Choosing an AP automation solution provider calls for a lot of research. You need to weigh in several options to ascertain which AP automation solution vendor is perfect for your business. It’s important to understand that not all providers are the same. Therefore, ask three of these most important questions.
1. Does the OCR Solution Use a Pre-designed Template or Is It Flexible in Nature?
There are several ways in which optical character recognition (OCR) solutions function. One method is the use of pre-defined templates that tell the scanning solution the specific areas to look for in order to fetch the data. This includes such information as invoice date, invoice number, purchase order number, and more. However, templates are time consuming to create, and can be pretty difficult to handle. So, if your business needs to manage more than 50 to 100 templates, this solution is not for you. Instead, opt for the intelligent learn-by-example OCR system that incorporates a knowledge base of key terms that the system would automatically search on the document to determine the related information.
2. Can I Configure the Accounts Payable Workflow Process to Match My Business Process?
When businesses receive non-purchase order (PO) invoices, they do normal ledger coding, and are also required to accept the invoices for making payment. While doing this, no two businesses do these tasks in the same manner. So, it’s important that you look for an accounts payable automation solution which can be easily configured to support your organization’s business processes.
3. Does the Automation Solution Come with Inherent Reporting Functionality and is it Compliant with the System’s Security Mechanisms?
Automation solutions do come with inherent reporting functionality and leverage fundamental security mechanisms. Businesses that integrate security mechanisms into their automation solutions do it to control unauthorized access to sensitive data. This means that confidentiality of information is not compromised when you use automation solutions that incorporate the security mechanisms.
Do not forget to ask these basic questions when looking for an AP automation solution provider. If you have further questions, feel free to contact us now.