Accounts Payable Software
What is an AP System? It is Accounts Payable (AP) software that you can implement to streamline the accounting and financial tasks of business. It may come as double-entry online accounting software that can take care of your general ledger and accounts payable & receivable.
In addition, you can harness an AP system to:
- Promptly record financial information of the business & avoid financial penalties.
- Manage your fixed assets, invoicing, & inventory from anywhere at any time.
- Automate repetitive tasks & reduce your manual work.
How to Choose the Best AP Software for Small Business?
If you research AP software online, you will find there are plenty of systems available to you. Short-list a few of them depending on the goals and challenges of your accounts payable process. They could be as follows:
- Reduce time for invoice processing
- Partial or fully automated processing of Purchase Order (PO) invoices
- Avoid paying late fees/ charges
Here is how to find the best accounts payable software systems for your company.
In which format and how does the supplier invoice reaches to you?
The suppliers can send their paper invoices to you by snail mail or scanned invoices in PDF format by email. Here you need to take a weather check.
Check whether you need or can you afford a scanning and data capture solution? Or will manually entering data into your online accounting software serve your purpose.
Processing Supplier Invoices
Were you ever late in paying your suppliers? Check, how do you code and process different types of invoices. Also check, whether it takes a huge amount of your administrative time.
The accounting treatment of purchase order and non-purchase order invoices differs. An AP software like OneAccounting software allows you to tag them with proper codes for easy account reconciliation. Such an accounting system eases your workflow & operations. Compare its ease of use against its affordability.
Pay Your Suppliers Promptly
How good are your relations with your suppliers? It is given that you must pay your suppliers well before the due dates.
With online accounts payable software, you can check the due payments from anywhere and at any time. It will enable you to take necessary action and avoid late fees or charges and maintain a professional relationship with them.
Common Features of Accounts Payable Systems
While researching AP Software systems online, you should look out for those offering common features like :
- Prepare purchase orders
- Schedule payments
- Track banking entries
- Prepare bank deposits
- Reconcile accounts
- Cheque handling
- Dashboard Charts
- Standard reports
- Ageing Report
- Track inventory
- Specify locations of stock
What OneAccounting Software Offers to You
Streamline Cash Flow with Accounts Payable Software
Keeping track of bills and invoices requires a considerable amount of administrative time. Pay your outstanding invoices using accounts payable software without wasting too much of it.
Be forewarned about the extent of your company’s dues to others using Accounts Payable chart in Dashboard provided by OneAccounting software.
Reduce Administrative Work with Dashboard
Unless recorded, the unpaid bills & invoices tend to slip out of mind. However, they are easy to manage with this accounting system. It also saves you time by scheduling repeat or recurring bills.
Use the Dashboard to know your business:
- Outstanding Sales Invoices through Accounts Receivable chart
- Outstanding Purchase Invoices through Accounts Payable chart
- Cash Inflow and Outflow chart in Dashboard
You also get a better handle on your cash flow using Ageing Report prepared using this online accounting software.
Store Bills Online for Instant Access
Digitising them means you can access your financial data with a few clicks of the mouse. You need to enter the information on the bills sent by the supplier only once.
The software stores all financial information of your business in the centralised online database. You can access it instantly at any time from wherever you are. Use internet browser in your smartphone, tablet, laptop or desktop for the purpose.
Make Instant Decisions
With OneAccounting software, you can instantly access data at any time as an aid to making decisions. It means when you need data urgently, you do not have to waste efforts and time in locating the right paper-files and in riffling through it to read the record.
Pay Your Bills Promptly & Avoid Late Fees
Avoid paying late fees/ charges because of missed due-dates. Know when the payments are due with OneAccounting software. Use it to schedule multiple invoices from one supplier and selectively pay them as a batch. Build a healthy and professional relationship with your suppliers by paying your dues promptly.
Keep Cash Flow Under Your Thumb
Strike a perfect balance in the cash flow to grow your business. This system assists you in keeping it positive. You can take a peek at the accounts payable and receivable charts using Dashboard. They are based on the latest data and are useful for making data-driven decisions.
Automation of your billing and invoicing process invariably saves time and resources. It also improves your business’ efficiency. You can also use OneAccounting software to take care of on-charge customer expenses before they slip out of your mind.