The Benefits Of Accounts Payable Automation For The C-Suite
ACCOUNTS PAYABLE INVOICE SCANNING SOFTWARE
The first step to selecting suitable AP automation solution is to get an understanding of the organizations needs. Consider areas where automating manually-executed tasks or processes can offer the greatest cost and time savings, such as invoice processing, data entry, etc. Collect data from other departments such as sales, accounts receivables and human resources to understand their workflow and degree of involvement with accounts payable. Establish the desired type of results and identify any limitations or restrictions for the implementation of the system.
Step 2: Establish Parameters Based on the organizations needs, executives in the C-suite should develop set of criteria for the AP automation solution. Examples of criteria include cost, implementation time, scalability, support, among other functional standards and resulting outcomes. Executives should also leverage existing relationships with software and payment vendors to reduce the total cost of the solution.
Step 3: Start Research Executives should look into wide range of suitable AP invoice scanning software solutions, researching both the product companies and competitive offerings in detail. Perform competitive price analysis and then narrow the selection of vendors down to few top choices that best fit the organizations needs.
Step 4: Test Solutions Before deciding, it is important to test the selected solutions and their features. Check how the system fits into the current workflow and collect feedback from the vendors. Use pilot program to test the capability and capacity of the system before committing to purchase.
Step 5: Decide Which Solution Executives should consider both qualitative and quantitative factors when evaluating each AP automation solution. Weigh the positives and negatives of each solution, understanding the associated costs of implementation, training, and maintenance in relation to the expected return on investment. Additionally, evaluate integration with the existing ERP systems and other third-party software.
Step 6: Implement and Integrate Once solution is chosen, executives should work closely with the chosen software vendor and the IT team in order to set up the system. Executives must ensure the deployment of the solution is seamless and compliant with any existing policies or regulations. Additionally, executives should plan out the transition timeline and help facilitate communication during the transition period.
Step 7: Monitor Performance Executives must stay abreast of the new system performance. Monitor potential bottlenecks or issues that were not anticipated and take proactive steps to mitigate or avoid any potential risks. Regularly evaluate the system performance and any changes in costs and efficiencies.
Conclusion For any organization looking to stay competitive, AP automation is an important factor to consider. Executives in the C-suite must lead the way in researching, evaluating and implementing suitable solution. This guide has outlined the major steps that need to be followed in order to choose an accounts payable invoice scanning software solution that best fits the organizations needs. By implementing an appropriate AP automation solution, executives can expect improved efficiency, cost savings, and better overall payment processes.
