Real-time financial data is accessible through Accounts Payable software solutions from any place. Cloud software also enables remote workers and guarantees the C-suite has access to the latest financial information to make crucial decisions that have an impact on the organization’s overall profitability.
Automation has become more of a necessity than an option to maintain productivity and competitiveness in the current business environment. Moreover, the team should make solid decisions based on the existing processes and workflows caused by the range of vendors.
However, before moving further, let us first clearly understand what is meant by “Accounts Payable” and “NetSuite Accounts Payable.” Then look at its top five features to form a seamless transition to automation.
What is Accounts Payable?
Accounts payable (AP) refers to the short-term debt and liability on a balance sheet that a company owes to its vendors and suppliers who have given the company credit for goods or services. Accounts payable is another name for a department that manages vendor invoices and records short-term debts in the general ledger (GL). Before paying their vendors, the AP department would verify invoices to (buy) orders and make sure the products or services were indeed received.
What is NetSuite Accounts Payable?
With NetSuite accounts payable (AP), you have more control over the entire procure-to-pay process, as the review, approval, and payment of supplier invoices are all automated. Keep thorough records of your vendor, create, and manage purchase requests, and enhance data accuracy by automatically matching invoices to the right vendor and purchase order. Automated journal entries save time and guarantee proper payment recording by doing away with the need to manually input debits and credits.
Top five features of Accounts Payable –
1) Real-time collaboration using Cloud Automation –The importance of cloud automation for real-time collaboration from any location at any time has been proved by the people gathering at events worldwide. By processing payments within a single place, businesses were able to deal with any potential interruptions without wasting time or money.
Furthermore, operating in the cloud provides more flexibility and visibility, which helps to reduce and eliminate fraud. Automation, therefore, aids businesses in preventing expensive losses as well as harm to their reputations and brands. To use data intelligently by integrating the service with financial data flows, you need to choose second-generation automation powered by robotic processing automation (RPA), artificial intelligence (AI), and machine learning (ML).
2) Single-user interface for invoice processing and capture – The AP team is well aware of the inconveniences and confusion brought on by having to enter into multiple systems in order to capture and process invoices. System flaws can result in expensive errors and late payments that can harm a company’s reputation.
To avoid errors and guarantee on-time payments, accounts payable software solutions with a single user experience for capturing and processing invoices help to streamline operations. Moreover, using the same UI to capture and process all invoices means making payments will happen on time or early to earn money-saving discounts.
3) Automated coding powered by AI and machine learning – Intelligent capture and coding is a feature to look for in your accounts payable software solution to increase compliance with automatic invoice processing. Using line items, invoice headers, or line totals as examples, automatic coding powered by AI and machine learning makes it simple to match invoice data against POs, goods, receipts, or contracts.
The ultimate goal is to eliminate manual operations and go paperless. Without automation, tedious invoice matching takes countless hours. The AP team may focus on duties that help to improve the bottom line as a result of the time and effort savings, such as securing discounts for early payments and comparing vendors to acquire the best terms.
4) Paperless and without touch – AI continuously gathers information and makes corrections with paperless in mind, lowering human error and attaining nearly perfect accuracy. Furthermore, a touchless process enables the AP team to pay more invoices correctly, promptly, or early to benefit from possible discounts.
Moreover, managing paper takes time and requires additional office space for storage. The right software increases the weekly productivity of the AP staff while reducing the price of commercial space and human resources. Because of this, the AP team is now coming out of the back office to give important financial data in real-time to support money-saving decisions.
5) Seamless integration – Seamless integration is essential to maintain and enhance current processes. With features like out-of-the-box connectors for major ERP systems and native embedded captures for a single user interface to manage invoices, the ideal solution will connect everything together.
Review current processes and improvements brought by AP software implementation with the collaboration of the committed strategic partner. The organization begins to notice a measurable return on its automation investment because of integration.
Companies around the world rely on the cloud for communication, leaving organizations without automation behind. As a result, AP software is important to stay competitive. In order to increase accuracy, reduce fraud, lower expenses, make the most of human resources, and maximize productivity – Connect with our experts to explore accounts payable software solutions that offer these five critical features