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What are the best practices for selecting an invoice processing system?

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Invoice processing is a vital function for any business that deals with suppliers, vendors, or contractors. It involves receiving, verifying, approving, and paying invoices for goods or services. However, manual invoice processing can be time-consuming, error-prone, and costly. That's why many businesses are looking for an invoice processing system that can automate and streamline the workflow, reduce errors and fraud, and improve cash flow and compliance. In this article, you will learn what are the best practices for selecting an invoice processing system that suits your needs and goals.

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Ankush Sharma

Accounting Outsourcing & Offshoring Expert I US & UK Accounting I Finance Director I FP&A expert I Business Consulting…
Amanda Rogers

Director @ WLM Accounting | MBA, FCPA, CA
Ali Ammar

Financial Analyst, FP&A, NCL, APFA, CA Finalist, x Khalis, x RBI (RSRIR), IFRS, ISA, FinTech

1 Define your requirements

Before you start comparing different invoice processing systems, you need to define your specific requirements and objectives. What are the pain points and challenges of your current invoice processing method? How many invoices do you process per month, and what are their formats and sources? What are the key features and functions that you need from an invoice processing system? How do you measure the performance and benefits of invoice processing? How much budget and resources do you have for implementing and maintaining an invoice processing system? Answering these questions will help you narrow down your options and prioritize your criteria.

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Ankush Sharma

Accounting Outsourcing & Offshoring Expert I US & UK Accounting I Finance Director I FP&A expert I Business Consulting I EPM Cloud
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Some of the important considerations are: 1. Type(e.g. paper, electronic) and volume of invoices process. 2. Choose a flexible system that is adaptive to increased volume and growing business. 3. Selected system should have the capability to meet the industry specific and general regulatory requirements.

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Amanda Rogers

Director @ WLM Accounting | MBA, FCPA, CA
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A great invoicing system is not only automated, it is easy to use and integrates with general ledger, has or integrates with debtor chasing and business intelligence tools. For many of our clients Xero does the job and others use tools that integrate with Xero.

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2 Compare different solutions

Once you have a clear idea of what you need, you can start comparing different invoice processing systems that match your requirements. There are various types of invoice processing systems, such as cloud-based, on-premise, or hybrid solutions, that offer different levels of functionality, scalability, security, and integration. You should also consider the user-friendliness, reliability, and support of each system. You can use online reviews, case studies, demos, or free trials to evaluate the pros and cons of each system. You can also ask for references from other businesses in your industry or niche that use similar systems.

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Ali Ammar

Financial Analyst, FP&A, NCL, APFA, CA Finalist, x Khalis, x RBI (RSRIR), IFRS, ISA, FinTech
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Shortlist 2-3 systems against the following criteria: 1- Cost effectiveness 2- Scalability 3- Security 4- Customization 5- User friendly 6- Technical support and backup 7- Integration Get reviews from existing customers, spy on your competitors, ask for demo and free trials and then choose the right system.

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3 Test the system before buying

Before you make a final decision, you should test the invoice processing system that you are interested in to see how it works in practice. You can ask the vendor or provider to set up a pilot or proof of concept project that allows you to use the system with your own data and processes. This will help you assess the accuracy, speed, and efficiency of the system, as well as identify any potential issues or gaps that need to be addressed. You should also involve your key stakeholders, such as your accounting team, managers, and suppliers, in the testing process to get their feedback and buy-in.

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A.K.M. Saaduzzaman (Saad Zaman)

Financial Controller | CMA | MBA Candidate @ Université Laurentienne | Rock-Tech | PSA Marine | KPMG
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Do not forget IAS-18 -Analyze business model and products -Evaluate usual and probable incoterms -Risk and rewards transfer cut-off must be identified and defined. -setting up the revenue recognition adhering to IAS-18 -The system should be fluid enough to adapt for different selling terms.

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4 Plan for implementation and adoption

After you choose an invoice processing system that meets your expectations and needs, you need to plan for a smooth and successful implementation and adoption. You should work with the vendor or provider to develop a detailed project plan that outlines the scope, timeline, budget, roles, and responsibilities of the implementation. You should also communicate the benefits and changes of the new system to your staff and suppliers, and provide them with adequate training and support to ensure they can use the system effectively and confidently. You should also monitor and evaluate the performance and outcomes of the new system, and make adjustments as needed.

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5 Update and optimize the system

Finally, you should not treat your invoice processing system as a one-time investment, but as a continuous improvement process. You should keep your system updated and optimized to cope with the changing needs and demands of your business and industry. You should also leverage the data and insights that your system generates to identify and eliminate bottlenecks, inefficiencies, and risks in your invoice processing workflow. You should also seek feedback and suggestions from your staff and suppliers on how to improve your system and processes. By doing so, you can ensure that your invoice processing system delivers the best value and results for your business.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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A.K.M. Saaduzzaman (Saad Zaman)

Financial Controller | CMA | MBA Candidate @ Université Laurentienne | Rock-Tech | PSA Marine | KPMG
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It is also important to review the tax laws applicable. Different countries, provinces and states may have different sales tax/VAT/GST/HST rates. This rate may even vary depending on where the business/point of sale is set up or the customer is. One of the most crucial aspect of the invoicing system is to make sure applicable laws are adhered to and any changes are also updated in the system.

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What are the best practices for selecting an invoice processing system?

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1 Define your requirements

2 Compare different solutions

3 Test the system before buying

4 Plan for implementation and adoption

5 Update and optimize the system

6 Here’s what else to consider

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