In today’s fast-paced business environment, organizations need to optimize their accounts payable processes. Manual accounts payable tasks can be time-consuming, error-prone, and costly. That’s why many businesses are turning to accounts payable automation solutions to streamline their procure-to-pay workflows and improve efficiency. However, choosing the right accounts payable tracking system vendor can be a daunting task. With so many options available in the market, it’s important to consider several key criteria to ensure you make the best choice for your organization.
The Benefits of Accounts Payable Automation Solutions
Before diving into the criteria for choosing the right accounts payable tracking system vendor, let’s first explore the benefits of implementing accounts payable automation. By automating your accounts payable processes, you can streamline invoice management, improve spend management, enhance supplier management, and strengthen internal controls.
Streamlined Invoice Management
One of the primary benefits of accounts payable automation is streamlined invoice management. Manual invoice processing can be time-consuming and prone to errors. Automation can significantly improve invoice processing efficiency, allowing your company to make timely payments and avoid late fees. With automated invoice management, you can also gain real-time visibility into your invoices, ensuring accurate and efficient processing.
Improved Spend Management
Accounts payable automation platforms can help improve spend management by automating the synchronization of general ledger accounts, pricing information, ACH and electronic payments, and approval processes with your ERP system and accounting software. This integration reduces payment errors and late fees, providing greater control over your company’s spending.
Better Supplier Management
Effective supplier management is crucial for maintaining strong relationships with your vendors. Accounts payable automation solutions often include vendor portals and streamlined onboarding processes, allowing you to easily share information with vendors and ensure all documentation and certificates are stored in a central location. This centralization of information improves communication and collaboration with your vendors, enhancing overall supplier management.
Scalable to Support Business Growth
As your business grows and the volume of invoices increases, it’s important to choose an accounts payable tracking system vendor that can scale with your organization. Scalable AP software provides the flexibility to accommodate growth while maintaining process efficiency. Additionally, platforms like Stampli Insights provide real-time data and analytics to help you make informed decisions and support your business’s continued growth.
Stronger Internal Controls and Less Fraud
Internal controls are crucial for preventing fraud and reducing errors within your accounts payable processes. Accounts payable automation simplifies the setting and enforcement of internal controls, ensuring that invoices are processed accurately and following the correct approval workflows. By automating these controls, you can reduce the risk of fraud and improve overall process accuracy.
Criteria for Choosing the Right Accounts Payable Tracking System Vendor
Now that we’ve explored the benefits of accounts payable automation, let’s dive into the criteria for choosing the right accounts payable tracking system vendor. By considering these criteria, you can ensure that the vendor you select aligns with your organization’s long-term strategy and requirements.
Ease of Use
When evaluating accounts payable tracking system vendors, ease of use should be a top consideration. The platform should be intuitive and user-friendly, requiring minimal training for your AP and finance teams to get up and running. It’s important to try a demo of the platform and involve your AP team and stakeholders in testing the interface and functionality. Consider asking questions such as:
- How much training is required to get up and running with the platform?
- Does the vendor offer training for both AP teams and vendors?
- How intuitive is the platform to use? Are there any areas where users may find it frustrating?
- Does the platform align with your organization’s current corporate culture and user experience?
- Can the platform distribute invoices without the need for manual coding by the AP team?
- How well does the platform integrate with your existing ERP system?
- Does the platform support the segregation of duties within your organization?
By evaluating the ease of use of different accounts payable tracking system vendors, you can ensure that the platform will be adopted seamlessly by your team, maximizing its effectiveness.
Collaboration and Communication
Effective collaboration and communication are essential for efficient AP management. When considering accounts payable tracking system vendors, look for platforms that facilitate collaboration and communication with vendors, stakeholders, and other teams within your organization. The platform should provide an easy-to-use communications interface that links communications to each invoice and allows all stakeholders to share information efficiently. Additionally, the platform should integrate seamlessly with your ERP and accounting systems to ensure smooth communications across the organization. Consider asking questions such as:
- How well does the platform foster collaboration and communication with vendors and stakeholders?
