Organizations all around the globe are already walking the path of digital transformation. Businesses have implemented automation in most administrative tasks, including their accounts payable workflow. This transformation has revolutionized the world of finance, making it quicker & more efficient than ever!
Invoice management software (also called AP automation) has made it possible for businesses to process their invoices more efficiently and accurately. Days when finance professionals would stack up a pile of papers, are long gone, making time-consuming invoicing processes manageable and quick. What remains is choosing the right automated invoice processing system for your organization to suit your needs better! Selecting the best invoice automation solution compatible with your organization is an intimidating task. It is a long process of researching, auditing, comparing, and selecting a tool that makes sense for you.
But apart from a few points to keep in mind while selecting the best AP automation software for your business, what are the most important aspects of an intelligent invoice processing software that are unavoidable? Let’s have a look at 4 pillars to make your business run
1 – ERP Integration: Any software, to give you positive results should be able to integrate with your Enterprise Resource Planning (ERP) system. Only upon integration with the software, will your ERP tool harness the solution’s abilities & help add value to your business. The Easy Access AP automation Solution seamlessly integrates with your ERP system to give you a 70% touchless invoicing process.
Easy Access integrates with your ERP system. Some examples are Oracle, Dynamics, INFOR, SAP, EPICOR, JAGGAER, to name a few.
2 – User-Friendly Interface: Implementing automation can be challenging. Especially getting your staff accustomed to the software to make complete use of it. A user-friendly interface makes it easier for you to get your employees on board with respect to automation and adapt to the change in a way that benefits your business.
The Easy Access AP Automation solution allows you to configure rules for your process and select the exact automation components, providing you and your staff with a user-friendly interface to suit your needs.
3 – Detailed Records: An AP automation solution should be able to keep detailed records of your financial data allowing you to access it as and when required. This enables you to review your invoices and payment histories in the future.
Easy Access stores images and approval trails of all invoices helping you quickly find specific invoices via its multiple search criteria.
4 – Quick Reconciliation: A good automation software must match the invoice line to the PO lines & verify against the receipts to ensure the correct quantity has arrived.
Easy Access’s touchless pairing feature accurately matches single, double, multi-line invoices to each line on PO for medium and large businesses.
In case of a perfect match, the invoice data is transferred to your ERP, creating a voucher. In case the lines on the invoice and PO do not match, the invoice is placed in a specific hold reason and assigned to the concerned person on your team to look into.
To learn more about how an automation software with its various features could benefit your business, visit https://easyaccessap.com/what-are-the-benefits-of-accounts-payable-automation-to-your-company/ .