Accounts Payable (AP) Automation Vendors
There is a never-ending supply of Accounts Payable Automation Vendors, Services, Solutions, Software and Systems available to tackle the most basic to the most advanced business process requirements. When picking an AP Automation partner there are a few things to keep in mind and questions to ask. Below we've compiled a list of some common things to consider.
One of the first considerations is "Ease-of-use".
Especially for the end-users of the system. An AP Automation system that requires extensive training may or may not be as "user-friendly" as you would like. The interface should be crisp and clean and easy to understand.
The second thing to consider is the "Accuracy of the data capture"
Understanding the data extraction/OCR processing and who will be responsible for making corrections to the incorrectly captured or the interpreted invoice data and who is ultimately responsible for data accuracy. If it will be up to the AP Staff to verify the OCR'd data then keep in mind that this process can be somewhat burdensome process. If the AP Automation Vendor is to be responsible for the data accuracy then this will be the vendors responsibility and you will not have to worry about it very much. Either way understand what level of data accuracy you will receive and who (and how) will be responsible for correcting data that the OCR engine reads incorrectly.
The third item to consider is, "Integration".
Many businesses will not have a need for ERP integration which is fine. However, for those of you that are looking true AP Automation and to eliminate the manual data entry of supplier invoices into your ERP financial system then integration will be important. A few things to consider are, "has this vendor worked with my ERP system", "what types of resources will be required", "how much time will my IT department need to be involved". There are many ERP systems on the market, i.e. Oracle, SAP, MS Dynamics, Infor, Sage, QAD and many, many more.
The fourth item for consideration is "Security".
If you're considering AP Automation Solution then chances are at some point you will process some sensitive data and you'll want to make sure your data is safe. Is the system cloud based or premise? Are there audit logs and histories? Are there different roles based on users rights and access levels? You don't want unauthorized access to your data.
The next item to consider is "Scalability".
What if your business needs change in the future? What if your invoice volumes increase? What if you acquire another company? Will the AP Automation system be able to be flexible enough to keep up with your business demands? You don't want a system that sets limits on what you can do and you don't want to outgrow the system and have to replace it.
An important item to consider is of course, "Pricing".
This is one of the first things everyone tries to get to in order to decide to move forward with AP Automation, "Can we afford it?". Since there are two type of AP Automation i.e. Cloud (Saas) and Premise (Software) comparing these to options is like comparing apples and oranges. They are two significantly different approaches. A premise-based AP Automation system is primary based on purchasing software, hardware and licenses with an annual maintenance contract, whereas a Cloud AP Automation solution is generally based on usage or subscription and doesn't require anything to be purchased. Make sure you find a model that best fits with your needs.
Another consideration is "Support & Training".
One of the main reasons why most customers switch AP Automation vendors is customer service. Whether you're a large corporation or a small to mid-size company you want to know help is available when you need it.
The last item to mention is, "Experience".
In the world of AP Automation just about any vendor you speak with will say to you, "We do that!". But do they really provide the level of expertise and AP automation to handle your complex financial processes? Many vendors will tell you what you want to hear and other vendors will show you how their solutions will solve your accounts payable problems. Always be sure to ask for references of clients who have had similar challenges. Most companies are happy to share their experiences both good and bad. Just remember, seeing is believing!
Picking an AP Automation Vendor can be a tedious process, but by building your requirements list and asking the right questions and matching this with live product demonstrations you will be able to quickly narrow down your search to the Best AP Automation Vendors out there on the market.
One of the first considerations is "Ease-of-use".
Especially for the end-users of the system. An AP Automation system that requires extensive training may or may not be as "user-friendly" as you would like. The interface should be crisp and clean and easy to understand.
The second thing to consider is the "Accuracy of the data capture"
Understanding the data extraction/OCR processing and who will be responsible for making corrections to the incorrectly captured or the interpreted invoice data and who is ultimately responsible for data accuracy. If it will be up to the AP Staff to verify the OCR'd data then keep in mind that this process can be somewhat burdensome process. If the AP Automation Vendor is to be responsible for the data accuracy then this will be the vendors responsibility and you will not have to worry about it very much. Either way understand what level of data accuracy you will receive and who (and how) will be responsible for correcting data that the OCR engine reads incorrectly.
The third item to consider is, "Integration".
Many businesses will not have a need for ERP integration which is fine. However, for those of you that are looking true AP Automation and to eliminate the manual data entry of supplier invoices into your ERP financial system then integration will be important. A few things to consider are, "has this vendor worked with my ERP system", "what types of resources will be required", "how much time will my IT department need to be involved". There are many ERP systems on the market, i.e. Oracle, SAP, MS Dynamics, Infor, Sage, QAD and many, many more.
The fourth item for consideration is "Security".
If you're considering AP Automation Solution then chances are at some point you will process some sensitive data and you'll want to make sure your data is safe. Is the system cloud based or premise? Are there audit logs and histories? Are there different roles based on users rights and access levels? You don't want unauthorized access to your data.
The next item to consider is "Scalability".
What if your business needs change in the future? What if your invoice volumes increase? What if you acquire another company? Will the AP Automation system be able to be flexible enough to keep up with your business demands? You don't want a system that sets limits on what you can do and you don't want to outgrow the system and have to replace it.
An important item to consider is of course, "Pricing".
This is one of the first things everyone tries to get to in order to decide to move forward with AP Automation, "Can we afford it?". Since there are two type of AP Automation i.e. Cloud (Saas) and Premise (Software) comparing these to options is like comparing apples and oranges. They are two significantly different approaches. A premise-based AP Automation system is primary based on purchasing software, hardware and licenses with an annual maintenance contract, whereas a Cloud AP Automation solution is generally based on usage or subscription and doesn't require anything to be purchased. Make sure you find a model that best fits with your needs.
Another consideration is "Support & Training".
One of the main reasons why most customers switch AP Automation vendors is customer service. Whether you're a large corporation or a small to mid-size company you want to know help is available when you need it.
The last item to mention is, "Experience".
In the world of AP Automation just about any vendor you speak with will say to you, "We do that!". But do they really provide the level of expertise and AP automation to handle your complex financial processes? Many vendors will tell you what you want to hear and other vendors will show you how their solutions will solve your accounts payable problems. Always be sure to ask for references of clients who have had similar challenges. Most companies are happy to share their experiences both good and bad. Just remember, seeing is believing!
Picking an AP Automation Vendor can be a tedious process, but by building your requirements list and asking the right questions and matching this with live product demonstrations you will be able to quickly narrow down your search to the Best AP Automation Vendors out there on the market.