Choosing the best software for AP Automation
Picking and choosing the right accounts payable software package out of all of the choices out there in the world today can be very difficult and tedious.
When choosing your AP automation software, you have to ensure that you understand your current processes, look for continuous improvements that software can augment, define your AP goals, and continue researching and comparing solutions to choose what is truly the best.
1. Understand and map out your current AP invoice process
From the time an invoice arrives at your desk, it’s beneficial to map out in detail how long it typically takes for them to be coded, go through approvals, and be officially processed for payment. Think about how many people are involved with the process, and how each piece of your accounts payable workflow goes together. Mapping out your current process will help you get a better understanding of what needs to improve and start looking for software that can satisfy those needs.
2. Look for workflow improvements
When optimizing your accounts payable department workflow, it’s important that you do everything in your ability to look for improvements that can be complemented by accounts payable automation. No workflow is ever perfect and discovering any flaws early allows you to patch them up before they can become a real problem.
3. Define your AP structure
Once you choose an accounts payable automation software solution, you should know your goals better than anyone. Goal setting is critically important, and looking at your AP structure on occasion will help you stay on track and move towards the path to success.
4. Centralize your information management
Having your AP data scattered across multiple can quickly become a chore. When you have a centralized information management system, such as in the cloud, it makes processing invoices and handling last-minute “crunch time” worthwhile.
5. Research and compare solutions
Last but not least, you should always be comparing solutions together and deciding on the best ones for your company’s future. It may not be clear which solution is ever the “absolute best”, so it takes some planning and effort to get it right.
