Accounting department decision makers know that their manual Accounts Payable (AP) process is time consuming, labor-intensive and risky. But, in order to bring the finance department into the 21st century with AP automation, you have to evaluate a number of solutions on the market, some of which don't even work with your ERP system.
It's important to have a good understanding of today’s Accounts Payable automation landscape in order to make a more informed decision about which solution will work best for your organization.
An ideal solution must be comprehensive, affordable, secure and seamlessly work with your organizations current workflows and processes. Can most solutions meet all these needs? Unfortunately, most accounts payable automation solutions fall under these three categories:
- Invoice capture and approval solutions that focus on extracting information from paper invoices and handling electronic invoices.
- Document Management solutions that store key documents and help you move towards a paperless department.
- Payment Execution solutions that actually process and make payments to your vendors.
The fourth, and most important, category that you must consider brings automation to invoice processing and payment execution:
- End-to-end solutions that capture invoices, manage invoice approvals, store documents, and allow you to authorize payments and execute payments automatically.
MineralTree Invoice-to-Pay delivers advance, easy-to-use invoice-to-pay solutions to streamline AP and payments. To read more about the landscape of AP automation and how to choose a solution for your accounting department in our whitepaper titled, “The Landscape of Tech Around Accounts Payable.”
by MineralTree