Acom Accounts Payable Automation Solutions – AP imaging and workflow automation solutions that work with your current financial system. Leverage your investment with modular add-on software.
Features – Automate Purchase Order Generation and Transmission, Automate Invoice Capture/Processing, Automate Payment Processing, Automate Storage, Management and Archiving of AP Documents.
Anybill Accounts Payable Software - Accounts Payable Software provider offering a quick and cost efficient way for any organization to manage invoices and process payments. Anybill is the only accounts payable automation solution that combines the cost savings of outsourcing with the visibility and control of automation
Features – INPUT: Invoices and Data from Vendor , AUTOMATE: Invoice Approval via AnyAP, OUTPUT INTEGRATE: Data to Accounting System: Payment to Vendor,
Bill.com – Online Bill Payment Service - Save over 50% of the time and cost of paying bills. Simply send, approve, and pay. No more filing, check writing, or mailing. Try Risk Free!
Features :
- Simple: easily digitize bills via fax or scanner to pay any vendor, large or small.
- Secure: uses bank-level encryption and eliminates chance of check fraud.
- Efficient: stores all vendor documents, including cleared check images.
- Collaborative: connects you, your colleagues and accountants with paperless role-based approval workflow.
- Strategic: helps you manage and forecast cash-flow, improve audits and syncs with your accounting software (QuickBooks, Intacct and other packages
Corcentric Accounts Payable Solution – Corcentric offers accounts payable imaging and workflow automation solutions that enable companies to reduce business costs and increase efficiency.
Features :
- Electronic Purchase Orders
- Electronic Invoice Presentment
- Online Invoice Approval Workflow
- Electronic PO/Invoice Matching
- Payments
- Data Integration
- Spend Management
- Storage and Reporting
CRED-it - Online accounts payable software designed to work with generic accounting, point of sale and invoicing systems. Stress free, easy-to-use online creditor management software. Great for clients and their accountants
Features :
- Easy online access – anywhere, any time;
- Integration with Banklink to quickly reconcile bank statements;
- More efficiently process GST.
Xero Accounts Payable Software - Xero is a full creditor processing solution . Get the newest online solution. Save time, less errors. Free Trial.
- See all your outstanding invoices at a glance
- Setup repeating payables invoices for regular suppliers
- Batch pay your creditiors
- Invite other users to share the workload
Bassware - World class AP processes. Control, compliancy and cash flow visibility. Basware Invoice Processing is a highly automated and easy-to use system for managing and controlling your organization’s invoice processing. It enables fully automated process from data capture and review to transfer for payment
New small businesses and entrepreneurs quickly discover that the accounts payable process can turn into a monster. If it isn’t handled properly, unpaid bills pile up and get paid late, making vendors angry and possibly damaging the business’ credit rating.
Once a consistent procedure is developed, the accounts payable process can go smoothly. If you are in business by yourself and cannot afford to hire outside help, here are ten tips to help establish a consistent accounts payable process:
1. Purchase accounting software with an accounts payable module. In today’s business and computer world, some may wonder why this even needs to be a suggestion in a list such as this. Surprisingly, Internet research indicates that up to one-half of micro businesses (defined as under ten employees) do not use accounting software, instead using spreadsheets or even paper ledgers.
The advantages of using accounting software with an accounts payable module are tremendous and far outweigh the cost and learning curve. When used correctly and consistently, the software will serve several important functions: a reminder as to when bills are due; a generator of payments; and a recorder of payments into the checking register. The time savings alone over doing these functions manually warrant the purchase of accounting software.
2. Utilize the vendor’s auto-debit or auto-charge feature, if available. Utility companies, and other types of companies who have recurring payments, often offer auto-debit or auto-charge services. When used, the amount due is automatically deducted from the business checking account, or charged to the business credit card, on the date shown on the invoice. Often, the paper invoice is still mailed, but sometimes the vendor insists on emailing invoices when this service is activated. Either way, the invoice is available for viewing before the amount is deducted or charged. When used in conjunction with accounting software, the amount can be post-dated into the checking register or credit card register. If the company has a good and consistent cash flow, this procedure saves time and money by avoiding the bill payment process altogether.
3. Utilize the software’s internal “bill pay” feature, if available. QuickBooks, for example, offers a “Bill Pay” feature that is very inexpensive and easy to use. Once established, bills are paid electronically according to the software user’s authorization. The bill payment service takes the authorized amount from the designated bank account, then either issues a paper check to the vendor, or electronically transfers the money to the vendor’s account. The low monthly fee is not much more than the cost of postage and paper check printing.
4. Enter unpaid bills in a timely manner. Do not delay entering unpaid bills into the accounting software. Waiting too long to enter them can result in late payments, finance charges, and possible damage to the business credit score.
5. Enter unpaid bills correctly. It is very important to examine the bill and enter the correct vendor name, bill due date, and invoice number. Entering an incorrect due date will result in a payment occurring sooner or later than necessary. After entering them, stamp them as “Entered” or “Posted” using a rubber stamp with red ink. Be sure to write on the bill the date they were entered.
6. Organize unpaid bills. If there are many bills, organize them in an alphabetical file system to make them easy to locate. However, a small amount of bills may be placed in a single file.
7. If cash is tight, determine your cash flow before paying bills. Simple cash flow reports are easy to generate in Excel. Start with the actual amount of cash available to pay bills. Include amounts in checking accounts, savings accounts, and lines of credit. Subtract bills that need to be paid immediately. If there is not a comfortable cushion of cash left over, reduce the the amount of bills to be paid.
8. If cash is tight, communicate with any vendors who must be paid late. No vendor appreciates being paid late, but they do appreciate open communication. If you must pay a vendor late, let them know, and let them know a specific date you plan to pay them. Then, make every effort to pay them by that date.
9. Pay bills on a consistent timetable. Establish a regular timetable to pay bills – weekly is a good and common choice.
10. After they are paid, stamp them correctly, then file them. Buy a rubber “Paid” stamp, and use it on each bill that has been paid. Write the check number (or payment method), date paid, and amount paid on the bill. File them according to how they appear on the tax return. In other words, file Utilities together, file Office Supplies together, file Travel and Entertainment together, etc. This makes them easy to locate in the event of an audit.