Accounts Payable Hub

As the name implies, this is the complete cycle an accounts payable department goes through to finish the job. Many articles surrounding this topic will only mention the end stages of the process, but the entire cycle actually begins when searching for something to buy. 

The order-to-cash process (also called O2C or OTC) refers to the entirety of a company’s ordering system. It starts the moment a customer places an order and ends when an invoice is paid and settled.

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 accounting is performed by the accounts payable department. It’s a means of comparing bank statements against a company’s personal records to spot any discrepancies, mistakes, cash manipulations, or fraudulent charges.

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. 

An important part of running any business is understanding the basic terminology behind operations. When it comes to accounting, two important terms that are often confused are “sales order” and “invoice”.