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So you've decided to digitally transform or maybe you just want to streamline your accounting processes. Well your accounts payable department is a good place to start. There are two big reasons it's a good place to start. One is that AP processing is cumbersome and expensive when done manually or even when using outdated software or clunky home-grown automation. The second reason is that the right AP solution is quick to install, requires little upfront investment and starts paying for itself quickly. But choosing the best AP automation software is a big decision.
Let's look below at some tips to help you decide which AP automation is right for you.
5 Keys to Choosing the Best AP Automation Software for Your Needs
For the purpose of this post we are going to assume that you have already assessed your needs--you know your features requirements and you have a short list of AP solutions from which you are trying to choose. Here are our tips:
1. Ease of Use
Now is the time to test the software or get a demo. You want to see how the interface works. Is the UX simple to use and similar to the software you already use? Ease of use is critical to rapid adoption and will impact time-to-value and return-on-investment for the solutions.
2. Accounting Integrations
If you are using an enterprise resource planning (ERP) or other accounting management software, it is critical to get an AP automation tool that integrates seamlessly with your ERP. While many AP automation software providers offer integration to a variety of accounting systems, it's important to get a solution that was designed for your accounting system. You want to be able to run all your accounting processes from one place, and only a truly seamless integration can make that possible. Learn more about Why AP and ERP Integrations Matters
3. Pricing
This is obvious, but it also can't be left out. And it probably goes without saying that pricing is truly understood as value. What we mean is, while a large one-size-fits-all vendor can offer competitive pricing, they might not offer concierge level support, or the solution might not be purpose-built for your specific accounting system. It's up to you to strike a balance between price of the solution, and the value of the service offering and integration.
4. Support
Inquiring about support is so important when choosing any software. While the obvious goal is to have a solution that works every time without ever having confused users, in the real world we know that isn't always a practical expectation. When your team is going through a stressful year-end close, unreliable or hard-to-reach support can really compound that stress. The last thing you want is to be stuck on hold or be unable to get a support representative with deep knowledge of your solution. What does everybody on support mean?
5. Fraud Prevention Features
Not all vendors and solutions offer the same amount of fraud prevention. It's important to determine what your risk management needs are before you implement any accounting software. However, the best AP automation software for your business is always going to offer robust security.
Comparing Fidesic AP to Other Solutions
If you choose the right solution, it can reduce invoice processing costs by 80% compared to manual bill pay. Many solutions offer the same checklist of features, but not all features are created equal. When test driving software be sure to carefully compare the features you prioritize most to determine which solution provides the best version of those features. If you are a Microsoft Dynamics GP user, we recently compared Fidesic AP to other accounts payable solutions for GP. Obviously we think we're pretty great, but here's how we think we stack up against these products:
