If you're reading this article, you may have heard much about AP automation and wondered if it lives up to the hype. Perhaps you're considering invoice processing software, but feel overwhelmed by the available software options. The variety of choices can make it challenging to decide. Feeling confused about which software is best for your needs is completely normal.
Factors to Consider
No matter what side you're on, pick your future AP software wisely to prevent future disappointment. We help you choose the best automated AP software for your company's needs, ensuring you make the right choice.
Integration Capabilities
Consider the integration features of any AP software unless you plan to change your system completely. Your new bolt-on must be compatible with your existing finance system or Enterprise Resource Planning software (ERP). Otherwise, you won't even get off the ground, and those workflows won't exactly flow.
It is crucial to consider this factor when using accounting software designed for a particular industry. Some providers may not offer support for this software. Luckily, some systems can be bespoke to your needs.
If your software is very specific or not in the cloud, you may need to pay extra to sync your data between apps. Consider this extra cost when calculating expenses.
Scalability for Future Growth
Your business isn't staying the same forever, and hopefully, that means growth shortly! The company will evolve over time, meaning you'll need software to do the same.
Find software that can grow with your business, handling more invoices, purchase orders, and users as needed. This way, you won't have to keep changing providers whenever your company expands. This is key to loving your new AP software for a long time.
User Interface and Accessibility
Software usability is often overlooked, but its importance can't be overstated. If your swanky new software is too difficult to use, your team won't want to use it. This affects your investment return because you want your employees to fully benefit from the new tool you are paying for.
The system should be easy to navigate, compatible with mobile devices, and not be an eye sore. Before committing to buying anything, make sure to participate in an online or in-person demonstration to experience the software. If providers don't offer immersive demos, this should be a red flag. Thankfully, Zahara does offer easy-to-follow dynamic demos that highlight all the essential AP Invoice Processing features.
Essential Features
Certain features are non-negotiable, no matter the makeup of your business. Here are some to look out for.
Advanced Optical Character Recognition (OCR)
Accurate data extraction is the foundation of invoice processing software. Choose software with Advanced Optical Character Recognition (OCR) technology. OCR ensures precise information extraction from invoices, reducing errors and eliminating manual labour. A robust OCR system accelerates data processing and enhances overall accuracy.
Machine Learning and AI-driven Automation
Stay ahead of the curve by opting for software incorporating machine learning and artificial intelligence. These advanced features automate decision-making processes, streamline approval workflows, and continuously improve the system's performance. Machine learning helps software adapt to changes, making it more efficient and reducing the need for manual supervision.
Cloud-Based Deployment Options
Embrace the flexibility and accessibility offered by cloud-based deployment. Look for automated AP invoice processing software that provides secure and reliable cloud options. This enables your team to access the system from anywhere and ensures data integrity, confidentiality, and automatic updates without needing on-premises maintenance.
Comparative Analysis
It's important to start your AP software journey by considering many different options so you can find the one that best suits your unique needs. Don't get tunnel vision on one particular software at the beginning of your search.
Dext
Dext is a good option for small businesses that only need receipt scanning functionality.
Pricing starts at £27 a month, which is considerably cheaper than most other options on the market. This makes it a great solution for one-man-bands who only need to be able to capture invoices. Most other businesses will require more functionality, like a purchase order system, setting budgets, and approval workflows, which takes Dext out of the running unless you want a separate app for each feature.
Tipalti
Tipalti is an extensive system that comes with a hefty price tag. There’s not much that Tipalti can’t do, but that often leaves teams paying for features they don’t get any value from. Tipalti is great for big companies that want one system for all their financial needs and can afford it. The pricing is worth it for big companies, but for SMEs, the price range understandably takes Tipalti out of the running.
No free trial is available. Pay £129 to start using the platform with limited features to try it out. You can then pay extra for more functionality.
Zahara AP Automation Software Pricing
With Zahara, you can embrace a true 4-in-1 system for £119 per month or as little as £99 per month if you pay annually. You can create purchase orders, handle invoices, set budgets, customize workflows, and have flexible approval processes.
No two businesses have the exact requirements, so it's important to research to find the best fit.
Performance Metrics and User Satisfaction
Before jumping headfirst into any solution, check what others say about it. The best critics will be people who gave your software of choice a fair shot, so listen to what they have to say.
Speed and Accuracy Metrics
Assess the software's performance based on speed and accuracy metrics. A reliable system should efficiently handle invoice processing tasks while maintaining a high level of accuracy. Balancing speed with precision is crucial for seamless financial operations.
User Reviews and Ratings
Consider user reviews and ratings so you can gauge overall satisfaction. Real-world experiences from other businesses provide valuable insights into the software's reliability. Look for patterns in the reviews you read. This will help you identify which parts of the software are not good.
User-Friendly Features and Interface
Ensuring that the automated invoice processing software is user-friendly is integral to successful implementation and adoption.
Navigability and Ease of Use
Assess the navigability and ease of use of each of your shortlisted software. A user-friendly interface ensures your team can quickly adapt to the new system, reducing training time and enhancing overall productivity. A simple system makes it easier for staff to use. This improves their experience and leads to a better return on investment. When the system is easy to use, people are more likely to use it.
Invoice Processing: Training and Support
Look for software providers that offer comprehensive training and support services. Appropriate training ensures that your team maximises the software's potential, while reliable support minimises downtime in case of issues. A strong support system is crucial for the smooth and continuous operation of the automated invoice processing solution.
Analyze the Cost-Benefit of Automated AP Invoice Processing Systems
When you sign up for AP software, there will be an initial cost, but you'll see savings in the long term.
Initial Investment vs. Long-Term Savings
1. You must analyze how much money you need to invest initially. It would help if you also determined how much money you can save in the future. This can be done by using automated invoice processing software. When evaluating the overall financial impact, consider factors such as reduced labour costs, minimised errors, and increased efficiency.
Apart from simply the time and money saved from a more efficient process, there are also unexpected savings. Many Zahara customers found that they made back the money invested in the software purely from the duplicate invoice detection, let alone all the other savings.
Return on Investment (ROI)
Calculate the expected Return on Investment (ROI) to determine the software's financial benefits. A positive ROI justifies the initial investment and showcases the tangible financial improvements that can result from embracing automated accounts payable solutions.
Security and Compliance Considerations
Protecting sensitive financial information and ensuring compliance with regulatory standards are non-negotiable aspects of automated invoice processing software. You need to know your data is safe to spend without worry.
Data Security Measures
Prioritise software with robust data security measures to safeguard sensitive financial information. Encryption, access controls, and regular security audits are crucial for a secure system. Businesses must ensure that their chosen solution complies with industry-standard security practices. If it's between standard and secure software, you should choose that over more unreliable software with fancy features.
Compliance with Regulatory Standards
Ensure that the software you choose complies with relevant regulatory standards in your industry. Compliance is essential to avoid legal issues and maintain the integrity of your financial processes. A solution that aligns with industry regulations helps businesses operate securely and ethically, which is non-negotiable.
Integration Capabilities with Other Systems
Ensuring seamless integration with existing software systems is essential for a cohesive and efficient workflow.
Compatibility with Existing Software
Evaluate compatibility with your existing software ecosystem. Seamless integration with other business systems, such as ERP and accounting software, enhances operational efficiency. A solution that can effortlessly connect with your current technology stack ensures a streamlined and interconnected business environment.
API and Integration Options
Check for the availability of Application Programming Interfaces (APIs) and integration options. These features allow you to connect the automated invoice processing software with other tools and platforms, further optimising your workflow. A solution with robust integration options provides the flexibility to adapt to changing business needs and technology trends.
