Whether you’re you looking to remove manual and paper-based AP invoice processes with automation or want to increase the level of automation in your current process, this blog post will help you get started with 6 actionable steps.
In order for your project to be successful, you need to clearly define the scope:
The key here is to look at your current process and focus on where your pain points are so that you ensure the solution you select addresses these crucial areas, rather than less problematic sections that would be “nice to have”.
The Enterprise Resource Planning (ERP) system or financial system is the most important dependency when considering a new AP automation solution.
It is crucial that your new AP solution has a powerful, stable and seamless connection to the ERP to ensure effortless synchronization of your master data – including everything from general ledger accounts and payment terms to purchase orders and tax codes.
Today, there are many AP automation solutions available as a standard cloud service, hence reducing the involvement needed from your IT team to a minimum. Still, you need to ensure your IT stakeholders are on board:
Just like when you are planning to buy a new car or book your next holiday trip, make sure you do thorough research using different information channels:
Then put the requirements list you have compiled through steps 1-4 of this checklist into a spreadsheet (see sample below) and evaluate how well each solution can match your needs.
It’s crucial that you present the right information to each of your internal stakeholder groups. IT stakeholders will need to know how much resources will be required from their teams to implement and maintain the new solution, whereas Finance stakeholders will focus on cost vs. savings (ROI calculation) as well as any risks involved.
Your ROI calculation should include: