Tipalti

Accounts Payable Hub

Accounts Payable Best Practices

Successful companies are always looking for ways to optimize internal processes, including accounts payable. No matter the size of your business, there will always be the need to pay bills.

Thus, it’s in your best interest to understand and update your accounts payable best practices on a regular basis. Here are a few tips and tricks to get you there:

Accrued Expenses & Accounts Payable

Accounts payables are recognized on the balance sheet when a company buys goods or services on credit. Conversely, accrued expenses are recorded on the balance sheet at the end of an accounting period. This is done by adjusting journal entries in the ledger to formally balance the books.

Accounts Payable vs Accounts Recievable

When it comes to bookkeeping and accounting, confusion often arises between the functions of accounts receivable and accounts payable. The two types of accounts are very similar in the way they are recorded in the general ledger.

Robotic Accounting

Robotic accounting is a form of robotic process automation (RPA) in the accounting field. The emerging technology uses robotic submissions to reduce the need for human labor in manual accounting processes.

AvidXchange vs Bill.com

When comparing AvidXchange vs. Bill.com, each platform eliminates manual processes and automates a variety of accounting tasks. However, both systems can have different applications. Many users who compare Bill.com and AvidXchange will find that Tipalti’s automation software is a superior alternative to both.

Invoice Matching

Two-way matching and three-way matching are two types of invoice matching (also known as PO matching) used by finance departments to ensure proper oversight of a company’s transactions. So what exactly is invoice matching, and why is it so important to a business?