What Features Should an Accounts Payable and Analytics Solution Provide?
Accounts payable and analytics works hand-in-hand with your in-house employees or accounting firm to boost your productivity, limiting the time and resources required to keep your invoices organized and categorized.
However, not all accounts payable solutions are the same.
Here are some of the features to look for when comparing accounts payable and analytics software:
One of the greatest aspects of automation is its ability to reduce paper clutter while also simplifying tasks. The best AP software keeps track of your invoices, allowing users to organize, sort and search through invoice data quickly and efficiently.
Accessibility and Search Features
Look for a system that can import paper invoices, converting them into digital files without losing any information. You should be able to sort invoices by multiple criteria and have access to them anywhere for maximum flexibility.
Most importantly, you should be able to include your old invoices in the system. This gives you the power to sort through invoices quickly for audits or anything else with a simple search query.
When you need to pull up an invoice, multiple display options are always a plus. The best AP software lets you sort by date range, invoice number, vendor or status (e.g., paid, unpaid, held, disputed).
Your software should also be able to organize your invoices, coding them correctly and applying them to the correct financial period so they’re ready to pay when you are. Line Item Extraction (LIE) is a feature that should be taken advantage of to ensure you have all the data you need for Analytics.
To prevent errors, robust categorization options are also a requirement for accounting software. You should be able to customize your chart of accounts using a variety of options, including numerical systems, tags and other criteria that work for your business.
Along with invoice features such as LIE, good automated analytical software will include insightful information so you can maximize your bottom line. Easy and quick to read graphs along with alerts are features that will help you save time and run a healthy business.
You should have real-time access to individual store spending so you can address issues as soon as they arise — not once they’ve gotten out-of-hand. You should also be able to track spending by category and product, with graphs that compare spending from one period to the next. You’ll be able to see and compare your biggest purchases and make educated decisions for future ones.
With proper price alerts, you can set a specified threshold for purchases. When this threshold is breached, you’ll receive an alert so you can easily keep track of variances. You can negotiate the best prices with your vendors, but they may not always remember these prices when you make a purchase. With price alerts, you can correct the issue before it becomes a major concern.
“Best Price” Comparisons
Automation software can give you purchasing power, too. Choose a software that can compare SKUs, giving you the lowest prices from multiple vendors. With this information, you can negotiate pricing with your vendors, saving money and time.
Choosing the Best Accounting Automation Software
Perhaps most importantly, your Accounts Payable and Analytics software should be scalable, growing with your company and providing what you need when you need it.
Sourcery has all these features and much more — plus, it saves time and money, and it’s easy to use. It’s designed to meet all the needs of your business, with all the features listed above and more. From invoice organization to mobile payments to analytics and purchasing power, Sourcery gives you everything you need from an accounts payable and analytics software.