Using an accounts payable software continues to grow in importance for B2B organizations. A recent study by the Aberdeen Group found that forty percent of respondents said the need for real-time availability of data is a key AP challenge, and 29 percent said difficulty locating/managing paper-based documents was a struggle. There many different solutions to help digitize an invoice. This blog will provide a few things to when evaluating and selecting an accounts payable software solution.
1. Integration with your ERP/Finance System
There are many benefits to having your accounts payable software integrate with your ERP/finance solution. In an ideal system you will be able to pass the POs for matching with incoming invoices. Once the invoices go through the approval process they should be routed back into your financial systems.
2. IT Effort Needed
One of the things that can hold back or even derail a software implementation is the IT effort needed. Look for a solution that requires a minimal effort to ensure that you can get the accounts payable software up and running efficiently.
3. Easy for Supplier Adoption
A big issue with automation around accounts payable invoices is getting the suppliers on board. The easier you make it the higher the percentage that will send invoices in electronically. As an example at OnePosting we can process PDF invoices, the most popular method for receiving B2B invoices. The simpler the process the higher the adoption.
4. Flexibility to Match to your Processes
We often talk with organizations that have good internal processes, except for the fact they many involve too much manual process and paper. Your accounts payable software should have the flexibility to mirror your internal processes.
5. Security Features
A recent study from Concur found that 63% of companies have received at least one duplicate invoice. Many of these are sent by error, but a growing few are sent fraudulently. There are also phishing scams as well as invoices being intercepted and payment data changed. Make sure your solution can protect you and your suppliers.
6. Affordable Pricing
Software pricing methodologies can vary significantly between vendors. Increasing the best solutions are SaaS based that allow flexibility on usage and allow for cancelation f you are not happy.
If you would like to understand how OnePosting can assist with digitizing invoices for your organization, book a meeting today with our team!