Three-Step Guide To AP Automation Implementation Success

Successful implementation of accounts payable (AP) automation projects are not merely the result of good luck. They are the sum total of good planning and excellent project management, and the hard work of a dedicated team of finance people. From sorting out your requirements to making it go live, the journey leading up to the complete automation of your AP system may seem overwhelming. Every step poses unique challenges. Fortunately, with careful preparation, smart utilization of proven strategies, and an actionable blueprint, you can ensure your organization's success in this regard. Here is a three-step guide that would make your AP automation project a surefire success.

Step 1: Know Your Priorities

The first step to your AP automation journey is to identify long and short-term organizational goals. Ask yourself if they align with your specific AP issues. Consider tying up with a partner who has a thorough understanding of AP automation and the industry best practices related to its implementation. A knowledgeable partner will not only help identify your AP issues, but will also help you categorize them according to your priority. Above all, your partner will help you with a phase-by-phase implementation, so that the company can take its transition to a more sophisticated system in a seamless manner.

Step 2: Select the Right Solution

Embracing just any AP solution will not do; you will have to invest in a solution, which is capable of handling several complicated AP tasks at once.

You should look for a solution that can provide multiple vendor support and line level authorization, can support credit note matching, make debit note and is capable of CIS invoice processing.

The ideal solution would be the one that would scale as your organization grows and expands. In addition, it must also support a phased implementation to suit your priorities.

The solution should also help you streamline all other finance-related functions such as purchase, expense management and organization-wide document-based processes.

Step 3: Draw out a Roadmap to Automation

Now that you have set your priorities and have selected a scalable solution that would support your organization's growth while rightly addressing your AP issues, it's time to draw out a roadmap for actual implementation. It should provide a detailed guideline to your transition to a more sophisticated payment system. At the same time, it should align it to your company's unique needs. Such a roadmap enables AP teams to deal with the issues in sequence and enjoy the benefits of automation through each phase of implementation. It also helps bring vendors on board for further streamlining of the payment processes.

As your AP team progresses through the phases of implementation, it becomes easier for them to sort out problems and systematize the process. As the internal performance improves, it becomes easier for the company to handle exceptions and comply with the suppliers' terms and conditions. All these enable the AP team to provide more value to the business.

Steering an AP automation project from blueprint phase to reality can be overwhelming. However, it's absolutely worth taking the effort. The rewards you reap from it in the long-run far exceeds your investment, and the credibility you build proves to be extremely valuable for further business growth.