How to Choose AP Automation Software based on your role

Key Considerations for Decision-Makers 

Software solutions for invoice process automation bring numerous benefits to large corporations. Cost savings, productive increase and compliance operations are just some examples. This guide on how to choose AP automation software aims to assist you in garnering support from decision-makers as you embark on your AP transformation journey. 

Indeed, determining the best accounts payable automation software can vary significantly. This is contingent upon the specific requirements and preferences of decision-makers. Understanding and addressing their unique needs is crucial in selecting the most suitable solution that aligns with the company’s goals.

Decision-makers involved in the selection of an AP automation tool 

Choosing an AP automation tool involves teamwork and input from decision-makers at different levels of an organization. Each decision-maker uses their own knowledge and views to make sure the chosen solution fits the company’s needs and goals. Some of the key decision-makers involved in this process are:

1. Chief Financial Officer: The CFO plays a vital role in the selection process. They are responsible for the overall financial management of the company. They focus on how the AP automation tool aligns with the company’s financial goals, compliance requirements, and budget considerations. 

2. Accounts Payable (AP) Manager or Director: The AP manager or director is directly responsible for the AP department’s operations and performance. They evaluate the tool’s features, functionalities, and user-friendliness to ensure it meets the team’s needs and enhances efficiency. 

3. IT Manager: The IT manager assesses the tool’s compatibility with existing IT infrastructure. They also evaluate its potential for seamless integration with other systems. 

4. Procurement Manager: The procurement manager evaluates the vendor’s reputation, pricing models, and service agreements. They aim at ensuring a smooth procurement process and long-term vendor relationships. 

5. Business Process Owners: Various business process owners may have specific requirements for the AP automation tool. These might differ based on their unique workflows and needs. 

6. End Users: among the end users we find the AP team members. AP clerks are also important decision-makers as they directly interact with the tool on a daily basis. Their feedback and user experience are essential in the evaluation process. 

Effective collaboration and input from these decision-makers ensure that the selected AP automation tool aligns with the enterprise’s needs. 

Let´s zoom in on some of these decision-makers and take a deeper look at the different views. 

CFO 

The CFO is an important person who makes important decisions for the company’s financial health and success. Choosing AP automation software is a crucial decision for them. When the CFO is involved in selecting a solution, there are several considerations that demand careful evaluation. 

1. Functionality: the AP automation software needs to provide the necessary functionality to streamline the I2P process. This includes invoice data capture, coding of invoices, matching invoices against POs, approval workflows and escalations.   

2. Security: the software needs to offer strong security features to protect sensitive financial data and mitigate the risk of fraudulent activities.   

3. Easy to use: the software should be user-friendly and easy to use for all departments. From users of the system to team members who need access to it (AP department, approvers or controllers).   

4. Integration: AP automation software needs to be able to integrate with the existing ERP systems a company is using. 

5. Reporting: the software should offer insightful dashboards with relevant data for AP and management teams. Such data will enable them to gain valuable insights into the AP process and identify opportunities for improvement. 

6. Cost: consider the cost of the software. This includes implementation costs, subscription fees and any additional costs such as training or change requests.

Financial director / AP BPO / Head of AP 

Let’s examine the perspective of financial experts such as Finance directors, AP Process Owners, Heads of AP, or similar. These professionals delve deeper into the details of the invoice-to-pay process and thoroughly consider the factors below. 

1. Efficiency: the software should make the I2P process more efficient. The goal is to reduce costs and save time to process invoices and get the invoices ready for payment on time. 

2. Accuracy: the AP automation software should improve the accuracy of the AP process. By achieving high accuracy the AP department will reduce the risk of errors and improve the quality of accounts payable reporting.   

3. Autonomous: the selected solution should be able to automatically process an invoice and eliminate manual invoice processes. In case approval is required, the tool should provide approval workflow based on the implemented logic criteria. This will reduce the amount of time AP agents need to invest in operational tasks.  

4. Scalability: the AP solution should be able to scale as the company grows and the AP process becomes more complex. 

5. Support: The software company should offer support throughout the entire AP transformation journey, from initial implementation to ongoing optimizations. It is crucial to ensure that adequate training programs are available for all user types. Additionally, understand the company’s incident resolution process. Knowing how the supplier will address and resolve any issues that may arise, along with the expected time frame for resolution.

IT director  

The AP automation software the company selects must work in harmony with existing systems. Therefore, integration capabilities are an important aspect IT directors will consider. Additionally, they will also assess security, another key requirement the IT department will share with the CFO.  

1. Integration: as mentioned above, this is an important aspect to consider. The software needs to integrate with the systems in use. Besides, it should ensure smooth data transfer and reduce the risks of errors. 

2. Security: the software should provide robust security features. Some of these are multi-factor authentication, access controls and encryption to protect sensitive financial data.  

3. Cloud vs. On-premise: IT directors need to consider which type of software would be the best fit for their organization. 

4. Maintenance and upgrades: the software should be easy to maintain and upgrade, with minimal disruption to the company´s operators.   

5. Availability: The software should be available in case there is downtime or disruption. 

Conclusion: 

Choosing the right AP automation software requires thoughtful consideration from various decision-makers within an organization. Each role contributes valuable perspectives to ensure that the selected solution aligns seamlessly with the company’s needs and goals.

Would you like to learn more about how to choose AP automation software? Discover how Cevinio can meet the requirements of the different stakeholders today.