When it comes to accounts payable automation, there is no one-size-fits-all solution. The best software for your organization will depend on a variety of factors, including the size and complexity of your business, your industry, and your specific needs.
There are several different software options on the market. With so many options available, it can be difficult to know which one is right for your business. However, by taking the time to define your goals and understand your needs, you can narrow down your choices and find software that will help your business run more efficiently. Here are eight tips to help you choose the right accounts payable automation software for your business:
With that in mind, here are eight tips to help you choose the right accounts payable automation software for your business:
1. Define Your Goals
Before you even start shopping around for software, it’s important to take a step back and define your goals. What do you hope to achieve with accounts payable automation? Is it simply to save time on data entry and invoicing? Or do you have more specific goals, such as improving your organization’s cash flow or reducing late payments?
Being clear about your goals from the start will help you narrow down your options and choose software that is best suited to achieving those goals.
2. Consider Your Current System & Workflow Needs
If you already have an accounts payable system in place, it’s important to consider how well it’s working for you before investing in a new one. Are there features that you wish it had? Are there existing pain points that you’re hoping automation will address? Whether you’re happy with your current system or not, it’s always a good idea to get a second opinion from another member of your team before making any decisions.
Another important factor to consider when choosing accounts payable automation software is your current accounts payable workflow. How are invoices currently being processed? What type of system do you currently use, if any? Taking the time to map out your current workflow will help you identify any potential bottlenecks or inefficiencies that could be addressed with automation.
3. Evaluate Your AP Automation Needs
Once you have a good understanding of your goals and workflow, it’s time to start evaluating your specific needs. What type of features and functionality are you looking for in an AP automation software solution? Do you need something that can handle multiple locations or currencies? Are you looking for advanced reporting capabilities?
Having a clear idea of your needs will make it much easier to compare different software solutions and find the one that is right for your business.
4. Get Input From Your Team
Accounts payable automation will affect every member of your team, so it’s important to get input from everyone who will be using the software. Schedule some time to sit down with your team and gather feedback on their current workflow, what they like and don’t like about it, and what features they would find most helpful in a new solution.
- What do they like about their current system?
- What features would they like to see in a new system?
- What pain points do they experience on a daily basis?
Collecting this feedback will help you make sure that any new system meets the needs of all users. When choosing accounts payable automation software, getting input from multiple people will give you a better idea of what features are truly essential and which ones are simply nice to have.
5. Compare Features and Functionality
Once you have a good idea of your goals, needs, and budget, it’s time to start comparing different accounts payable automation solutions. There are a lot of options on the market, so take your time and really evaluate each one.
After you’ve identified a few software options that meet your basic requirements, it’s time to start comparing features and functionality side-by-side.
- What types of features does each software offer?
- How user-friendly is the interface?
- Is there a free trial period so that you can test out the software before committing to a purchase?
By taking the time to compare your options, you can find software that has everything you need to streamline your accounts payable process.
Be sure to read online reviews, talk to other businesses in your industry, and get demos from vendors to get a better feel for how the software works and whether or not it would be a good fit for your business.
6. Consider Total Cost of Ownership
When evaluating AP automation software solutions, it’s important to consider the total cost of ownership (TCO). This includes not only the initial purchase price but also the ongoing costs of things like maintenance, support, and training.
It’s also important to consider more than just the upfront cost of the license. You’ll also need to factor in the cost of implementation, training, and ongoing support. When all of these costs are considered, one option may end up being much more expensive than another. Therefore, it’s important to carefully consider all of the costs involved before making a decision.
It’s also important to determine your budget upfront. How much are you willing to spend on new accounts payable software? Keep in mind that the most expensive option isn’t necessarily the best one for your needs. In many cases, mid-range options offer the perfect balance of features and affordability. Once you’ve determined your budget, you can start narrowing down your options accordingly.
Be sure to ask solutions about all associated costs so that you can accurately compare different solutions and choose the one that offers the best value for your business.
7. Pay Attention to User Experience
When evaluating software solutions, pay attention to things like user friendliness, ease of use, and customer support. These factors can make a big difference in how successful your accounts payable automation efforts will be.
Regarding ease of use, how easy is the software to set up and use? Will your team need extensive training in order to use it effectively? The last thing you want is to invest in new software only to find out that no one on your team knows how to use it properly!
Another important factor to consider is user experience. After all, if your team can’t figure out how to use the software or finds it difficult and frustrating to use, they’re not going to be very likely to use it on a regular basis.
8. Test Before You Buy
Before making a final decision, it’s important to test the software to see if it meets your needs and fits well into your workflow. Most vendors offer free trials or demos, so take advantage of them! This will give you a chance to see how the software works and decide if it’s right for your business before making a purchase.
Before making a final decision, be sure to test out the software yourself (or have one of your team members test it). This will give you a chance to try out all of the features and make sure that it meets all of your needs.
Following these tips will help you choose the right accounts payable automation solution for your business. By taking the time to evaluate your needs and compare different solutions, you can be sure to find a software that will save you time and money.
By following these tips, you can choose an accounts payable automation solution that streamlines invoice processing and helps improve efficiency within your organization..With so many benefits, there’s no reason not to automate!
Contact us today to learn more about how EZ Cloud could fit your AP needs.