How to choose the best Accounts Payable (AP) Automation solution

AP Automation allows finance teams to reallocate their time by streamlining their manual paper processes and creating a visible, hands-free invoice tracking system. Conventional paper-based processes and repetitive tasks that require manual data entry keep AP staff from focusing on their primary job functions. Instead of adding headcount and more infrastructure, leading companies are leveraging automation. Lucky for you, technology advances have made AP Automation solutions accessible for companies of all sizes. Cloud-based deployment options offer lower costs by reducing IT infrastructure investments and the time required for in-house resources to manage the application and its performance

An AP Automation solution is a permanent investment in your company now and for the future; you want to feel confident and supported in your decision instead of that lurking feeling of “buyer’s remorse” because you went with the wrong solution provider. Early on in your hunt for an AP Automation partner, it is essential to set reasonable expectations, team involvement, training, and go-live timelines and ensure that your expectations align with what the proposed deliverables are.



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 automation software 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.

So you’ve decided to invest in an Accounts Payable (AP) Automation solution – great, you’ve completed the first step! Now – which vendor/partner is the best fit for your company? With so many AP Automation options including software products and implementation partners on the market, it is hard to know which to choose and who to trust with the project.



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Keywords: accounts payable automation

By: Shawnhood53

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