Challenging business conditions are prompting Controllers and CFOs to take a closer look at ways their cloud accounting software can automate manual workflows. Here are three ways SBS Accounts Payable software helps users process AP efficiently:
No matter the form in which vendors provide them – PDF invoices or paper invoices – both can be imported for processing in the AP module. When PDF invoices are imported, they’re saved to a directory where accounts payable processing can find them. Paper invoices are imported by scanning, converting to PDF, and saving to the same directory. When a user processes AP invoices, the system finds the next unprocessed invoice in the directory and attaches the invoice image to the AP invoice. The user completes the entry process by filling the pertinent fields, reviewing the entry, then saving it.
Once created, invoices can be approved before posting to General Ledger. While on the go, approvers can use mobile devices to review documents and approve invoices. For those with SBS desktop application access, invoices can be approved any time they are logged into the system. Approval routing is set up in advance and customized using a point-and-click process. Invoice approval can be set by dollar amount, area of responsibility, or company policy. Frustrating bottlenecks can be eliminated by assigning approval units – when the threshold is met the, invoice is approved. In addition, substitute approvers can be assigned to keep the process moving when users are unavailable.
Automated Clearing House, or ACH payments, processed through accounts payable lets companies save time and reduce expenses. ACH payments are sent electronically to the vendor’s bank account eliminating the time and resources required to print and mail physical checks. The SBS system automatically generates an email notifying the vendor of the payment amount and expected date it will be deposited in their account.
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