evaluation Matrix: Compare Accounts Payable Software Side by Side

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