Payable automation1/14/2024 When managed correctly, a strong AP process can help you unlock access to cash and give you more visibility into cash flow. Reconciling paid invoices in your accounting system Organizing, reviewing, and processing invoicesĪpproving invoices through the right channels Receiving invoices and making sure they are entered into your system correctly The accounts payable process can be broken down into five (5) steps: The process of managing those bills is also known as AP and may include contractor wages, inventory costs, rent, and everything else in between.ĪP is how money leaves your business, so it’s important to maintain strong internal controls to eliminate the risk of errors or fraudulent activity. For example, when a vendor agrees to be paid later instead of right away, the money you now owe them becomes an outstanding bill, part of “accounts payable”. Let's dive in! What is accounts payable (AP)?Īccounts payable (AP) is the process of managing outstanding debts owed to creditors for goods or services rendered. In this guide, we'll share a real workflow example of how you can use Relay together with an accounting platform called Dext to completely automate your bill pay. □ It's the right approach for businesses who want benefits like faster settlement times or the option to manage all payments from one place. □Īt Relay, we simplify online bill pay for small businesses by integrating AP directly into online banking. It removes a huge chunk of administrative work from your day, while ensuring that bills are paid accurately and on time. Learn to manage cash with Relay in our live webinar and Q&AĪccounts payable (AP) automation is the process of simplifying, speeding up, or completely replacing all the manual work that goes into paying bills and vendor invoices with the use of AP software. Insights and advice for small business advisors Stay on the money with these actionable tools and strategies The money management platform built for you and your clientsīecome a Banking Partner to help your clients bank smarterĪdvisors share what makes their firm successful Review, approve and pay bills within business bankingĭirectly sync ultra-detailed transaction dataīusiness banking and payroll together at last Relay is the official banking platform for Profit FirstĪutomated savings that earn you 1% to 3% APY* Know precisely what you’re earning, spending and saving
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |