Accounts Payable Software
Accounts payable software helps you track and pay all the money your company owes other companies. Your company purchases products and services. Are you taking advantage of discounts by paying on time or even earlier? Accounts payable solutions help you meet your obligations.
How Accounts Payable Software Can Work for You
With Acumatica’s accounts payable software, you can monitor your cash flow by tracking all your outstanding invoice payments as well as available discounts, due dates, and cash requirements. And because our accounts payable solutions run in the cloud, you can access your reports anytime, anywhere by opening a web browser.
Accounts payable software automates receiving the invoices from your suppliers and sub-contractors. It also ensures timely and accurate payment to those creditors, which can improve your relationship with them because they appreciate it greatly. Learn more about accounts payable automation.
Key Benefits of Accounts Payable Solutions for Your Company
Attach Source Documents to Invoices
Streamline invoice approval and make it easier to resolve issues in the future. When you receive source documents via email or scanning, they’re attached to the invoice for easy drill-down access.
Accept Vendor Prepayments
Enter prepayment requests, issue prepayments, and apply prepayments to invoices as they are received. Prepayment balance is kept separate from the regular AP account.
Recognize Prepaid Expenses
Assign a deferred expense schedule by AP line item. Automatically split payments between the prepaid account and expense accounts.
Calculate Taxes Automatically
Automatically calculate use and VAT taxes and prepare tax filing reports. Assign a default tax zone to each vendor. This default can be overridden during invoice entry. Tax calculation can include multiple tax items per document line, deduction of tax amount from the price, and tax on tax calculation. Acumatica accounts payable software also supports withholding tax calculations.
Streamline Invoice Approval and Payment
Save time with accounts payable solutions. Set up the process to automatically approve for payment or follow an approval process to prioritize or delay payment, before these documents are processed in the accounting systems and paid. Designate an account to pay from, or select a payment method.
Avoid late charges and take advantage of vendor discounts by aligning payments with cash flows
Faster Delivery, Fewer Errors
Enter data more efficiently with predictive entry and flexible screen layouts. Reduce errors by setting default accounts, subaccounts, payment terms, and discounts by vendor.
Rating the Cloud Financial Systems
Gartner gave Acumatica xRP Cloud Financial ERP platform the highest overall customer satisfaction score in its latest rankings of 12 leading Cloud ERP software solutions.
Important Features of Accounts Receivable
Multiple AP Accounts in GL
Link groups of vendors to specific AP accounts in the GL. Default account can be overridden during bill or payment processing. Acumatica automatically offsets the correct account when the payment is applied.
Multiple Currencies Support
Issue or accept invoices in a foreign currency. Use accounts payable automation to apply the effective currency rate and make the translation without any work for your staff. Currency triangulation and realized gain/loss calculations are automatic. Unrealized gains and losses can be calculated through a balance revaluation process.
Recurrent AP Documents
Create recurring bills by setting the frequency and time frame for payment. Recurring bills will appear in the recurrent transaction processing screen for review, modification, and release.
Vendor refund documents debit a cash account and debit an AP account. Apply a refund toward a debit adjustment or prepayment.
AP Aging Reports
Customize your AP aging categories and create a full set of aging reports including total outstanding, past due, cash requirements, and vendor performance.
Accumulate 1099 information for any designated vendor. Track 1099 payments and produce the appropriate 1099 reports. Multiple branches can close books (tax periods) independently of one another.
Vendor Account Security
Control access within your accounts payable software by specifying which individuals and roles can view and modify vendor account information and balances. Restrict sensitive vendor information.
Maintain a complete audit trail of all transactions. Documents cannot be deleted or cancelled. Correct mistakes using correcting or reversing entries. Acumatica accounts payable solutions capture the ID of the user who entered the transaction and the user who modified the record. Notes and supporting electronic documents can be attached directly to the transactions.