12 Apr What are some challenges of choosing the right AP automation solution?
If automating your accounts payable were a discreet project, it would be enough of a challenge to pick the best solution for your organization. However, the actual decision is much more complex than that. Accounts payable needs to interface with every part of your operation, as it sits squarely in the accounting function and the accounting function is at the heart of every business.
Optimize functionality against budget
The first step in an effective selection strategy involves identifying what functionality your business requires in the real world. Don’t let yourself be persuading by marketing spin that you need the latest cool thing when you don’t, and don’t be dissuading from features that you actually require just because they are more expensive than you planned for. You are best served by targeting the functionality you need, nothing more, and definitely nothing less.
Plan for the future
As much as you don’t want to be burdened with paying for functionality you don’t require, you also need to make certain your solution is as future-proof as possible. It’s unreasonable to expect that you’ll be able to predict all of the technological advances that may occur in the future, but there is no reason foreseeable needs should be missed. It’s significantly more expensive to adapt to foreseeable changes in real-time than it is to have set up the system to accommodate the predicted needs from the initial build.
Keep an eye on security
An extremely critical component of every integration is maintaining security. This axiom becomes even more true when dealing with money and payment processing. Audit, re-audit, and audit again, ensuring that every bit of the system meets or exceeds compliance requirements.
Focus on the bottom line
You’re rolling out a fairly pricey solution. Done properly, you will always experience significant positive Return on Investment, but don’t let the minimum be sufficient. Make certain that your organization takes full advantage of every part of the system you’ve implementing, ensuring that not one single penny of value is left on the table.
Learn more about the benefits of automating AP by contacting simplifiAP today.