Accounts Payable Hub

Multilateral netting offers busy AP Offices more advantages than disadvantages.
With the many digital AP management tools available on the market today, busy offices shouldn’t have to pour through hundreds or even thousands of invoices every month. A netting system makes processing large volumes of intercompany payables faster and easier, thus resulting in more efficient
AP departments. 

Vendor management is the process of supporting and empowering vendors through establishing and nurturing long-term relationships with them. The method includes finding and choosing the right vendor for the company’s needs, controlling the costs and vendor risks, and paying for the services and goods consumed. The term ‘vendors’ also refers to suppliers or service providers.

Accounts payable are defined as what a business owes, including a business’s short-term debts to vendors, suppliers, and creditors for the goods and services the company has received and has yet to pay.

Three-way matching is a process of paying the supplier accurately by matching three essential documents. These three documents are the following: 1) supplier/vendor invoice, 2) purchase order, and 3) receiving report.

Before implementing a paperless accounts payable solution, you should get an idea of where the AP workflow stands. How long does it take to process an invoice? What about approval? This should give way to the cost of processing an invoice with the current set up.

Accounts Payable Document management software is now able to automate and streamline many important functions in a traditional AP department. This means, transitioning to an all-digital office is of paramount importance to any company that hopes to keep up with its competitors.