AcumatiCaresOur Accounts Payable software helps you monitor your cash flow by tracking all your outstanding invoice payments, as well as available discounts, due dates, and cash requirements. And because our Accounts Payable solution runs in the cloud, you can access your reports anytime, anywhere, just by opening a web browser.
Product
Accounts Payable Software
How Accounts Payable Software Can Work for You
How Accounts Payable Software Can Work for You?
Acumatica’s Accounts Payable software is designed to streamline your accounts payable processes and keep your outgoing cashflow timely and accurate. The Accounts Payable module automates the steps for receiving invoices from your vendors—suppliers, subcontractors, etc. It also keeps track of payment obligations, so you’ll always pay your vendors on time, which will ultimately improve your working relationship with them.
Learn more about accounts payable automation.
Key Benefits of Accounts Payable Solutions for Your Company
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Attach Source Documents to Invoices
Streamline invoice approvals and make it easier to resolve issues in the future. When you receive source documents via email or scanning, they’re attached to the invoice for easy drill-down access. Once files have been attached to one document within the system, the file can simply be linked to additional documents or records without uploading the file again.
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Accept Vendor Prepayments
Enter prepayment requests, issue prepayments, and apply prepayments to invoices as they are received. Prepayment balances are kept separate from the regular AP account. Match prepayments with charges and display the remaining balance after bank charge.
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Recognize Prepaid Expenses
Assign a deferred expense schedule by AP line item. Automatically split payments between the prepaid account and expense accounts.
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Calculate Taxes Automatically
Automatically calculate withholding, use, and value-added (VAT) taxes, and prepare one or more versions of each tax filing report. Assign a default tax zone to each vendor and verify tax zones by address to prevent the creation of multiple tax zones. The default can be overridden during invoice entry. Tax calculations can include multiple tax items per document line, deduction of tax amount from the price, and tax on tax calculation.
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Anomaly Detection in Inquiries
Enhance compliance and data accuracy with improved machine learning anomaly detection to identify data irregularities and promote effective business decisions. Quickly isolate records that deviate from normal data patterns in amounts, totals, costs, and other values such as sales order margins, purchasing, and AP costs.
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Streamline Invoice Approval and Payment
Save time with accounts payable solutions. Set up the process to automatically approve payments or follow an approval process to prioritize or delay payment before these documents are processed in the accounting systems and paid. Designate an account to pay from, or select a payment method. View invoices, make payments, and store credit cards on the Acumatica Self-Service Portal.
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Optimize Payments
Avoid late charges and take advantage of vendor discounts by aligning payments with cash flows.
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Faster Delivery, Fewer Errors
Enter data more efficiently with predictive entry and flexible screen layouts. Reduce errors by setting default accounts, subaccounts, payment terms, and discounts by vendor.
Important Features of Accounts Payable Software
Vendor Payment Processing
Avoid overpaying vendors with a process flow that makes open debit adjustments available as an option to select during payment processing. Automatically export AP payments over the ACH network via NACHA or CPA-005 (Canadian) file formats. Enable users to specify accounts for each vendor. Prepare vendor payments in bulk rather than individually. Organizations in the U.K. can utilize file plug-ins to create payment export files for BACS HSBC and Lloyds banking institutions.
Multiple AP Accounts in GL
Link groups of vendors to specific AP accounts in the GL. Default accounts can be overridden during bill or payment processing. Acumatica automatically offsets the correct account when the payment is applied.
Multiple Currency Support
Issue or accept invoices in a foreign currency. Use accounts payable automation to apply the effective currency rate and make the translation without any work for your staff. Currency triangulation and realized gain/loss calculations are automatic. Unrealized gains and losses can be calculated through a balance revaluation process. Support multiple base currencies and consolidates reporting across companies with different base currencies.
Recurrent AP Documents
Create recurring bills by setting the frequency and time frame for payment. Recurring bills will appear in the recurrent transaction processing screen for review, modification, and release.
Vendor Refunds
Vendor refund documents debit a cash account and credit an AP account. Apply a refund toward a debit adjustment or prepayment.
