Accounts Payable is an important component of the General Ledger especially in any business software. Through this, it is easy to determine how much a company owes to the vendors. While it is a calculative component of the balance sheet, in many places, it refers to as the platform where one can find all the details and records in the form of invoices and bills indicating short-term debits of the General Ledger. This can sometimes, be hard to manage which create the requirement of using other application like an AP Automation software.
Despite being a small component of accounting, it can sometimes be difficult to handle Account Payable. Even with using business software, there is a requirement for further automation. Therefore, it is recommendable that the business opts for AP automation software. here, we are going to tell you all the necessary information regarding the Sage AP automation Solution. Along with that, we will list important details indicating the necessity of using AP software for automation. So, read this blog post to learn more about Sage AP Automation.
What is AP Automation?
AP Automation or Accounts Payable Automation is a process or application through various activities of account components relates to vendors’ payments that are enhanced or streamlined. Different component of Account Payable are there that an AP Automation solutions can manage more effectively making them more cost effective. In general terms, through automation software, different tasks that relates to Accounts Payable are done digitally, and the ones being done digitally or repeatedly are made efficient to save time and other human-related errors.
One of the most major component of Accounts Payable which an AP automation handles include invoice management. An Automation Software, helps to classify, match and validate accounting data only after which it forward it to the ERP or the business software.
Some of the Highlighting features of any AP Automation Software include:
- Data related to the vendor can be managed more efficiently with the minimized efficiency of human error.
- AP Automation solutions can significantly reduce the load of doing any task manually. Even while using business software, it does offer various attributes to automate repeated tasks in the minimum time possible.
- Automation program reduces the occurrence of any error, eliminating the task of manual entry.
How AP Automation is Better than Manual Account Payable
Some of the drawbacks in relation to Manual Account Payable, that an automation software can handle better are:
- Time consumption is where the time saved can be utilized to manage other tasks.
- Significant reduction in the number of discrepancies and many other human-related errors.
- Easy tracking of bills, reports, and invoice management through AP Automation solutions.
What are the Benefits of using AP Automation Software?
The utilization of Accounts Payable Automation software is highly beneficial for any business. Along with any business software like Sage, the process of automating Accounts Payable can significantly boost productivity. Along with that, it offers better invoice management options, and reduce the workload of users. Due to this, other tasks and operations related to business can be managed more effectively.
Some highlighting benefits of AP Automation application are as follows:
Time Efficiency with AP Invoice Automation:
Account payable involves numerous tasks that are somewhat mandatory and time-consuming. These include small tasks like data entry, online transaction & approval, audit trails, and many others. While these tasks can be simple, they might be time consuming and somewhat necessary to do. However, through the help of various amenities available in AP Automation program, like a secure payment interface, automatic entries, and online approval, one can easily automate these and utilize the saved time on other important activities of the business.
Helpful in eliminating Fraud and other discrepancies:
One major downfall of manual processing of invoices is the favorable chances to hide fraud and other discrepancies. Ultimate consequences are losses suffered by businesses in various forms like resources, assets, and money. Well, these consequences can be easily avoided through the Automation software that offers complete control and visibility even for minor activities. Common fraudulent activities include duplicate billings, false invoices, and many others.
Data Accuracy and Cost Reduction:
Error and time consumption are two common courtesy coming in compliments while manually processing any task. While too much time can readily impact the productivity of any business, the occurrence of any accounting error or similar blunder can lead to big issues. Therefore, it creates a requirement for any utility of application through which users can easily automate their tasks, and substituting manual error can heavily reduce the chance of any error.
Moreover, it can save a lot of cost in various ways, some of which are listed below:
- Automating variety of tasks through a single application can heavily reduce the requirement of human resources.
- Detection of fraudulent payments can reduce various discrepancies. These include duplicate bills, fake invoices, and many other activities related to fraud. All these factors will ultimately contribute to saving money or reduce the cost of investment to some extent.
- While business applications and automation software offer a digital platform to store large amounts of data, it might reduce or even the cost of paperwork.
Data Accessibility and Easy integration:
Accounts Payable is an integral component of any business software through which any business can handle all the information, whether financial or any other, related to the vendor. Therefore, there is a requirement to share data making it accessible to other component. Through an ERP or AP automation , users can easily maintain various aspects of the business together on a single platform making it accessible to other applications.
Enhanced Visibility and Full Transparency:
Through Accounts Payable Automation, users have the chance to keep track of every single transaction made to the vendors. Along with the elimination of fraud activities, transparency between the business and vendors with the information of each and every invoice on a single platform.
AP Automation Software and Sage
The Sage offers the amenity of AP accounts payable, which streamlines various Account Payable tasks to manage vendors and suppliers. Various utilities available through Sage AP include invoice tracking, fraud prevention, and avoiding double payments or any other discrepancies while managing vendors and suppliers.
Through the help of Sage AP solutions, users can easily simplify various accounting-related processes like cash-flow management, invoice processing, and many others. This will ultimately contribute to boosting overall productivity and minimizing various other human-related errors and many other risks. While majority of the tasks is manageable single-handedly through AP automation software in integration with other business software, a lot of time and other company’s resources can be saved and utilized on other tasks.
Enhanced Cash Flow Control through Sage AP Automation
A major and a premium hectic task is keeping track of the cash, i.e., from where the money is coming into the business and it’s outgoing in the form of bills, employees’ salaries, and expenditure on various other resources. This whole process of tracking the money in and out of the business is termed cash-flow management, with the help of which companies can manage their expenditures, forecast future expenses and income resources, and, based on that, make useful decisions.
