Selecting the best accounts payable software systems begins with recognizing your organization’s unique requirements. The size of your organization, the scope of your account payable landscape and system dependencies will all impact which accountable payable software is best for your organization.
Define your AP Landscape:
As far as defining your AP landscape is concerned, it is essential to comprehend the complexities involved in invoice processing. Know how your organization obtains invoices – XML, PDF, Paper? Do you get some invoices on paper whereas receive others in PDF format through mail. An accounts payable system worth investing in will let you obtain supplier invoices in a wide range of formats & will support turning them into digital copies via built-in OCR scanning.
Defining your AP landscape also includes outlining your invoice workflow. The objective is to accelerate processing time by computerizing manual tasks, especially the recurring & monotonous ones.
AP automation software worth buying will mechanize coding & matching. It’ll mix with your existing ERP and finance systems to offer seamless invoice processing. To make sure that you pick the correct accountable payable software program, consider how it’ll be configured to support your present workflows.
Look for centralized information management:
It’s tough to track all your invoices when they’re not administered in a central location. Account payable system worth investing in will make sure that all invoice elements are stores & processed in a central location. Software should make it feasible for the whole AP department to work together through an online, central platform even if they’re working from diverse workplaces; this is especially helpful if you’ve more than one business location.
Opt for automated tax form collection:
If you’ve ever spent hours seeking a vendor’s exact tax ID number, you know how annoying it could be. Collecting & administering tax info turns out to be a big annoyance when AP processes aren’t computerized, particularly when collaborating with international suppliers. You should give careful attention to detail to remain in compliance with rules and regulations set by the Office of Foreign Asset Control and the Foreign Account Tax Compliance Act. Tax & regulatory compliance become very straightforward when you use AP software that boasts automated tax form collection.
Take into account your workflow rules:
Accomplish the highest level of AP competence by selecting software that lets you define workflow guidelines. These guidelines reduce the probability of personnel attaining the same task two times.
Defining workflow guidelines involves setting tolerance ranges, such as those directed towards PO matching. These ranges can be personalized to line up with your organization’s exact requirements. For instance: if a PO and invoice cannot be matched employing OCR scanning as per your fixed tolerance thresholds, the software can ping the right person for approval. This prompts a quicker procure-to-pay cycle, which is critical to instituting constructive long-term bonding with suppliers.
This article is written by Aurora Software – a reliable resource to find affordable accounts payable software package online.