The Ultimate Checklist for Choosing the Right AP Automation Solution - Downloadable Guide

Selecting an accounts payable (AP) solution can be a daunting task. AP function is a critical driver of your business success, so it is vital to select the right tool to meet your organization's needs.  

Unfortunately, because of the growing number of AP automation providers, the emergence of new and unique business models, and the complexity of implementations, about 40% of transformation projects end in no decision and companies choosing to stay with the status quo. Our goal is to change this statistic by providing you with clear steps to help make an informed decision. 

If you are at the point of assessing AP automation solutions, you have already identified this area as a pain point or target for growth - so ending the process with a decision to maintain existing systems can be deeply disappointing. Use our ultimate checklist for choosing an AP automation solution to make a decision you feel confident about:

Internal processes and buy-in

1. Align with internal processes
When considering an AP automation solution, you’ll want to make sure that the software integrates smoothly with your existing workflows. It should minimize disruption and maximize efficiency by automating manual and repetitive tasks.

2. Stakeholder engagement 
Engage stakeholders early in the selection process to gain buy-in and address their needs and preferences. Their input is crucial for successful implementation and adoption of the new solution. 

3. Balance long and short-term objectives 
Consider scalability and flexibility when choosing an AP automation solution. Ensure that the solution can adapt to future business needs and growth. If planned correctly, AP automation solutions can enable companies to transform their business model, generate new revenue streams, and capitalize on critical discounts that help promote financial health. 

Risk assessment and scalability

4. Data security and compliance
Prioritize solutions with robust data security measures to protect sensitive financial information. Ensure compliance with relevant industry regulatory requirements, such as GDPR or HIPAA.

5. Scalability and future-proofing
Choose a solution that is scalable and flexible to accommodate your organization's growth and changing requirements. A solution that is scalable will seamlessly integrate with your current system while leaving potential for adaptation in the future.

6. Change management best practices 
Change management is crucial because it helps organizations navigate resistance, ensuring that new initiatives are effectively adopted. It minimizes disruption to operations by carefully planning and communicating changes, leading to smoother transitions. When looking to implement significant changes to your organizational systems, it’s vital to develop a comprehensive change management plan.

Solution functionality and fit

7. Mobile accessibility
Consider solutions that offer mobile access, allowing your team to manage AP processes on the go. Like many other business areas, AP departments have quickly embraced remote work practices in recent years. An ideal solution should enable teams to complete their tasks from anywhere, whether it's approving invoices, validating outgoing payments, or accessing financial information - without being tied to their desks. 

8. Reporting and visibility 
Look for solutions that provide comprehensive analytics and reporting capabilities, so you can gain insights into your AP process performance and identify areas for improvement. AP automation solutions can be a powerful tool in a CFO’s toolkit, especially if they provide more visibility into cash flow and financial health. Prioritizing reporting and analytics in your solution can generate significant benefits.

9. Integration with other solutions 
Ensure seamless integration to avoid data silos and improve efficiency. By choosing solutions built to work in unison and that have a reliable way to transfer and consolidate data, finance teams can unlock greater efficiency and insights into their overall corporate performance. 

10. Partner with a payment provider
There are many options to employ external assistance for the AP process – including engaging a third-party vendor to manage invoice and billing processes. Many tools offer this as an option and it can lead to payment rebates, improved security, smoother vendor relationship management, and more. Considering this feature during your AP automation solution assessment can present an opportunity to gain even more benefits from your transformation project. 

Provider's support and culture

11. AP solution vendor reputation
Choose a reputable vendor with a track record of successful implementations and excellent customer support. Research user reviews and ask for references to gauge the solution's performance and reliability from other users.

12. Training and support
Ensure the vendor provides adequate training and ongoing support to help your team effectively utilize the AP automation solution now and in the future. Support should ideally not be just during the onboarding process. Choose a vendor who will continue to support your team with solution updates or changes.

Choosing the right AP automation solution requires a careful balance of considerations, from aligning with internal processes and gaining stakeholder buy-in to ensuring scalability, flexibility, and data security. By following this checklist, your organization can successfully select a solution that not only meets your current needs but will also prepare you for future challenges and opportunities in the evolving business landscape.