Today, businesses are increasingly turning to automate their Accounts Payable (AP) processes. However, you have to carefully evaluate your business requirements before choosing the right software. Here are three key features you should look for in AP software when purchasing the solution:
Getting paid on time is very important. Deploying robust invoice solution will streamline the cash flow and keep you on track for invoice payments. Choose the system that supports recurring billing, emailed invoices, automatic reminders, and tracking or reporting tools for unpaid invoices. Having the ability to view who owes you money eliminates spending more time chasing delay payments.
Knowing more about your business will help you make smarter decisions. The business intelligence tools you have with your AP software should help you dig detailed information that includes projecting income as well as the calculations of expenses to profits. Choosing solutions with advanced reporting capabilities can help you know what is happening with your receivables and supplier actions, meaning you can take necessary actions when needed. Without analytics, even the best Accounts Payable software does not help you make right decisions all the time.
Data Export Capabilities
Sending more and more data into the cloud makes it difficult for you to figure out who owns what. Data centralization helps you gain insight over every data piece and makes it easy to leverage when required. Also, it becomes easy to maintain historical data when you switch accounting software providers. Choosing a system with data export capabilities gives you the flexibility you need to import and export between different third-party applications.
Make sure you have a clear understanding of what data you can export out of the systems later down the line. Once you figure out your list, you can go ahead and buy the software. Solutions featuring the above capabilities will take the hassle out of accounts payable operations.
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