I know I have been writing a lot about competition and AP Automation. When I first started this series I was hoping I was onto something that has been bothering the accounting community for a long time now.
What Is It?
For the longest time, and I don’t see this changing anytime soon, companies have been looking at two or three different AP Automation service providers in the hopes that one will rise above the other. Much to their frustration, generally, there is no clear winner. The reason for this is there is only so many ways you are able to digitize an invoice, put that invoice into an approval process and present that invoice to an accounting system for payment.
I hope that I have gone beyond the surface. If you simply look at the surface you will not get enough information to make a decision on a service provider. If you look at things like the list below you will get a much better view of the service providers.
If you really look beyond the above list, which I like to call the verses list… it’s a list that will give you clear separation from one company to the next, but if you only look at each of the elements you still haven’t ask the big competition questions which are:
- How will I optimize?
- What is the best payment method for my company?
- Which way will I deploy?
- What is the best way to justify and communicate?
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