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When Buying an Accounts Payable Automated Processing Software Solution, what are the six most important features (other than cost) that software must have?

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Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

Hi Anon
If you could expand a little on the context, it may help provide relevant components of a solution.E.g. here are a few posers, which may already imply certain features:

1. What types of AP do you want to automate? Trade vendors, general admin vendors, employee expense reports, domestic vs international, etc?
2. Do you buy raw materials, finished goods, technical or professional services?
3. Do you have inter company purchases? Transfer pricing agreements in place?
4. Do you buy under formal contracts, PO's, bulk PO's etc?
5. Do you need document/content management capability (from scanning and attaching images of contracts, invoices to document approval via workflow)?
6. Do you/can you interact with key vendors via EDI (for orders, acknowledgements, ASN's, invoices, etc)?
7. What does your current ERP vendor offer in this area-either by way of extended functionality or a partner add-on?
8. Is your industry heavily regulated (e.g. FDA)?

Regards
Len

Robert Israch
Title: Chief Marketing Officer
Company: Tipalti
LinkedIn Profile
(Chief Marketing Officer, Tipalti) |

I would say:
- Certified ERP integrations for automatic payment reconciliation and syncing invoices, payment status, etc
- Cloud-based
- Evidence of time savings / ROI
- Self-service payee onboarding (data validation based on payment methods / country), payee payment status and payment history communications
- W8 / W9 tax form collection / validation / withholding calculations
- Cross-border payment remittance across every country and in diverse currencies and payment methods (ACH, eCheck / global ACH, Wire transfer, check, etc)

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