However, in order to fully utilize the cash flow information to make decisions, there is a requirement for easy access to data in presentable forms through which crucial insights can be gained.
Through the help of Automated AP software, users can get real-time, accurate, error-free data. Based on this data, users easily track any transaction related to vendors and suppliers. All these factors will ultimately contribute to better decision-making.
Basic Features that should be available AP Automation Software for Sage.
Some of the basic mandatory utilities available in Sage AP solutions through which you can easily enhance Account Payable Management are:
- Easy integration with other applications and amenities like ERP applications, bank accounts, financial tools, and others. Through which you can easily automate each and every component of Account Payable and thus save a lot of time and resources that can divert to other crucial tasks of a business.
- The Accounts Payable is all about managing vendors and various information related to them. However, with so many invoices and other bills, it might become hectic and somewhat difficult to handle. Along with that, any kind of error is a courtesy of manual entry and leads to numerous consequences. Keeping this in mind, the Sage AP automation should offer a variety of features. They can eliminate various manual processes, offer easy data management, and make accounting easy.
- It must offer real-time reporting of data to make better decisions based on the availability of the latest updated information.
- Better options for cash flow management allow the users to streamline various accounting tasks like purchase and expense posting. With the help of these utilities, users can:
- Easily forecast their upcoming expenses, payments, outgoings, and other income resources.
- With easy data visualization options, users can easily track various transactions, pending payments, and also unreconciled entries.
- Users with Sage AP automation should be able to find various attributes to manage general ledger more effectively. These include data categorization, analysis among many others.
Cloud AP Automation
The Automation of Accounts Payable is an effective approach in handling various data. Also, financial information that relates to vendors and suppliers is easily manageable.. However, the addition of a cloud system becomes more beneficial. It provides access to real-time accounting data for companies from various remote locations. Remote access provides the facility for various employees for the same company in different locations. It help them to connect with each other and become better organized, contributing to better efficiency.
Sage Compatible Versions for Integration with AP Automation Solutions
The Sage offers the amenity of AP Automation through its two extensions, which are Sage 50 and Sage Intacct. While the former is a much-recognized extension of the Sage solutions, the Sage Intacct offers comparable features to the users. Among which, the majority of them specifically focused on automating the Accounts Payable and Receivable. Various other features offered by the Sage Intacct are:
- Cloud-Based Accounting.
- Analytics Dashboard and Real-time reporting.
- Integration with various other accounting applications.
- Various options to streamline Payroll and HR-related tasks.
Users can connect with us through our Sage Intacct Customer Support Phone number to get more information regarding Sage Intacct and various other versions.
Setup Guide of AP in Sage 50 and Sage Intacct
Different AP Automation software is available that can easily integrate with the Sage Intacct or Sage 50. Through that, you can enhance the work functioning and thus boost up productivity. While all the features that is necessary while setting up AP Automation software in Sage 50 and Sage Intacct have been discussed above, users can add cash flow management to their preference while selecting the right AP Automation Software for Sage Intacct or Sage 50.
For any further issues, you can connect without the Sage 50 Support Phone Number, where our experts can recommend the right Accounts Payable automation.
Ending it Up
The Account Payable is a crucial Accounting component assisting businesses in handling their vendors, suppliers, and related transactions. Business software can help to manage Account Payable. However, the majority of the time, there can be a requirement for AP automation software. Through these, users can streamline accounting tasks, and eliminate the chances of error through manual entry. Also, they can utilize the consumed time in other important business activities. All these factors contribute to making better business decisions, leading to the overall growth of your company. For more information regarding Sage 50 Intacct, Sage 50, and AP Automation, connect with Sage Online Solutions.
Frequently Ask Questions (FAQs)
The accounts payable is the component of the General Ledger in Sage or any other business software that stores all the vendors’ related data. Through Accounts Payable, it is determined how much a company owes to its vendors and other suppliers.
The Accounts Payable automation can be defined as an application or a way through which users can enhance various functions to manage their vendors, suppliers, and their related financial data in the form of invoices, bills, payments, and many others.
Accounts payable simply indicate or store information related to the company’s vendors and other suppliers. The information stored will be in the form of Invoices, and bills. Also, other transactions that are made between the company and its various suppliers.
Accounts payable only seem easy to handle. However, it can be a bit hectic with the number of transactions made with various vendors along with other details like resources, rates, quantity, and many others. Without AP automation features, users need to manually enter these details, having a favorable chance of error leading to severe consequences.
Through the Automation of Accounts, users can easily automate/enhance basic tasks like data entry, easy processing, real-time data access, and many others. All these factors easily boost productivity and eliminate the chances of human error.
AP Automation software can easily boost the working of various accounts payable/Receivable and many others. It also minimizes the occurrence of any fraudulent activity like double bill payment, multiple invoices for the same consignment, and many others. Therefore, AP automation is highly beneficial for saving time as well as company costs.
The two solutions for AP automation in Sage involve Sage 50 and Sage Intacct, which can easily integrate with various AP automation software available on the market.
With the availability of various Automation applications, users need to choose the one offering the following amenities:
- Real-time Data
- Cash Flow Management
- Easy integration with bank accounts and other components.
- Easy option to handle vendor management.
The features of Account Payable Automation streamline various manual tasks, which ultimately reduces the dependency on the human workforce and saves crucial time that can be utilized on other activities.
Common components of the daily operations that can be easily enhanced through Sage Accounts Payable Automation include:
- Invoice generation, approval, and easy tracking.
- Fraud detection, such as double payments, late payments, or duplicate invoices.
- Eliminate the need for manual entry through data being picked up from the source directly and updated from time to time.
- Real-time access to data.