Accounts Payable

The obvious answer is that processes are smoother and more efficient with less redundancy and duplicate data entry. For instance, PO is synced to payment on a single platform with the result that approvals, matching, and payments are in one place. There’s no chasing info or exporting data from spreadsheets.

Automation reduces manual match and route. Meanwhile validations and alerts handle routine checks. 

Automation also ensures approvals are routed to the correct budget owners. Budget owners can then see to it that payment policies are enforced before authorizing spend. Part of this is the creation of a full audit trail that tracks processes from request to payment. In addition to keeping the taxman happy, evidence reduces disputes because the data is right there, in black and white.

On-time payments are facilitated, vendor files are cleaner, and there are fewer follow ups.

You choose dynamic modules that allocate by revenue, headcount, or metrics with documented logic (the route’s logical path). Logs and documents are stored at each step of the process to facilitate reviews and there is also clear evidence of drivers and periods, which sets the system up for easier audits.

Custom approval chains can be viewed by amount and department, establishing clear  ownership of tasks. This includes visible segregation of duties, which can be separated into preparer, approver, and payer.

The approver’s job is made that little bit easier with built-in budget checks. The regulatory with which this is done ensures the budget’s figures are always current. This level of transparency reduces the chances of unwelcome surprises down the line.  

Segregation of duties also ensures policy validations at every level so everything is above board and accurate before payments are made.

Automation is a massive time saver that increases efficiency while reducing the workload for leaders. For instance, automated PO and receipt matching is quicker because the route is direct, no pit stops at unnecessary accounts, journals, and departments along the way.

In fact, system-routed approvals and data sharing means there are no back and forth emails between departments and even within departments to get the right billing and payment information. 

It also means that the system can schedule batch payments, which provides a level of predictability that enables accurate cash planning. Finance leaders enjoy faster reconciliations at month-end close, while subledger ties stay tight.

Automation and integration all but eliminate rekeying between tools because there are fewer errors to fix.

We provide various tools and products that help with daily vendor management. For example, automation helps with onboarding, incorporating all required data and banking checks; fewer holds equals greater efficiency. 

Notes and documents are centralized per vendor, so you can quickly and easily pull up vendor-specific information.

Visibility and data sharing among all stakeholders keep communication consistent, which is a great way to protect and nurture relationships. This process is particularly important to us because we want to work with you, finding solutions that address your challenges and optimize your systems.

Reminders can be set for things like renewal dates and payment prompts. The results include timely payments and exception handling, with clear SLAs and pricing that is made visible for cash and procurement analysis, decisions, and planning.

We have an array of software solutions, so you can choose the product that best meets your unique needs. As a preferred Sage provider, we provide a number of options for you, including:

• Sage Intacct: Helps with vendor management and batch payments, and facilitates multi-level approvals.
• Sage 300 People: Among other things, HR-linked spend meets payroll structures.

There are some great benefits for AP tasks. Direct data transfers minimize the number of people who handle invoices. Reduced human interaction reduces errors, ensuring less muss from less fuss.

Less muss and fuss lead to cleaner audits with clearer audit trails. Documented evidence within the system prevents disputes, and keeps the taxman happy because there’s no need to hunt for information that could be innocently hiding in outdated spreadsheets or legacy systems

Better data and data analysis has a positive impact on cash forecasting, especially when it comes to payables. The more information-driven the forecasting, the fewer nasty surprises to ruin your month-end.

Modules are scalable, which keeps overheads to a minimum during expansion. You can rest assured that even as volume grows, the process rhythm remains stable. 

What is one of the most valuable commodities in business? Supplier trust. One of the ways to improve supplier trust is to shave time off request-to-payment cycles.