Accounts Payable Automation – Evaluating The P2P Process
What Is The P2P Process
Accounts payable automation is crucial element of the success of any business, as it istreamlines invoice submission, approval and payment processes, reducing time wastage and promoting better financial resource management. For executives looking to make the transition to automated accounts payable, it is important to evaluate the different payment-to-payable (P2P) processes available in the market for their organization.
The first step in any P2P evaluation process is to examine the organizations specific requirements to determine which system fits their current and future needs. This will entail considering cost, performance, efficiencies, level of deployment and scalability. Further, the financial and operational goals should be taken into account, since the aim should be to identify payment system that will not only fit the existing processes, but also provide platform for future improvements.
Next, it is important to analyze the features of existing Softwaresolutions and identify those that best meet the organizations requirements. This should include the ability to integrate multiple payment types to ensure transaction flexibility, ensure payment accuracy and compliance, and provide insights into the efficiency of financial operations. Executive should also compare different software platforms to assess reliability, ease of use, onboarding time and duration and the technical support offered.
An important element in assessing P2P solution is the security of transactions. Evaluators should ensure that the selected system offers the highest levels of data protection and encryption, as well as comprehensive audit trail and fraud prevention and detection capabilities. Additionally, they should be able to detect duplicate payments and provide visibility into the progress of payments within and outside the organization.
In todays digitalized world, it is also important to consider digital integration capabilities. This should include hosted payment form for customers and vendors, credit card payment processing, ePayment integration and multiple payment options for vendors. By ensuring digital integration is offered, organizations can maximise the efficiency of their automated accounts payable system.
Finally, the scalability of the chosen solution should be considered. This will allow the organization to scale up or down depending on the size of the organization and the growth of its accounts payable processes.
By carefully examining each of the above elements and considering the unique needs of the organization, executives can successfully identify and evaluate the best payment-to-payable process for their automated accounts payable system. Once the right solution has been found, the organization will reap the rewards of an efficient, accurate, secure and cost-effective payment system.
