You know the stories: an important invoice that went missing, a fake invoice that was mistakenly paid. And we’ve all wasted time entering the same data into multiple systems, such as an AP sub-ledger, an online bank account, a reconciliation spreadsheet, and then the general ledger. Automated AP solutions can help you avoid these scenarios.
What Should an AP Automation Solution Deliver?
In anticipation of our Buying an AP Automation Solution we’re going to today explore some of the things you should be looking for in a product.
Does the Basics Right
Any time you pick a product to handle a standalone business process, it needs to be able to do what it says better than a comparable product. For some products, finding a fit matters more than functionality, but for AP, it has to make it easy to enter bills, approve invoices, pay suppliers, and sync transactions.
Connects with the Bigger Technology Stack
AP Automation software is built to do what it does well. But as a focused product, it can’t be an island. Therefore, AP automation solutions need to work with the rest of your technology stack—namely ERP and purchasing software. This will help you to reduce the hassles of transferring data between products and deliver accounting accuracy.
Any solution you work with needs to leave you in a better position than it would if you didn’t have it. Simply put, AP automation needs to reduce the error-prone manual entry done by your staff.
Along with reducing errors, your AP automation solution needs to be able to save you time. Automation is in the name, which means the product should facilitate workflows, handle complex calculations, and reduce your workload.
AP is one of your most complex business processes, and it pays to know just how much you spend, how long it takes to pay a bill, and whether or not you’re capturing discounts. AP automation needs to provide you good data for analysis and make it easy to take steps to improve your business.
Join Controllers Council and Bill.com for Buying an AP Automation Solution Webcast
If you’re looking to understand more about the process of buying an AP Automation solution, we’re excited to announce a new event for those interested in getting their decision right.
We’re inviting both experienced buyers and novices alike to an event being put on by Controllers Council sponsor Bill.com titled Buying an AP Automation Solution. Featuring Gary Hornbeek, CFO at Quicken, and Mark Gervase, Director of Product Marketing at Bill.com, these experts will discuss the benefits of an AP automation solution and what features finance teams should consider when selecting one.
Click here to watch Buying an AP Automation Solution.