Account
Payable Software
What is Accounts Payable?
Accounts Payable helps you record
and track the vendor related information including the Vendor contact
information, Vendor history, invoices and bills received from the Vendors
for services provided and the payments made to them.
Why do you need Account Payable Software?
Account Payable Software let
you record the vendor invoices and to generate the payments to the vendors.
Remind you when the payments are becoming due and the availability of
the term discounts. Accounts Payable helps you tighten control on your
Cash flow by synchronize with Cash Flow module to provide information
required to estimate expected cash flows. This application may also
help you ensure that the same vendors invoices are not paid more than
once.
Account Payable Software Benefits
- Track Vendor information
- Ensure payment control
- Serve as the basis for estimating projected
Cash Flows
- Ensures that payments are made on time to
avail discount and avoid penalties.
- Most of the accounts payable applications
are capable of generating automated cheques.
Account Payable Software
often integrates with:
- General Ledger
- Inventory Control
- Purchase Order
- Cash Flow Management
Functionalities you may
need in the Account Payable Software module:
- Does it fully integrated with the General
Ledger?
- Does it allow unlimited number of vendor
records and years in vendor history?
- Does it allow user-defined vendor IDs?
- What are the limitations of creating a Vendor
ID? (For example Vendor ID length)
- Does it allow creating custom fields on
the vendor record and record detailed notes?
- Does it allow maintaining default accounts
for AP, Purchases etc. for each vendor?
- Does it allow adding vendor on-the-fly during
transaction entry?
- Does the system record and automatically
apply vendor discounts?
- Does system allow user to place vendor payments
on hold?
- Does the system allow the user to liquidate
outstanding encumbrances during invoice entry?
- Can you select invoices for payment individually
or using custom parameters?
- Can you disburse from multiple cash accounts
in the same cheque?
- Does the system have the capability to print
pre-configured or custom sub-ledger reports, including aging and
cash flow projections?
- Can you do an online inquiry by vendor for
open balance, payment history, including drill-down functionality?
- Can you pay vendors electronically?
- Does the system allow customizable cheques
and vouchers?
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