If you’ve ever asked the question ‘How do I find the best accounts payable software for my business?’, today’s post is for you. Turnkey accounts payable software should digitize the process, introduce automation, streamline audits, support diverse payment options, and simplify your business operations. For those who’d like to know more about accounts payable, an extensive collection of resources describing its processes can be found here.
The account payable software market is undergoing an unprecedented expansion. Today, the market is valued at approximately $9 billion and it is expected to hit $17.6 billion by 2028. With this growth comes multiple industry players looking to carve a share of the market using software. Hence, the average customer has a plethora of options to choose from and is overwhelmed. However, there are specific criteria that when taken into consideration would help you make the right choice. Let’s take a look at them.
Accounts Payable Automation: The Criteria
- Ease of Use – Onboarding a new product whether it be a service or a software application changes things. This change could be for the best or for worse depending on how easy the solution is to use and how quickly targeted employees embrace change. A best-in-class accounts payable software should be intuitive and easy to use by the average user.
- Enhances Data Collation – Small and medium-sized businesses reconcile hundreds of invoices annually to make accurate and on-time payments to vendors. Manually collating invoices is time-consuming and prone to error hence, a solution that simplifies the data collection process should be prioritized. Features such as a centralized dashboard, extensive storage space, and invoice-capturing tools help simplify the collation process.
- Automation – As stated earlier, the accounts payable process is time-consuming which leads to errors and delayed payments. Accounts payable software that integrates automation by streamlining calculations, leveraging historical data to forecast payment dates, and capturing your vendor’s specific requirements speeds up the process.
- Integration with Your Accounting Software – Approximately 64% of small and medium-sized businesses use accounting software to manage payrolls, store invoices and keep financial records. If your business falls into this category, then you would want an accounts payable software that piggybacks on your financial data to ease the onboarding process.
- Multiple Payment Options – Generally, the average vendor has a specific payment option or process they are comfortable with. These payment options may include electronic transfer, e-checks or physical checks. Accounts payable software that supports multiple payment options ensures that you can complete the entire payment process using the chosen application.
- History and After-sales Support – The accounts payable software you consider should have a history of deployment or use within your industry. An application with excellent referrals highlights the fact that users, like you, have digitized and simplified the accounts payable process using the software. You should also consider the after-sales support the software developer provides. This ensures if you run into any technical challenges, you can rely on experienced technicians to eliminate them.
- Security – Your financial records are important data sets that show the health of your business, provide auditors with accurate information, and investors with cash flow-related insights. Hence, data security features such as extensive user authentication processes, customizable checks, and digital signatures can protect accounts payable data.
A Turnkey Accounts Payable Software Will Elevate Your Business
Whether you own your own small business or work in accounting, manufacturing, or construction just to name a few, accounts payable software provides the tools to simplify your process of paying vendors. It is important to note that you can get the best services and features highlighted in the checklist above, within a single software. so, do not settle for less.
To ensure you know what your business will be using, it is recommended that you request a live demonstration covering the software’s use. The demonstration will showcase how easy the software is to use, its payment options, the accounting platforms it integrates with, and the security features within the application. Choosing the right option will save you time, optimize your accounting capabilities including printing to blank check stock, and improve your business relationship with vendors. TROY FlexPay is a turnkey solution with the features and capabilities to digitize and streamline your accounts payable process. The intuitive application integrates with QuickBooks Desktop and Online to create a centralized source of truth for your accounts payable requirements. Lastly, TROY FlexPay supports your electronic transfers and the secure creation of both digital and physical checks.
Request your demo today.