Jul 12, 2018 10:26:15 AM
In the past few years, the industry has exploded with automated electronic accounts payable solutions. While it’s good to have options, sometimes sifting through all of those providers can be daunting. How do you know which provider offers the accounts payable solution that’s best for your organization? Where do you start? What questions do you ask? Here’s a checklist to help you get started.
First you must understand what’s working well in your organization … and where you need improvement:
With so many companies offering EAP platforms, it’s important to both do your own research and ask the provider these questions directly:
Also, remember that just because a company has been in business for many years, it doesn’t mean that they have been providing electronic accounts payable solutions for many years as well. Ask specific questions about when, how and why their EAP platform was developed.
Now here’s the nitty-gritty tech stuff. What changes (if any) will your organization have to make internally when implementing the new automated AP solution? And you definitely want to understand whether your organization’s IT department will need to be involved and to what extent:
Pricing structures can vary widely. Some providers may not charge anything upfront, but be sure to check for ongoing fees (such as a monthly or annual subscription fee) or costs associated with additional tech support. And the timeline for implementation is critical. Will it take two weeks? Two months? Or longer? These timelines are often vastly different from provider to provider, so make sure you read case studies and talk to their other existing customers to get an accurate idea of timelines.
Based on how each provider responds to these questions, you can then make an organized list of pros and cons for each. There isn’t a one-size-fits-all solution for electronic accounts payable. Educate yourself, and then talk to others who’ve been through this process. Join a LinkedIn group, such as Accounts Payable Professionals or IOFM, and ask if other AP professionals in the group have ever worked with the provider you’re considering. It’s worth doing your homework.
At Kontrol, we're not just experts on virtual card payments - we can help connect you with the right solutions for all your payments needs. If you're interested in learning more about how electronic AP can help your organization grow and thrive, drop us a line.