Optimizing internal processes is key to staying competitive. Accounts Payable (AP) automation solutions have emerged as a game-changer, promising increased efficiency, accuracy, and cost savings. However, not all AP automation solutions are created equal, and choosing the right one for your organization requires careful evaluation.
As an AP automation solutions provider, we understand the importance of finding the perfect fit. Below is a comprehensive guide on how to evaluate whether an AP automation solution is what your organization needs.
Understanding Your Needs
Every organization has unique AP processes and pain points. Before diving into evaluating AP automation solutions, take the time to thoroughly understand your current processes and identify areas for improvement. Are you struggling with manual data entry errors? Do you need better visibility into invoice status? Take the time to understand how your AP team is currently spending their time and evaluate whether that aligns with the goals of the department. Define your objectives and desired outcomes to guide your evaluation process.
Assessing Features and Functionality
Evaluate the features and functionality offered by various AP automation solutions against your specific requirements. Key features to consider include:
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OCR and Data Validation Capabilities: Octacom's advanced Optical Character Recognition technology along with our human-in-the-loop QA processes ensures accurate data extraction from invoices, even those with handwritten notes. Consider the type of invoices your organization receives and what type of data capture is required to ensure accuracy.
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Approval Workflows: Easily configurable and accessible approval workflows enable seamless collaboration between departments and stakeholders. Automated approver assignment improves efficiencies and reduces manual intervention.
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Integration: Octacom's solution seamlessly integrates with your existing systems, such as ERP or accounting software, ensuring data consistency and eliminating silos. This allows for organizations to leverage straight through processing and automated coding.
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Reporting and Analytics: Gain valuable insights into your AP performance with comprehensive reporting and analytics capabilities.
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Scalability
Businesses are dynamic and may experience grow over time. Octacom's AP automation solution is built to scale with your organization, accommodating increased invoice volumes and transaction complexities. Ensure you are implementing a solution that will not only work with your organization today, but will be able to accommodate future growth without reducing efficiencies.
Ease of Use
User adoption is crucial for the success of any software implementation. Octacom's user-friendly web-based interface compatible with SSO makes it easy for AP staff and other stakeholders / approvers to use the system with minimal training. Change management can be difficult to navigate - do not make it harder by selecting an unnecessarily complicated system.
Unparalleled Customer Service
As with any system, customer support or systematic enhancements may be required from time to time. It is critical to understand what type of support and communication methods will be available from your AP automation solution provider to ensure it aligns with the needs of your organization. Partnering with a vendor like Octacom will ensure your team will receive attentive, flexible and creative client service support that will collaboratively work with your team to promptly solve any questions or concerns that arise.
Choosing the right AP automation solution is a significant decision that can have a profound impact on your organization's efficiency and bottom line. By carefully evaluating which solution is best suited for your organization’s unique needs, you can ensure a seamless transition to automated AP processes and unlock the full potential of your finance operations. Get in touch with us today to learn more about how our AP automation solution can benefit your organization.
Octacom is a SOC 2, Type II Audited enterprise software and services company focused on document and data automation solutions, including automated data capture. Founded in 1976, Octacom specializes in accounts payable automation and automated invoice processing, among other digital / automated business process outsourcing services.
If your organization is looking to learn more about our solutions and services, please contact us and we would be glad to help.
