Evaluating Payments In Accounts Payable Automation Software
What’S Payment
The correct accounts payable automation software can greatly streamline the task of managing payments and maximize the efficiency of both accounts payable processing and company funds. Luckily, there are plethora of automated systems to choose from and evaluating them need not be daunting task. The following steps can be used to help determine the best payment automation software for business.
First and foremost, it is important to evaluate companies based on their experience and expertise. When scoping out specific options, review customersatisfaction ratings and customer comments to get better sense of whether the selected software is able to meet the needs of its users. In addition, research customersupport and operational expertise background of the software.
Second, consider the functionality of the software. Does the system allow approval flows and different approval levels? Does it facilitate multiple payment methods? Does it isupport multi-currency payments? What are the different voucher types or payment methods allowed? What type of reconciliation, if any, does it offer?
Third, assess the security and scalability of the payment system. Evaluation of the system should include an examination of the server’s backups and encryption, verifiable and licensed security protocols, and the strength of the machine-readable security. These details should be proven before investing into the software package.
Fourth, investigate the integration capabilities of the system. Consider what commercial and administrative applications the software can interface with, as well as the ease and speed of integrating the software with new applications and programs. Also, evaluate the data migration process to determine how easily existing data can be inputted and incorporated into the new software.
Finally, price and subscribing options must be thoroughly examined. Consider total cost of ownership (TCO) instead of just purchase price, and evaluate whether the software requires an ongoing subscription or maintenance agreement. Also, review what add-ons and upgrades are available, when and at what costs.
By following these guidelines, finance and purchasing departments will have framework to accurately assess payment automation options. With the right evaluation and selection process, business can benefit from payment automation system that meets their short-term needs as well as anticipates their long-term requirements.
