In a saturated market of invoice automation software, it can be hard to find the right solution. In this article, we aim to help finance managers and directors determine what features should be seen as the pillars of a good tool. We will also explain why are they at the core of the best products.
You must have landed on this blog post because you’ve determined invoice automation is the next logical step for your company. We agree. However, you must have also met your next roadblock - the vast amount of options available on the market. If you are overwhelmed by it and no longer sure what is that you’re looking for - you’re at the right place.
Different businesses have different needs, hence there’s an endless supply of solutions. That said, we won’t choose the best product for you. What we will do, on the other hand, is point out three pillars on which the best solutions are built, so you know what to prioritise when reading through mesmerising copies describing all the powerful features different platforms have. Remember, sometimes simplicity is more impactful than variety.
What Are the Benefits of Automated Invoice Processing?
Automating the process of invoicing bears many benefits. They range in size and importance. Here are some of the main ones:
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Reduced probability of human error
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Transparency and visibility for every party involved
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The process runs quicker and smoother
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Improves the relationship between the client and the vendor
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Saves time by reducing admin work
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Collects valuable, analysable data
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Puts you in control of what the process looks like
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Centralises the process on one platform instead of switching tabs
This is a very short, condensed list highlighting some of the most important pros. We are sure you can find a more granular version elsewhere - alas this is not the purpose of this article. Instead, we want to help you choose a solution that’s best for you.
Features to Look Out for in Invoice Automation Software
The market has a lot to offer. There are invoice automation solutions for companies of all sizes, across all sectors and, naturally, they offer a wide range of features. They differ from vendor to vendor, depending on who their target audience is. However, there are some features that are universal for every solution. In fact, if they are not present, we strongly consider you go looking elsewhere.
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Integration with Other Systems
This is, hands down, the most important factor to consider. An invoice automation software cannot and will not operate smoothly unless it works in tandem with other solutions. Simply put, it pulls the data from your other tools, such as timesheets, to populate the invoices with relevant data. It is also in your best interest to have it linked with an accounting package, so the invoices are automatically transferred there for more thorough reporting and better visibility. All this is achieved through integrations. So, once you find a solution that sounds like the best choice for you, take a moment to run through the list of systems they integrate with.
Depending on how much time you have on your hands, not spotting the tools you currently use on the list of available integrations doesn’t mean you should give up on the software of your interest altogether. It’s always worth it to get in touch with the vendor. Sometimes, companies only list the biggest platforms they integrate with to keep their website copy short. Others are willing to work with you on building an API to create the connection you need - sometimes even free of charge. So, if you are really smitten with the solution and that’s the only thing holding you back from committing - simply ask! You might be pleasantly surprised.
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Sleek Dashboard and Thorough Reporting
What you want is quick access to the metrics that matter the most. Namely, the moment you log into the system. This is why the primary page should be the dashboard by default, where you can see the analytics in either real-time or for a selected time frame. Since each company prioritises different metrics, it’s important you have access to your dashboard’s customisation. And the more freedom you have with it - the better.
Another side of the coin is reporting, which is meant to give you a more granular and thorough look at your data. Similarly to dashboards, you want to be able to customise and filter as much as possible. You can often automate reports to be generated and delivered to your inbox at the preferred frequency. Additionally, some solutions will offer in-built reporting templates, while others will allow you to build your own. At Timesheet Portal, we offer our clients both options. On top of that, each of our pre-built templates can be customised, serving as a great base for custom reports if you don’t feel like building one from scratch.
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Customisable Workflow Creation
The whole purpose of getting invoice automation software is to make your workflows smoother and with less manual work. It is therefore important you have control over what elements you automate and which are either not a priority at the moment or should be dependent on human judgement. With that said, you need to seek out a solution that gives you full control over your workflows. In fact, this should spread to how your integrations run too. All in all, our point is that you should be able to design, customise and adjust your workflows the way you want, without software limiting you.
However, it’s worth to remember that due to a highly competitive market, many platforms offer a variety of features, some more complex than others, some found within a click and others buried deep within the software. If possible, we always recommend requesting a demo, to get a specialist to actually show you around instead of trying to figure things out on your own during a free trial. There’s always a chance the solution you’re dismissing as unsuitable due to lack of functionality is exactly what you need - you just haven’t found what you’re looking for.
Summary
Depending on your company’s size, sector of service, volume of daily or weekly invoices and many other factors, your requirements for invoice automation software will be different. However, are three key elements every solution should have to meet to provide the basic functionality. These are integration with other systems, analytics and the ability to easily blend into both existing and new workflows.
It’s important to remember that sometimes these features aren’t directly spelt out by the vendors, but this shouldn’t be the basis to assume they’re not present. The best course is to get in touch with the software provider to double-check as, sometimes, they are simply seen as essentials every system should include by default. The additional functionality built upon these pillars will always differ and the choice will depend on your unique needs. With that said, we hope this article helped you narrow down the list of the tools you’re interested in.
And if Timesheet Portal is one of them, we urge you to get in touch.
