5 More Questions Your Accounts Payable System Provider Should Be Able To Answer
You have quite a large number of options to choose from when selecting an Accounts Payable system provider. To make sure you’re getting the best fit for your company, there are several questions you’ll need to ask the different software providers you look at. How they answer these questions will help determine which one is the right fit for you. We covered five questions in a previous post, and today we’ll talk about five more questions your AP provider should be able to answer.
1) Does It Help Prevent Fraud?
You want an AP system that will help strengthen your internal controls and prevent fraud. Since money leaving your company goes through the AP department, it’s a prime target for fraudsters both within your company and outside it.
At its best, AP automation makes it much easier to employ 3-way matching, keep vendor information up to date, and track invoice activity. The system should have customization controls built into it that will help you catch duplicate or fraudulent invoices. Ask the AP software providers that you’re considering what tools their system provides for catching and preventing fraud.
2) What Search Methods Does It Support?
Information processed by an automated AP system won’t do much good if you can’t access it. You want an automated system that improves document management and workflow. Its electronic filing system should be easier to use than whatever system you had before.
Ask questions about how the search function works. Ideally, it will be able to search using document indices to find tagged files as well as using a full-text search to find documents that include a specific word.
3) How Do The Reporting Tools Work?
Before choosing an AP automation system, you’ll want to find out how the reporting tools work. What sort of information does the system log? How easy is it to access reports? Does the system include integrated reporting tools or will you need to use third-party reporting tools?
The best AP automation systems will track every event and change, putting all the details of an invoice’s processing at your fingertips. This information will be available while the invoice is being processed as well as afterward. That gives you more control over invoice processing as it happens and makes audits easier.
4) Will I Be Able To Expand?
Keep future expansion in mind when you’re only looking at AP automation software. If you like this software system, will you be able to purchase other software modules from the same provider? Mixing-and-matching software rarely works well, so if you’re thinking of expanding your software suite make sure your AP provider offers other modules.
Take us for an example. NextProcess offers software for capital project management, travel and expense reporting, digital document management, payment solutions, and purchase orders in addition to AP automation software. They’re all designed to work equally well on their own or together so you don’t have to worry about software incompatibilities.
5) Can I Try It Out?
You won’t really know if you like a system until you get to see it working in real life. When shopping around for AP automation software, ask if you can see it in action. Even better, can you try it out to see how it works for your company?
To see how NextProcess software works, simply contact us to set up a demo. It’s no-strings-attached and no cost. Just a chance for you to see first-hand how much our software can help you improve AP processing in your company.