4 Elements of Ideal Accounts Payable Software

What do accounts payable professionals consider an ideal invoice management software? The one that provides automatic processing of invoices and related documents involving no human efforts? Or should such software streamline the whole process and make it more transparent for each participant?

We examined the topic from different perspectives and formulated the main components of accounts payable software.

Functionality

Accounts payable automation solution should possess necessary functions facilitating invoice management and related processes. It has to incorporate all special features that would simplify the whole working process from invoice capture through seamless validation and approval to fast initiation of payment. It should provide functionality for identifying duplicate invoices and expense reports to eliminate potential fraud. Modern accounts payable software needs also to support 2-, 3-way and non-PO matching to save businesses from overspending or paying for an item that they did not receive.

Automated invoice data input should be easier and quicker than a manual one. Artificial Intelligence tools help capture, recognize and classify essential data from different invoice forms. Such requisites as name, type, total amount, counterparty, etc. must be correctly recognized and securely entered in order to avoid various costly mistakes like overpayments, payments to wrong recipients, incorrect amounts and others.

Integrability

When integrated with other corporate systems, AP software processes invoices, expense reports and other related documents faster. The integration ensures easier and quicker exchange of required data between accounts payable software and other systems, which eliminates the need to search such data in one system and log it manually into another one.

The ability to build several solutions on one platform is a great advantage. When based on one content services platform, various business processes are easily synchronized and flexibly configured. Besides, CSP platform provides high scalability and beneficial business tasks performance.

Ease of Implementation

Ideal accounts payable software should ultimately be ready for implementation and use. This means such software has to possess configuring options in order to be seamlessly adapted.

Cloud-based solutions or those offering web interface are characterized by fastest deployment options.

Learnability

Ideal accounts payable software should be easy to learn. A simple, intuitive interface can help new users start working with the system faster reducing delays in the working process and minimizing the need to hire expensive training specialists. Software aimed at simplifying and streamlining business processes must not complicate working with it.

To provide a quick, simple and independent learning on how to use it, software must be equipped with a clear and easy-to-use web help. Besides, to provide the fastest learnability software may have video tutorials. It can be guided by users’ actions, predicting them and launching video hints that help users start working independently with it faster.

We have described 4 main components of ideal accounts payable software, combination of which is the way to seamless and efficient invoice management. Rich functionality, ease of implementation, high integrability and learnability are the core elements that will lead you to success.