5 Important Features to Look for in Accounts Payable Software

account payable software features checklist

If you’re reading this, the potential wonders offered by an excellent automation software for your money department, have piqued your interest, and so you’re looking for one of your own. You’re looking for accounts payable software solution that can plug directly into your existing ERP, and turn your business into a masterclass of efficiency.

However, AP software – perhaps because of its proven track record of helping to improve a business’s overall performance and so its growth prospects – has somewhat saturated the market. So, in the din of options coming at you, how do you sift through the mediocre, to find the marvelous?

Let’s talk about that here – the features to look for in AP software that is going to make your business better.

What is Accounts Payable automation software?

Accounts payable (AP) software is a customizable, digital platform that automates start-to-finish business payment processes. This software, essentially, performs four AP directives – all with minimum human interaction:

  • Classifies invoice information as it comes into the business
  • Matches the invoice to purchase orders, suppliers, and accounts
  • Verifies that information
  • Forwards the information to the accounting system for processing and payment

The 5 features of accounts payable software worth its salt

AP software can be a great way to automate your accounts payable process and improve your organization’s financial health. But with so many options on the market, how do you know which one is right for you? Here are 5 important features to look for in accounts payable software:

1. Automation

Accounts payable software should offer automation capabilities to help streamline your accounts payable process. This can include features like automatic invoice processing, payment matching, and duplicate detection.

2. Data Integration

Look for software that can integrate with your existing accounting and financial systems. This will make it easier to track payments and manage your accounts payable data.

3. Flexibility

Accounts payable software should be flexible enough to meet the needs of your organization. This includes being able to customize workflow processes, payment methods, and approval levels.

4. Security

Make sure the software you select has robust security features in place to protect your data. This includes data encryption, access control, and audit logging.

5. Customer Support

Choose software that offers quality customer support. This can include online resources like FAQs and user manuals, as well as live support options like phone and chat. 

AP software can be a great way to improve your organization’s financial health. But with so many options on the market, it’s important to choose one that has the right features for your needs. Keep these 5 features in mind when shopping for AP software to ensure you make the best decision for your business.

Alternatively, of course, you can go straight to DOKKA, right now. Our accounting automation software is powered by smart artificial intelligence, is fully cloud-driven, and integrates with most common ERPs. So, click here to find out more, and we’ll help you make your business better.

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