Top 4 Features Before You Choose an Accounts Payable (AP) Software Solution
Are your accounts payable (AP) processes still manual? Then you might be familiar with how time-consuming, error-prone, and labor-intensive it can be. This outdated method makes you prone to accumulating backlogs that can delay payments and affect your ROI. Thus, successful companies prefer to use accounts payable software solutions to eliminate these problems and gain control of their finances.
It’s time you do the same. Robust AP software will improve your invoice processing and offload your team of laborious and repetitive tasks. If you are looking for the best account payable software, be sure to look for the following features:
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Choose accounts payable software solution that uses AI-based OCR to draw data from invoices while robotic process automation to validate business-specific rules. The platform should be capable of sending the invoices automatically to your financial system.
Find a solution that allows custom approval mechanisms and customized filters for creating ad-hoc reports and audit logs. The software should process invoices round-the-clock to eliminate backlogs.
Custom business rules
The accounts payable software solution should use straight-through processing to reduce the need for manual intervention. With this feature, a master invoice bot has the related words the system can refer to for acquiring essential fields found in the SLA.
The software must ensure 100 percent accuracy and only use 10 percent human effort for exceptions. Consider software that can generate a report containing the consolidated exceptions or errors at least four times a day.
About the company
Since 2004, Calpion has provided cutting-edge technology, business solutions, and services to medium-sized companies and enterprise customers. It aims to provide customers with high-quality solutions, such as accounts payable automation, application development, maintenance and support, and cloud-focused IT infrastructure management services.