Handling finances is always incredibly important for any business. Any sort of mistake in the accounts payable and suddenly a business may find their reputation trashed and their vendors not providing them with needed tools, equipment or inventory. Many businesses manually handle their accounts payable. This is not a particularly sustainable methodology for any company that wants to succeed. This is where accounts payable software comes into play. Accounts payable software will allow a company to skip annoying data entry and automate the entire workflow. This allows people to be more productive and focus on other tasks like growing a business. The idea with accounts payable software is that it should work from start to finish for any payment. This article is going to examine some of the benefits of accounts payable software as well as look at some of the best software offerings on the market.
Benefits of Accounts Payable Software
There’s several reasons why adopting a strong accounts payable solution is going to benefit a business.
- Efficiency - By automating these tasks, employees become more efficient. Accounts payable becomes something that will take less people or manpower to manage. This will also turn accounts payable into a fully digital solution, ensuring no time is wasted with paper copies of things.
- Consistency - By having a process that is repeatable and consistent, it builds trust from suppliers who know exactly how and when they will be paid. Accounts payable software can also ensure that cash flow is consistent and overspending is avoided as needed.
- Excellent Integration - Accounts payable software is fairly specialized, but it integrates into a lot of other software offerings easily to ensure something of a full service solution. It’s common for accounts payable software to be integrated with accounting, budgeting or analytics software to provide more information to run your business well.
Popular Accounts Payable Software
There’s a wide number of different software offerings that are available for businesses to choose from. They have different pricing and features. Some are better for larger businesses while others are better for small businesses. Some of the best options out there include:
- QuickBooks Online - Many people have heard of QuickBooks and used it for a lot of accounting over the years. This is a cloud based version of QuickBooks. It is able to integrate into a huge number of different softwares as well.
- Precoro - This is an excellent option that helps track expenditures. Arguably the best feature of Precoro is the duplicate payment alerts. It ensures there is no chance that you’ll end up overpaying and damaging cash flow.
- Tipalti - This is one of the most popular and feature laden forms of accounts payable software. It allows for cash management, electronic funds transfers and manages vendors. It’s a pure end to end system. It can be a bit more expensive than some other options, but you certainly get what you pay for.
- NetSuite - This is another full service feature rich software option. It can automate almost everything from end to end of the payments process. A payment can be approved and reconciled with no additional data entry needed. It also features excellent dashboards and reporting.
- Serrala Suite - This is yet another excellent accounts payable suite. Vendor invoices are quickly captured, validated and then paid out. Serrala Suite will integrate well into financials or an ERP, making it a good choice for a larger company.
These are only some of the great options on the market. It’s crucial to do some research and examine a number of different software offerings before making a decision. However, once the decision is made, a business is going to thrive with excellent accounts payable software.