Accounts payable software solutions: the five best features to consider
Accounts payable software solutions provide access to real-time financial data from any location. In addition, cloud software supports remote workers and ensures the C-suite has the latest financial information to make crucial decisions that impact the organization’s overall profitability.
In the current business environment, automation is a necessity rather than an option to remain productive and competitive. Additionally, a variety of vendors creates confusion, and the team must make solid decisions based on current processes and workflows.
With that in mind, consider the top five features to look for in AP software solutions to make a seamless transition to automation.
1. Cloud Automation for Real-Time Collaboration
Recent world conditions proved the value of cloud automation for real-time collaboration from any location at any time. As a result, businesses faced potential interruptions seamlessly, without losing time and profits by managing payments in one place.
Additionally, working in the cloud offers greater flexibility and visibility, to help reduce and eliminate fraud. Thus, automation helps companies prevent costly losses and damage to their reputations and brands. Choose second-generation automation fueled by robotic processing automation (RPA), artificial intelligence (AI) and machine learning (ML) to use data intelligently by linking the service with financial data flows.
2. Single User Experience for Capturing and Processing Invoices
The AP team is well aware of the hassles and confusion associated with logging into multiple systems for capturing and processing invoices. A lapse in systems can lead to costly errors and late payments that damage an organization’s reputation.
Accounts Payable software solutions with a single user experience for capturing and processing invoices help streamline operations to eliminate mistakes and ensure timely payments. In addition, using the same UI to capture and process all invoices means making payments on time or early to earn money-saving discounts.
3. Automated Coding Fueled by Machine Learning and AI
Another feature to look for in your accounts payable software solution is intelligent capture and coding to boost compliance with automatic invoice processing. For example, automated coding fueled by AI and machine learning makes it easy to match invoice data against POs, goods, receipts, or contracts based on information such as line items, invoice headers, or line totals.
Eliminating manual processes to go paperless is the ultimate goal. Without automation, it takes endless hours of tedious invoice matching. As a result of saving time and effort, the AP team can focus on tasks that help boost the bottom line, such as securing discounts for early payments and comparing vendors to get the best possible terms.
4. Touchless and Paperless
With paperless in mind, AI continually gathers information and makes corrections, reducing human error and reaching nearly perfect accuracy. In addition, a touchless process allows the AP team to pay more invoices correctly and on time or early to take advantage of possible discounts.
In addition, keeping up with paper is time-consuming and requires additional office space for storage. The right software reduces commercial space and human resources costs while giving hours of productivity back to the AP staff every week. As a result, the AP team is now emerging from the back office to provide crucial financial data in real-time to fuel money-saving decisions.
5. Seamless Integration
Seamless integration is crucial to maintain and improve current processes effectively. The ideal solution will bring it all together with features such as out-of-the-box connectors for major ERP systems and native embedded captures for a single user interface to manage all invoices.
Work with a dedicated strategic partner to review current processes and improvements resulting from implementing AP software. Then, with integration, the organization starts to realize a measurable ROI for investing in automation.
Organizations without automation will be left behind as companies around the globe rely on the cloud for communication. Therefore, AP software is a necessity to remain competitive. Consult with an industry leader to find accounts payable software solutions with these five critical features to improve accuracy, reduce fraud, cut costs, maximize human resources, and increase productivity - which helps boost profits.
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