If you’re reading this, then you have definitely become aware of the operational bottlenecks caused by manual accounts payable workflow.
And you’re not alone — according to the report by the Institute of Financial Operations & Leadership, as much as 21% of finance teams are still doing everything manually.
However, AP automation software – perhaps because of its proven track record of helping to improve a business’s overall performance – 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 centralized, digital environment that helps businesses automate the manual part of the accounts payable workflow: mainly, invoice management, approvals, and payments.
AP software essentially supercharges your clerks with automation capabilities and ensures greater data accuracy, faster processing and improved collaboration:
How to find the best accounts payable software?
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.
