The selection of AP automation software can be a daunting process. There are a whole lot of accounts payable software solutions in the market! Since implementing an AP automation software requires an investment of time and money, we bring you a few features to consider and tips to follow before choosing an AP automation solution.
Define your AP structure
Before choosing an accounts payable automation software, know your goals so that you have a baseline for measuring your success.
Whether you’re trying to streamline your processing, lower the cost-per-invoice, get more accurate records, or all of the above! Outlining goals will make setting up your AP software a smoother process. When the goals are clearly defined, you can get an idea of what you’re looking for in an AP scanning software.
Map your current AP Invoice process.
Mapping or outlining your current AP processes, right from how invoices arrive, and how they are coded, approved, and processed for payment is critical. How many people are involved? And at what points? What segregation of duties do they have? Once you have mapped the process, you will be in a better position as to what the right accounts payable solution needs to offer.
Identify system dependencies.
Your accounts payable automation is dependent on how well the Enterprise Accounts Payable Automation Solutions integrates with your Enterprise Resource Planning (ERP) solution or financial system. It would be best if you made sure that the new AP software has a stable and seamless connection to your ERP to synchronize all of the data.
After you synchronize your data, all of your invoices, procurement, and accounting data can be seamlessly exchanged so you can have accurate invoice processing with the highest level of automation.
Look for centralized information management.
A standardized application means having access to complete functionality that can be configured according to the individual needs and processes in a fast and smooth deployment project and establishing a centralized information system in a payment automation software.
Consider your workflow rules.
If you’re relying solely on the existing workflow capabilities native to your finance system or ERP, examine if it is suitable for delivering an effective solution for touchless invoice processing. One should also factor in the IT overhead and ongoing support for configuring and maintaining native workflows in the respective business case, success metrics, and ROI analysis.
Research, audit, & comparing solutions
Now that you have a clear and good comprehension of what type of solution your business needs, it’s time you start looking for the solution that best matches your identified needs. This is where you need to research – Start with Google to identify potential candidate solutions or head to LinkedIn to participate in discussions in relevant groups when selecting and implementing a new AP automation software. Once you find your narrowed list of vendors, ask them for references and case studies, as well as live demos. Then cross-reference your top list in a single comparison sheet and evaluate how well each solution matches the requirements.
There are several questions and apprehensions that come into one’s mind when choosing the best accounts payable automation software. Like what will your needs be in the next two, three, or even five years down the line? Does the system that is being considered have the flexibility to scale as your business grows? Ezcloud can help you in making the right choices.
