Enhancing AP Solutions – How To Choose The Right Accounts Payable Solution

accounts payable solution

As entrepreneurs and business owners, we know how crucial a smooth accounts payable (AP) protocol is for the organization as a whole. 

Why?

Because it’s the fiscal nucleus of the money-owed side of a business. The accounts payable division controls money leaving the organization to settle payments for orders, and services rendered to the organization, by vendors and suppliers. And it stands to reason, then, that any instance of money leaving a business, must be scrutinized, controlled, and vetted. 

And that’s where AP solutions come in – an accounts payable system that monitors payments made to vendors, by analyzing and matching purchase orders and service requests against receipts that come into the accounts department. 

Let’s unpack AP solutions here, and how to go about choosing the best accounts payable system for your business.

Why does your business need AP solutions?

AP solutions, when streamlined and integrated into the processes of an accounts department, can accomplish these vital directives:

  • Prevents fraud
  • Verifies orders and service requests against receipts to mitigate bogus payments
  • Helps to increase profits, by preventing unnecessary expenses

How to Make AP solutions more efficient

The accounts payable department of a business is a system of processes, that includes 3-way invoice matching, to verify receipts, and release the payments owed by a business to suppliers. While many organizations today still rely on manual, humanized input to execute these services, there is a way to make the entire AP department, a more streamlined, efficient facet of the business.

And that’s in automation.

AP solutions that are automated, make use of smart artificial intelligence, to handle the influx of paperwork and tasks required to ensure accounts payable is done correctly.

But, in a market saturated with software that promises to make accounts payable easier and more efficient, how do you go about choosing the right accounts payable solution?

Here are some top tips to consider, when seeking the right accounts payable system.

Choosing a better accounts payable system

If you’re looking for an accounts payable solution, there are a few things you’ll want to keep in mind. Here are four tips to help you choose the right accounts payable solution for your business:

1. Consider your specific needs. What features and functionality do you need from an accounts payable solution? Make a list of must-haves and nice-to-haves to narrow down your options.

2. Compare pricing structures. When it comes to accounts payable solutions, there is no one-size-fits-all pricing model. Some providers charge per transaction, while others offer monthly or annual subscription plans. Choose the option that makes the most sense for your business.

3. Evaluate ease of use. You’ll want to make sure that the accounts payable solution you choose is easy to use and understand. Otherwise, you’ll likely run into frustration and wasted time down the road.

4. Check for integrations. Chances are, you’re not going to want to switch out all of your current software solutions for new ones. That’s why it’s important to find an accounts payable solution that integrates with the systems you’re already using. This will save you a lot of headaches in the long run.

By keeping these tips in mind, you can be sure to choose the right accounts payable solution for your business needs.

Alternatively, come straight to DOKKA. We have the solution right for you – accounting automation packaged in an easy-to-use, easily integrated add-on that will give your accounts payable department superpowers.

Click here to request a callback.

Share on:

Follow us