Cash Basis Accounting
Record revenue and expenses when payments are received or disbursed rather than when the transactions occur.
Automated Tax Reporting
Automatically calculate taxes and verify tax zones by address to prevent the creation of multiple tax zones. Allow users to add 100% tax lines and taxable lines in the same form.
Purchase Price Variance (PPV)
Proactively monitor costs by setting tolerances with automated approval notifications when the actual purchase price on supplier bills deviates from the expected price on the purchase receipt transaction.
AP Aging Reports
Customize your AP aging categories and create a full set of aging reports including total outstanding, past due, cash requirements, and vendor performance.
1099 Reporting
Accumulate 1099 information for any designated vendor. Track 1099 payments and produce the appropriate 1099 reports. Multiple branches can close books (tax periods) independently of one another.
Automatically generate form 1099-NEC for nonemployee compensation without impacting vendor defaults and current processes. 1099-NEC and 1099-MISC report e-filing are both supported.
Audit Trail
Maintain a complete audit trail of all transactions. Documents cannot be deleted or cancelled. Correct mistakes using correcting or reversing entries. Acumatica accounts payable solutions capture the ID of the user who entered the transaction and the user who modified the record. Notes and supporting electronic documents can be attached directly to the transactions.
Vendor Account Security
Control access within your accounts payable software by specifying which individuals and roles can view and modify vendor account information and balances. Restrict sensitive vendor information.
Automated AP Bill Entry
Apply AI/ML technology to import PDF documents from files or directly from email attachments and transform them into AP documents. Configure the system to automatically search for vendors by e-mail address.
Invoice Preview in Side Panels
Access side panels on incoming documents to view invoices and related PDF documents on the side panel.
Acumatica Accounts Payable – FAQ
What is Accounts Payable?
Accounts payable, or AP, is a record of the debt a company owes suppliers and creditors for items and/or services purchased or money owed. Considered a short-term liability, this debt appears as an expense in the company’s general ledger (GL) until the company’s AP department pays the outstanding amount owed. Making payments on time—and accurately—improves the company’s cash flow as well as their relationship and reputation with vendors and creditors.
What is Accounts Payable Software?
Accounts payable software automates manual AP management tasks based on the specific needs of a company. Typically, AP software provides the following capabilities:
- Receives and tracks invoices.
- Processes payments.
- Stores up-to-date vendor information.
- Monitors discounts, due dates, and cash requirements.
- Identifies pre-set conditions.
- Streamlines invoice approvals/payments.
- Calculates taxes.
AP software simplifies these and other AP management tasks, eliminating the need for data entry and paper trails that often lead to costly errors and delays.
What is ERP in Accounts Payable?
AP software as a stand-alone application is a specialized, time-and-money-saving tool. When integrated within a comprehensive Enterprise Resource Planning (ERP) solution, it becomes an invaluable asset that helps improve a company’s productivity and bottom line.
An ERP solution stores, synchronizes, and connects data from every department within a business, providing team members with the same, updated information. If the ERP solution is cloud based, they can access the information from wherever they are—24/7, 365-days of the year.
Having an integrated AP module within the ERP solution opens the door to increased functionality, such as accessing drill-down reports (including AP aging reports) and personalized dashboards for viewing past information that supply insights into current and future performance; setting default accounts, subaccounts, payment terms, and discounts by vendor; and supporting multiple AP accounts in the GL.
The right ERP solution provides additional features and capabilities. These may include support for multiple currencies, the ability to create recurring payments, and complete auditing functionality—from correcting mistakes without deleting or canceling documents to capturing user identification. And because vendor security is crucial, the right ERP solution will help control access through role-based permissions.
With an integrated AP and ERP solution, intelligent payment processing and complete visibility into all financials is possible with a click of a button.
“With everything built-in [to Acumatica], our invoices now directly populate into our revenue and onto our P&L, and executives can pull information at any point in time. They can see how profitable we are this month. They can see what we’re purchasing. They can have many questions answered at any point in time.” – Amanda Datte, CFO, Clive Coffee
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