- Does the platform allow users to ask and answer questions internally, with vendors, and other external parties?
- Does the platform record communications and make them easily accessible for investigation or audit purposes?
- How well does the platform handle communications with infrequent or one-time vendors?
- Does the platform provide a complete AP audit trail?
- Does the platform sync communications with ERPs and other business systems?
By choosing an accounts payable tracking system vendor that prioritizes collaboration and communication, you can improve process efficiency and enforce internal controls effectively.
Invoice Approval Confidence
Approval confidence is crucial for CFOs and Controllers, as it ensures that the AP process is followed correctly and internal controls are enforced. When evaluating accounts payable tracking system vendors, look for platforms that handle invoice processing and validation efficiently and effectively. The platform should capture the right transaction information and automatically detect and address errors and fraud. By providing approval confidence, the platform enables AP team members to focus on value-added projects rather than chasing down approvals. Consider asking questions such as:
- Does the platform provide advanced optical character recognition (OCR) functionality for paper invoice entry, coding, and verification?
- Can the vendor provide metrics showing how their platform makes invoice reviews and approvals easier and faster?
- What context and information about an invoice does the platform provide to approvers, reviewers, and auditors?
- Does the platform provide all communications and relevant information about an invoice in one easily accessible place?
- Does the platform encourage and facilitate invoice and transaction reviews by leaders, managers, and auditors?
- Does the platform provide a complete audit trail of approvals and supporting information?
By selecting an accounts payable tracking system vendor that provides invoice approval confidence, you can ensure that your business makes legitimate vendor payments and maintains control over the AP process.
Product Performance
The performance of an accounts payable tracking system is a crucial factor to consider when selecting a vendor. The best AP solutions deliver consistent and measurable results, such as reduced processing times, labour savings, lower error and fraud rates, and improved days payable outstanding (DPO). When evaluating vendors, carefully examine their track record and look for case studies and customer testimonials that demonstrate real-world evidence of their product’s performance. Consider asking questions such as:
- What is the average increase in invoice processing efficiency and cost savings from using the solution?
- Where do existing clients find fault with the solution, and what is the vendor doing to address their concerns?
- How well does the vendor perform on client support?
- How well does the solution integrate with ERPs and accounting systems?
- Is the solution cloud-based, on-premise, or both?
By selecting an accounts payable tracking system vendor with a proven track record of performance, you can ensure that your organization will benefit from the implementation of the solution.
Choosing the Right Accounts Payable Tracking System Vendor: A Recap
Introducing Zapro, the groundbreaking AP Automation tool that is transforming the landscape of accounts payable processes worldwide. As the world’s first of its kind, Zapro offers unparalleled capabilities to streamline and optimize your invoice management, payment reconciliation, and financial operations. By eliminating manual data entry and revolutionizing your workflows, Zapro empowers your business with enhanced efficiency, reduced errors, and improved cash flow. Experience cutting-edge technology and embrace the future of AP automation with Zapro, paving the way for unprecedented levels of productivity and financial control.
In conclusion, choosing the right accounts payable tracking system vendor is a crucial decision for your organization. By considering criteria such as ease of use, collaboration and communication capabilities, invoice approval confidence, and product performance, you can ensure that the vendor you select aligns with your organization’s long-term strategy and requirements. Implementing accounts payable automation can bring substantial benefits to your business, including streamlined invoice management, improved spend management, better supplier management, scalability to support business growth, and stronger internal controls. By choosing the right accounts payable tracking system vendor, you can optimize your AP processes and drive efficiency and success for your organization.
Remember, when it comes to accounts payable automation, Zaprp does justice and is known for its ease of use, strong relationships, effective implementation, and impressive results. Their people-first design and commitment to employee satisfaction have made them a trusted partner for organizations looking to maximize their accounts payable investment. Contact the Zapro sales team today to set up a free demo and see how they can help transform your accounts payable processes.