Evaluating Accounts Payable Automation Software

Workflow Accounts Payable

For Finance Executives seeking solution for streamlined accounts payable workflow, the number of options and associated processes can be daunting. However, through careful evaluation of market offerings and clear definition of organizational needs, comprehensive software package that meets these needs can be identified.

Before evaluating accounts payable automation software, it is helpful to define the goals that the system should accomplish. Desirable goals may include improved visibility into payment timelines and expenses, lowered overhead for manual processing, tighter integration with other software programs, and better data security for transactions. These goals should be paired with an understanding of the volume of transactions that the system needs to handle, as well as the business existing IT infrastructure.

The next step is to consider existing market solutions and potential vendors. Product samplings should be based on the goals and system requirements outlined in the previous step, as well as on product reliability and compatibility with existing it istructures. Potential vendors should also be evaluated through industry references, user feedback reviews, and past project outcomes.

Once selection of products is identified, software demos and trials become available. These offer further insight into the system capabilities and interactions with other systems. Questions during these sessions should focus on flexibility, ease of integration and use, cost efficiencies, and data security measures.

When shortlist of options is developed, contact should be made with the vendors to discuss negotiation plan. List out functionalities and desired service levels, then collaborate with vendors to develop plan that is structured around these expectations. Once product is chosen, implementation plans must be tailored to the business existing workflow processes and control measures.

Finally, successful implementation of an accounts payable workflow automation system requires appropriate preparation. IT and financial personnel must obtain specific training in the product?s use, as well as instruction on system maintenance and upgrades. Supervisors must be ready to respond to any inquiries about system access and maintenance.

Although the task of evaluating accounts payable automation software can seem intimidating at first, the process can be simplified through careful outlining of the system?s goals, selection criteria, and the business IT infrastructure. With the right diligence, Softwaresolution that meets the needs of the organization can be identified, resulting in streamlined, secure accounts payable workflow.