An internal controls framework – including approval workflows, signatory rights, and payment processes – provides the basis for minimizing risk and error in AP and ensuring financial compliance before payment.
Accounts Payable Hub
Accounts Receivable
Trade Credit
Trade credit is a seller providing short-term business credit terms to a buyer (without charging interest) in a business transaction for the sale of goods or services. The supplier bills the customer using invoices to be paid within a stated number of days and records accounts receivable until receiving a cash payment.
Quote vs Invoice
Accounts Receivable Turnover
The accounts receivable turnover ratio is a simple metric that is used to measure how effective a business is at collecting debt and extending credit. It is calculated by dividing net credit sales by average accounts receivable. The higher the ratio, the better the business is at managing customer credit.
Procurement Process
Accounts Payable vs Notes Payable
Assessing accounts payable vs. notes payable isn’t an apples-to-apples comparison. Accounts payable is much more complex, involving many linked tasks and related business documents to enable accurate and timely payments and help optimize working capital. Notes payable focus is the payment of loan principal and interest for large company purchases.
Accounts Receivable Process
Accounts Receivable Cycle
Account Reconciliation
Account reconciliation is the process of comparing general ledger accounts for the balance sheet with supporting documents like bank statements, sub-ledgers, and other underlying transaction details. If the ending balances don’t match, accountants investigate the cause of the discrepancies and make adjusting entries required to resolve differences from errors or missing transactions.
Purchase Order vs Invoice
SAP Modules
Small Business Accounting Software
Source to pay
eSourcing
eSourcing is a series of automated pre-procurement processes using an Internet-based software system to identify, evaluate, compare, and select vendors for purchases. eSourcing handles the collection and storage of quotations, proposals, bids, order negotiation, contract management, and online collaboration through a portal. eSourcing software performs spend management and analysis.
Accounts Payable Outsourcing
Expense Management
Expense management is a system of business processes ranging from establishing company policies, having employees submit electronic receipts, issuing corporate credit cards to employees for routine purchases, generating exceptions reports, routing expense payment requests to approvers, controlling expenditures, and making payments to reimburse employees for approved expenses.
Procurement vs Purchasing
Full Cycle Accounts Payable Process
Order to Cash Process
Retail ERP Software
Retail ERP is a real-time software system to streamline, automate and manage front-end and back-office business processes. Retail ERP handles omnichannel point of sale (POS system), CRM, supply chain management, inventory management, pricing, sales order management, payments, sales receipts, and financial management for business transactions. ERP means enterprise resource planning.
Bank Reconciliation Steps
Automated Finance
Finance automation involves automating specific manual tasks which can be performed cheaper, and more efficiently, with artificial intelligence. It encompasses setting up a series of jobs (called workflows) and using technology to trigger pre-defined steps. This means aspects of the accounting process can be entirely handled without human intervention.