Selecting the correct cloud based AP automation solution can be a daunting task, a task that requires you to make the right decision on the first try. Adopting a new solution requires an investment of time and money, therefore it’s critical to evaluate available options.
In this post, we will help pose questions that allow you to evaluate and understand your current process, and how you can ensure your new data processing solution delivers precisely what your business needs.
What are some tips for selecting AP automation software?
When selecting AP automation software, it is important to consider the needs of your business and what type of features would be most beneficial. It is also important to compare different software options and select a solution that is easy to use and has a good reputation. Additionally, it is important to consider the cost of the software and make sure it is within your budget.
In this post, we will help pose questions that allow you to evaluate and understand your current process, and how you can ensure your new data processing solution delivers precisely what your business needs.
Some tips for selecting AP automation software include:
· Determine the needs of your business – The first step is to determine what type of features would be most beneficial for your business. Do you need invoicing capabilities? Are you looking for a solution that can help you manage expenses? Once you know what type of features you need, you can narrow down your search and find software that meets your specific needs.
· Compare different software options – There are many different AP automation software solutions on the market. It is important to compare several options before making a decision. Consider factors such as price, features, ease of use, and customer support when making your decision.
· Consider your business’s AP workflow – When choosing AP automation software, it is important to consider how the software will fit into your business’s existing workflow. What is your department’s approval process? Will the software be able to integrate with your accounting system? Will it be easy for your employees to use?
· Test the software – Once you have narrowed down your options, it is important to test the software to see if it meets your needs. Many vendors offer free trials or live demos so you can try out the software before making a purchase. This is a great way to make sure that the software is a good fit for your business.
· Get input from your employees – Your employees will be the ones using the software, so it is important to get their input on which software to choose. Ask them what features are most important to them and what they think of the software you are considering.
· Compare pricing – When you are ready to purchase AP automation software, be sure to compare pricing between vendors. Some vendors offer discounts for larger purchases, so be sure to take that into account when making your decision.
When it comes time to choose AP automation software for your business, there are a few things you should keep in mind. By considering your needs and comparing different options, you can find the right software for your business. With the right software in place, you can improve your AP process and save time and money.
When evaluating accounts payable automation solutions, you should consider the following features:
· Invoice processing: Automated invoice processing includes the ability to electronically capture invoices from suppliers, parse data, and route invoices for approval. Some solutions also offer optical character recognition (OCR), machine learning, or AI capabilities to further automate the invoice data capture process.
· Approval workflows: Accounts payable automation solutions should offer configurable approval workflows to fit your organization’s specific needs. Look for a solution that offers a flexible, drag-and-drop workflow designer so you can easily modify approvals as needed.
· Payment processing: The best accounts payable automation solutions will offer integrated payment processing capabilities. This way, you can make electronic payments directly from the solution, which can help streamline your accounting operations.
· Reports and analytics: Reporting and analytics features give you visibility into your accounts payable processes so you can identify areas of improvement. Look for a solution that offers built-in reports as well as the ability to create custom reports.
· Integration: Ideally, your accounts payable automation solution should integrate with your other business applications, such as your accounting software and enterprise resource planning (ERP) system. This way, you can avoid duplication of data entry and ensure that information is accurate across all of your systems.
· User-friendly interface: Look for a solution with a user-friendly interface that’s easy for your employees to use. A good solution will offer training and support so your employees can get up to speed quickly and start using the system effectively.
Accounts payable automation can help streamline your accounting operations and improve efficiency. When choosing a solution, look for one that offers the following features:
· Ease of use: The solution should be easy to set up and use so that you can get started quickly.
· Integration with other systems: Look for a solution that integrates with other systems, accounting software and enterprise resource planning (ERP) system. This way, you can avoid duplication of data entry and ensure that information is accurate across all of your systems.
· User-friendly interface: Look for a solution with a user-friendly interface that’s easy for your employees to use. A good solution will offer training and support so your employees can get up to speed quickly and start using the system effectively.
· Flexibility: Look for a solution that’s flexible and can be customized to meet your specific business needs. A good solution will offer a variety of features and options so you can tailor it to the way you do business.
· Scalability: Look for a solution that can scale as your business grows. A good solution will offer the ability to add users and licenses as needed so you can keep using the system as your business expands.
· Affordable: Look for a solution that’s affordable and offers a price that fits your budget. A good solution will provide a variety of pricing options so you can find one that fits within your budget.
By considering these factors, you can narrow down your options and find the right business continuity solution for your company. Want to learn more? Contact us hereto schedule a demo.
Before the Demo:
Companies offering AP solutions will want to know specifics about your AP team’s operations and requirements. Having answers to these questions avoids delays, and allows for the best possible demo, showing how the product can adapt to your business:
- How many invoices do you process per month?
- How do you capture invoices (electronic, physical, etc.)?
- What metadata do you need to extract off an invoice?
- What products do you need to integrate with?
How Does EZ Cloud Fit?:
- Capture – EZ Cloud offers a variety of capture methods to accommodate both paper and electronic invoicing solutions. Our capture methods include scanning, email capture, direct file upload, and even camera capture on mobile.
- Authorize – EZ Cloud offers a highly customizable framework for processing invoices, including a customizable data entry experience (changing field positions and the ability to toggle metadata). User approval limits are configurable and offer the ability to hide invoices from user’s queues. EZ Cloud can be viewed as a ‘data staging and processing solution,’ offering a highly customizable data entry and extraction process that allows users to easily process invoices and then submit the data via integration to a customer’s payment solution or other software.
- Pay— EZ Cloud was built around integrating with Oracle ERP solutions, however, EZ Cloud can be integrated with any ERP. Custom integrations can generally be built within 2-3 weeks, and customers can expect to be onboarded to EZ Cloud within the same period of time.
