Selecting the correct 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.
Understand Your Existing Invoice Processing Methodology:
Invoice processing is generally broken into three steps, understanding precisely what occurs at each step is an important factor in understanding your business requirements and processes.
- Capture – How are you receiving invoices?
Are your invoices being received via email? Paper? Make sure any AP solution you are evaluating supports the way you are capturing invoices.
- Authorize – How are your invoices being processed?
- What metadata are you extracting from the invoice?
- Do you require complex permission sets to limit user access or approvals?
- What do workflows/approval processes look like?
- Are you looking for specific features like metrics in your new solution?
- Pay – How do you currently pay your invoices?
- Are you looking for an AP solution with an ingrained payment solution?
- Do you want to handle payments through your ERP?
Map out each topic listed above with any additional information. Compare this to the features of an AP solution you are evaluating.
Determine Your Goals:
Ultimately, most companies go into AP processing with the intention of decreasing the cost of processing invoices. However, some companies want to improve their current process by gaining access to new features. In order to achieve whatever your goals may be, you should evaluate the features that the AP solution you are evaluating offers.
Some examples include—
- Reduce paper invoices – Does the solution offer digital invoice capture methods?
- Achieve early pay discounts – How does the solution help to achieve this? Is it through improved extraction, communication, etc.?
Define Required Integrations:
Evaluating the complexity of designing integrations with your systems is an important aspect of adopting an AP solution. Some solutions offer inclusive set-up, others charge for the primary consulting engagement, and others place integrations in the hands of your company. The complexity of the task can determine the amount of time and cost of adopting a new solution.
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.
Want to learn more? Contact us here to schedule a demo.