The Dos and Don'ts of Finding Accounts Payable Solutions

Automated accounts payable solutions are a must-have for enterprises that want to transform AP processes. More and more companies are moving away from outdated methods of invoicing and procure-to-pay solutions, and implementing electronic accounts payable platforms that streamline processes and introduce new levels of efficiency to their organizations.

The Dos and Don’ts of Searching for Accounts Payable Solutions

If you’re a CFO or company treasurer, you know the impact AP has on your business. An improvement in your accounts payable processes leads to reduced cycle times, improved relationships with suppliers and the ability to better forecast cash flow.

But before you select an automated platform, here are a few helpful dos and don’ts to consider as you evaluate accounts payable solutions:

DO:

  • Select a platform with electronic invoicing capabilities. Paper-based invoicing is one of the biggest pitfalls of manual AP processes. Not only are paper invoices expensive, but the chance of data errors and security risks is very high. When you choose an automated AP solution, one of the most important features to look for is e-invoicing. In addition to high levels of accuracy, invoices are presented to suppliers as soon as they’re ready.
  • Leverage technology that delivers advanced reports and key insights. Your ability to effectively manage working capital is tied to how much visibility you have into the financial performance of your organization. It’s difficult to generate reports when information is missing and not in real-time. Before you select an accounts payable platform, make sure it generates up-to-the-minute reports that give you actionable insights for things like procurement and purchase-to-pay.

DON’T:

  • Forget to address dispute resolution strategies. Contested and disputed invoices are an inevitable reality when working in accounts payable. But invoice disputes that drag on and on are inconvenient for both you and your suppliers. When searching for accounts payable solutions, it’s important to select a platform that features streamlined dispute resolution. Instead of filing reports and spending hours on the phone, everything is handled through a web portal. All of the information is housed digitally and can be called up instantly, making it simpler to work through contested invoices.
  • Select a platform that isn’t easily integrated with existing company technology. There’s nothing worse than selecting what seems like an ideal platform, only to discover that it doesn’t play nice with legacy enterprise technology. To avoid this mistake, it’s important to know that an automated AP solution integrates seamlessly with existing company technology, and is user-friendly for employees.

Your Search for Accounts Payable Solutions Ends Here

Ready for an accounts payable solution that combines e-invoicing, simplifies dispute resolution and provides granular insights into your company’s financial health? Direct Insite has you covered.

PAYBOX® AP is a cloud-based, automated platform that makes complicated AP processes and procurement a thing of the past. Interested in learning more about our accounts payable solutions? Contact Direct Insite today.

AP Strategies