A Guide to Choose the Right Accounts Payable Software

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A Guide to Choose the Right Accounts Payable Software

Sarah Dawson, CFO Tech Outlook | Friday, August 21, 2020

In addition to considering business’ current needs, choosing the right Accounts Payable software platform will help firms to look ahead.

FREMONT, CA: Accounts Payable (AP) is one of the most critical departments of any company, regardless of industry. AP processes often involve paper-intensive tasks such as invoice processing, matching, and the overall management of payment records. Working with paper-based files and invoices can cause AP employees to gather data inefficiently and incorrectly. Paper records can also cause data entry processes to become cumbersome, especially if the company has a large number of invoices. Accounts payable software provides users with powerful automation to streamline AP processing requirements while simplifying transactions. Here is a deeper look at how to choose the best accounts payable software solutions. Top 10 FinTech Companies In UK - 2020

Smooth Integration

First, firms should make sure that the AP software is compatible with all of the technology platforms currently in use. The list includes all accounting solutions, bookkeeping software, or accounts payable invoice processing software. Smooth integration is a vital initial step on the road to AP software automation. Finding out if the software vendor has experienced trouble integrating with current systems is essential. Firms should also request full demos of software to ensure proper integration. Ideally, a firm must deploy an accounts payable software that meets its needs today and in the future.

Payment Options

Most AP software platforms charge based on a monthly subscription service, which can be month-to-month or an annual payment method. However, when comparing prices, firms should look for fewer costs. The cheapest plan may have limited features or only permit firms to process certain invoices each month. There are many additional costs that come in the form of payment options. So, the firm should consider support and development requirements and technology upgrades as these may add additional costs while choosing AP software platforms.

Fraud Prevention Features

Some AP platforms may offer fraud protection features. This feature will notify the AP department when a vendor makes a change to their account. Depending on the degree of visibility and customization firms want, the AP platform offers a secure place for vendors to view invoice or bill status without disclosing any sensitive information. Firms should also look for customization.

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