According to controllers surveyed by the Institute of Finance and Management, accounts payable (AP) is the “most time-consuming, laborious and paper-intensive finance and administrative function.” Therefore, AP automation software should ideally digitize the entire accounts payable process so that most invoices can be processed without manual intervention, while the AP department deals with exceptions and outliers. In addition, automated processes save time and reduce errors.
Managing purchase orders and maintaining appropriate materials to complete orders should also be automated to reduce errors and save on improper inventory purchasing. Manufacturers need to schedule resources. Distributors need to connect warehouses and track products. Finally, retailers need to manage locations, work with customers, and often connect their in-store operations with an online storefront. Effective, efficient AP can be a key success factor in operationalizing these requirements.
Acumatica’s Cloud ERP Financial Management Suite makes this possible. The software increases productivity through automated processes. It provides flexible, real-time reporting, improves decision making, and offers international capabilities for multiple entities. With the Financial Management Suite, businesses can gain deeper insights with connected business intelligence, pivot tables, reporting, and generic inquiries. In addition, financial reports can be sliced by product, department, or any other user-defined segment.
Operate More Efficiently
With the ability to access real-time data, managers can get a complete picture of AP and procurement from anywhere, anytime, and on any device. With real-time visibility about business performance, teams can collaborate more efficiently and make more effective decisions using the same data. In addition, automating critical processes with Artificial Intelligence (AI) and Machine Learning (ML) capitalizes on time spent on vital processes such as purchasing and accounts payable. With automation and workflow integration, groups from across a business can collaborate productively on purchasing, inventory levels and order management.
Grow Your Business With Ease
Excessive reliance on manual AP processes can be a constraint on growth. It’s not the only factor limiting upside, but the sometimes hidden productivity problems associated with legacy AP practices and systems can make it costly to scale a business. To mitigate this problem, financial management software should seamlessly conduct recurring billing across customers, accounts, districts, organizations, channels, and product lines.
Processes should be automated with scheduled bank fees, expense receipt creation. The software needs to provide mobile expense receipt capturing and time entry as well. Users must be able to manage accounts payable by managing vendor invoices, automating payment processing predicting cash requirements and tracking vendor balances. This way, they can optimize available discounts and stay on top of vendors with custom reports.
Finding the Right Financial Software
Financial Management software forms the backbone of purchasing power and accounts payable financial management. However, not all financial software is created equal. Financial software tools should enable a business to manage purchasing and accounts payable efficiently while providing real-time data for better decision making. Many companies find that their general ledger software solutions are not delivering these outcomes
To learn more about how Acumatica’s Cloud ERP Financial Management Suite can help your financial management, register for an Acumatica demo or contact us for a free consultation.
Additional Financial Management Resources
What to Look For in General Ledger Software
Making Multicompany Accounting Work
Financial Management Necessities for the Product-Based Business