30 October 2023

Revolutionise Your Finances

Like many business functions, business finance has undergone an extensive transformation over the past few decades, thanks to the integration of technologies like accounts payable automation software to handle repetitive manual tasks. Within accounts payable automation software, there are several features – from accounting platforms to enterprise resource planning (ERP) tools and billing portals – all of which aim to simplify the lives of company finance teams.

Nevertheless, the sheer abundance of resources and features available today has made the task of selecting the most suitable accounts payable automation software a daunting challenge. With a vast market to explore, how can you be sure you have pinpointed the perfect solution that complements your TechnologyOne system?

We’d like to help guide you through this decision-making process. Throughout this article, we will highlight the key features to consider when evaluating which accounts payable software aligns best with your organisation’s unique needs.

What is accounts payable automation software?

Rather than spending large sums of time on repetitive, manual processes, accounts payable automation software is a digital solution that enhances and streamlines the management of the accounts payable process. It employs advanced technology to automate tasks such as invoice processing, approval workflows, document management, vendor record maintenance, expense tracking, and payment automation, including electronic payment methods.

The software seamlessly integrates with accounting and ERP systems, like TechnologyOne, ensuring real-time updates of financial records and offers robust reporting and analytics capabilities for informed decision-making. It optimises efficiency, accuracy, and transparency in accounts payable teams, ultimately saving time and mitigating the risk of errors for organisations.

Why should finance teams utilise accounts payable automation software?

Accounts payable automation software exists to make life easier for accounts personnel. By leaning into technology, finance teams can streamline and enhance the management of the accounts payable process by automating tasks such as invoice processing, approval workflows, and payment automation, therefore reducing manual labour and potential errors.

It also offers real-time integration with accounting systems for accurate financial records and provides robust reporting and analytics capabilities. By leveraging accounts payable automation software, finance teams can boost efficiency, reduce operational costs, enhance accuracy, and gain better control and visibility over their financial processes. Ultimately improving overall financial management and decision-making within the organisation.

What to look for in an accounts payable automation software solution

When selecting the right accounts payable automation software solution, there are several factors organisations need to consider.

1. Ease of use

If you’re investing in a new technology, you want to ensure your investment is easy to use. The software you work with should have an intuitive interface to enable quick adoption by your finance team. An easy-to-use solution minimises training time, reduces errors and boosts overall productivity. One such example of this is software that is ‘template agnostic’. Some accounts payable automation solutions require users to create a new template for each document type, whereas cutting-edge solutions build their own templates based on past knowledge.

2. Integration

Seamless integration with existing systems is essential for real-time data sharing and portability. This eliminates data silos, enhances efficiency, and ensures that your accounts payable processes align with your broader financial ecosystem. A common example is PEPPOL – the e-invoicing standard in Australia. Key integrations to look out for include line items, barcodes, bank details, handwriting, document classification, document data extraction, mobile app access.

If your solution doesn’t provide a pre-built integration process for TechnologyOne you will need to have it built especially. Selecting an accounts payable automation solution with an out-of-the-box integration with TechnologyOne Ci and Ci Anywhere saves time and additional expense.

3. Scalability

Ensure the software can accommodate your organisation’s growth and increased transaction volumes. Scalability avoids the need for frequent system overhauls as your organisation expands or evolves.

Solutions that leverage machine learning not only correct errors and exceptions efficiently but also continually improve performance over time – helping organisations future-proof and save on costs. By learning from its previous interactions, the solution becomes increasingly accurate, making it a valuable asset for your accounts payable processes. This adaptability and self-improvement contribute to the software’s scalability, as it can seamlessly handle a growing volume of invoices without compromising accuracy or requiring constant adjustments, making it a truly hands-off, set-and-forget solution after the initial implementation and training investment.

4. Invoice capture and processing

Automated invoice capture and processing significantly reduce manual data entry. This not only saves time but also minimises the risk of human error when inputting invoice information.

5. Automated approval workflows

Customisable approval workflows align the software with your specific processes. This customisation streamlines invoice approval, enhances control, and ensures adherence to your organisation’s policies and governance requirements.

6. Document management and accuracy

Centralised document storage simplifies audits, ensures compliance, and offers easy access to historical invoices and related documents. This feature aids in maintaining organised and audit-ready records.

7. Payment options

Support for multiple payment methods, including electronic options, provides flexibility. It meets vendor preferences and reduces payment processing costs while modernising your payment practices.

8. Security and compliance

Robust security measures protect sensitive financial data, while compliance with industry regulations ensures your financial operations meet legal requirements and maintain data integrity.

9. Reporting and analytics

Advanced reporting features offer valuable insights into spending patterns and financial performance. This data-driven approach helps you make informed decisions and identify areas for cost savings.

10. Cost-effectiveness

Evaluating the solution pricing model and potential return on investment ensures you’re getting value for your investment. It helps align costs with the benefits gained from streamlining your accounts payable processes.

An accounts payable automation solution like no other

While selecting the right accounts payable automation platform that is compatible with TechnologyOne for your organisation may require a little bit of up-front work, you’ll be much happier if you choose a solution that can adequately meet all of your needs.

At Lánluas, we are proud to offer all of the above features, and more, through our DatamationTM solution for accounts payable automation. The process automation solution enables straight-through processing from invoice receipt to data input into TechnologyOne, in conjunction with our award-winning and best-of-breed strategic partner, Xtracta.

DatamationTM provides AI-powered data extraction software and OCR (Optical Character Recognition) solutions to help your organisation with all kinds of document automation. Powered by artificial intelligence (AI), DatamationTM automatically extracts information and captures data from documents, whether they are scanned, photographed or digital.

Perfect for document types like invoices, receipts, contracts and more, extracting data has never been easier as DatamationTM doesn’t require manual template setup. By using machine learning and big data, it can scale to a limitless count of document designs.

The Lánluas DatamationTM accounts payable solution has a reported minimum accuracy of 99% for its customers. This is achieved thanks to improved accuracy via machine learning, database verification, validations, and business rules.

Discover how simple invoice management, tracking, and payment can be. Get started by scheduling a discovery session today!

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