5 Essential AP Automation Features for Enterprise
Automating accounts payable undoubtedly provides substantial benefits to a company, including reducing costs and improving efficiency. However, before implementing, it’s important to be aware that, like many things in life, there is no such thing as a one-size-fits-all solution. When considering implementing an accounts payable automation solution fit for an enterprise business, it’s important to know what features are essential. From e-invoicing to fraud prevention, there are a few key AP automation features that any solution claiming to be fit for enterprise should offer.
1. E-Invoicing
Sure, every AP automation solution on the market claims that they do e-invoicing. But what truly defines an electronic invoice? A high-level solution will go beyond simply uploading an image, or outsourcing invoices (that AP will likely have to go out of their way to correct anyway). A useful solution will digitize each invoice, regardless of the format the invoice is submitted. Then, through either portal entry or AI and OCR technology, every invoice is received by accounts payable the same way—accessible and ready for approval in the online solution portal. This provides simplicity for AP, and flexibility for their suppliers.
2. Comprehensive Searchability
Electronic invoices can be frustrating to deal with if it’s difficult for AP to go back and find them. Whether it’s for auditing or pulling reports for departmental purposes, searching for invoices should be simple. With comprehensive search fields (such as searching by vendor name, date, PO number, etc.), electronic invoices take just seconds to retrieve.
3. Ad-Hoc Reporting
On top of comprehensive searchability, accounts payable should be given the ability to easily pull and run whatever type of report they want/need.
4. Unlimited Users
Unlimited users means that the necessary people across departments will be able to access relevant AP info—be it for correcting exceptions, approving, or simply taking a look into how AP is performing.
5. Fraud Prevention
With how big of a threat AP fraud is for even the most successful companies, a solution should offer extensive measures against fraud. These measures include duplicate invoice flagging, validating vendors, 3-way matching, automated approval process, and detailed invoice history and tracking.
AP Automation Features for Enterprise
When looking for an AP automation solution for your company, it’s crucial that you find one that’s the right fit. Solutions for small to medium sized businesses simply aren’t equipped to handle an enterprise business’s large-scale processes and number of invoices. Keeping these 5 features in mind will be a huge aid when seeking the best automation solution for enterprise.