Account payable process – helping in streamlining your finances
Business payments run in a unique manner and software is required for paying up the pending payments and to maintain a record. Out of numerous entities, there is account payable which is the amount you owe to the suppliers in your business transactions. This payment can be accrued for any given time in your business and to manage the related complexity, there is account payable process that this guide will talk about.
What is the function of account payables?
In the absence of account payables, it was initially very tough to maintain the account that was based upon solely on the manual handling of the finance records. Account payables have basically two functions to perform:
- Tracking the developments of standards payables
- Separating the purchases of inventory, bank notes and other financial payables
- Maintaining vendor’s history
- For dating the invoices
- Creating the invoice term payments
So this tool lets you perform the above functions to simplify your business. While talking about the features of the account payable process, you can have a look on the section below.
What are the features of account payable process?
Software for streamlining your financial processes is what account payable process is all about. Check out what it has to offer in order to make your business run smoothly, general features of this tool are as follows:
- You can generate the invoice based upon the criteria like discounts, due date or the name of vendor
- Track your cash on delivery checks
- Analyze the cost if you are a vendor
- Checks can also be written through computer or manually
- Track the void checks
- Invoices can also be paid by the credit cards
- Invoices can be created on a recurring basis
- Term dating
- Print the complicated budgets belonging to each department
- Income statement belonging to current and prior year can also be compared without much ado
- You can analyze through your inventory that how much profit has been earned
- Reports related with accounts and finances can be created easily
- Develop the monthly tax report
- Reports related with audit can also be generated
- Maintain the records related with discrepancy in the financial transactions
- You can print the check register which is usually the bulky one
Using account payables process indeed provides an easy access to simplifying the details related with all the financial transactions. Also, the usage of this tool has resulted in keeping track of the billing thereby contributing into the profit-building process of the firm.