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The Accounts Payable Automation Landscape: Finding a Solution that Works for You
Many accounting department decision makers acknowledge that a manual Accounts Payable (AP) process is time consuming, labor-intensive, and risky. It’s time to bring your finance department into the 21st century with automation technology, and there are a number of solutions on the market today to choose from. Some solutions work with your ERP system, others don’t.
Having a good understanding of today’s AP solutions landscape will help you make a more informed, easier decision about which solution will work best for your organization. Generally, AP automation solutions fall under these three categories:
- Invoice capture and approval solutions: solutions that focus on extracting information from paper invoices and handling electronic invoices.
- Document Management solutions: solutions that store key documents and help you move towards a paperless department.
- Payment Execution: actually paying your invoices and getting rid of having to upload ACH files and manually print checks in the office.
Here’s a fourth category you might consider:
- End-to-end solutions: solutions that capture invoices, manage invoice approvals, store documents, and allow you to authorize payments and execute payments automatically.
In addition to type of solution, other factors to consider include cost, ease of use, and security. Read more about the landscape of AP automation solutions and how to choose a solution for your accounting department in our whitepaper titled, “The Landscape of Tech Around Accounts Payable.”
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