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HOW ACCOUNTS PAYABLE PROCESS
Improving Operational Performance with Accounts Payable Automation Software
For Finance Executives looking to make the move from manual to an automated accounts payable process, the obvious precondition is software solution. But which one? With plethora of accounts payable automation software (APAS) providers on the market, each purported to offer greater efficiency and cost savings, choosing wisely requires adequate research and consideration. Nevertheless, the return on investment (ROI) may be significant.
One of the fundamental questions to ask is whether the software is genuinely tailored for the organizations specific payment needs. To make certain, have pre-implementation roadmap in place to ascertain the user requirements accurately. Moreover, the visual interface of the software should be intuitive, uncomplicated, and enable instant adoption without the need for manual or tutorial.
Yet, the user experience may not be the only factor to determine. It is essential to explore the latest in cloud computing technologies and see if the APAS vendor provides real-time access to the necessary systems for seamless data exchange. Other features to explore include the ability to route invoices for approval, set up rules and approval limits based on vendor types, supplier codes, etc., and capture and store payment authorizations and transaction documents.
Performance inefficiencies can also be traced to manual tasks like data entry and reconciliation. To counter this, having the software integrated with existing financial management systems can inspect invoices and carry out automatic data entry. This active OCR (optical character recognition) technology can capture and extract data like supplier, amount, invoice numbers, etc., which can then be compared against statements and audit trails, thus reducing human involvement in the process and offering greater visibility over the workflow. Additionally, good APAS should have single source of data from multiple systems that can provide essential cost savings and an accurate, real-time view of invoices.
Finally, for Finance Executives, it is important to find an APAS vendor that provides excellent customer support, no matter what the issues or scale of demand. customer service team dedicated to resolve any technical problems is an invaluable asset to preeminent functioning.
In conclusion, finding the right APAS solution for accounts payable automation cannot be overstated. To ensure that the organization takes optimum advantage of superior, integrated technology, thorough research and attention to detail can be vital in selecting platform that not only fits the specific user requirements, but also allows higher operational performance.
