Will the A/P software suite you have in place be able to meet your company’s payment volume, compliance and security goals for this year and beyond?
If you’re not sure, it may be time to huddle with IT and your CFO to assess whether what you have will be adequate or if it’s time to take a look at newer A/P software.
Is A/P software refresh needed?
Experts say that if any of these apply, an upgrade might be needed:
- Have there been staff complaints? If employees are saying something is time-consuming or hard to use, take note. The root cause of delays or missed deadlines might be inefficiencies with current software. Maybe it’s the A/P software integration with your accounting system that needs improvement.
- Could payment efficiency be improved? If invoice approval workflows are slower than they should be, or if there are areas in your A/P process that still involve manual tasks, perhaps a different software solution can help.
- Are you still using spreadsheets? Relying heavily on multiple spreadsheets means possible data entry errors. Updated A/P software can quickly spot potential data entry errors early in the process.
- Are there hiccups with remote workflows? In hybrid work environments, secure access to digital files anytime on any device is a necessity. Cloud integration allows for work flexibility without the need for significant tech infrastructure investment.
- Will outdated systems become a pain point? Software that can’t seamlessly integrate with newer apps, lacks essential security updates to prevent crippling cyberattacks or lacks reliable tech support can lead to major productivity issues.
- Is your system’s invoice data capture not as accurate as it used to be? Today’s optical character recognition and intelligent character recognition can prevent a misplaced decimal point that causes costly underpayments or overpayments.
- Can your system support multiple digital payment types? Having as many vendor payment options at your disposal as possible can make cash flow management easier. If your A/P software doesn’t allow you to make payments via ACH, single-use virtual card and p-card, you could be missing out.