Accounts Payable

Multi Features of Small Business Accounting Software

Multi Features of Small Business Accounting Software

Business Intelligence

Small Business Accounting Software gives you production financial reporting, dashboards, Business Intelligence coupled with drill-down all in one package.

Easy-to-use, fast, powerful reporting without IT

Graphical visualization

Accurate info in real-time

On-demand dashboards and pivots

Workflow

Enhances your control and oversight of all internal control functions by providing a visual medium for the setting up and monitoring of all your authorization and review processes.

Visualize then actualize your approval process

Automatically route tasks and assignments

Automates responsibility and accountability while providing visual clarity of routing activities

Budgeting & Forecasting

Budget and forecast your organizations long and short-term goals. Create budget approval workflows and compare budget to actual results. Budget various ways using general accounting structure, payroll or allocations.

Collect budget inputs into a single point of truth

Improve budget planning driven by behavioral analysis of historical data

See process status at a glance

General Ledger

Puts the financial information you need within reach, and guarantees you timely access to the information your organization requires, both now and into the future.

Helps you comply with regulators & auditors

View performance data from any perspective, from a single database

Eliminate errors & extra work

Operate in multiple currencies

Accounts Payable

Gives you complete control over payments and payment strategies, without the need to involve your IT personnel to get the job done. Built-in policy tables enhance control, speed processing and make it easy to tailor system functions to your unique requirements.

Control cash with ease

Get the most out of your banks

Enhance vendor relationships

Accounts Receivable

A comprehensive system for managing receivables, cash receipts and customer credit that allows you to control this critical business function, yet retain the flexibility you need to adapt to changing business conditions.

Collect cash efficiently

Stay ahead of credit and collection problems

Adapts to any business model, so work the way you know best

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Know what is Accounts Payable ?

Know what is Accounts Payable

Accounts Payable

Definition of Accounts Payable:

SOURCE: ACCOUNTINGTOOLS


Definition:
Accounts payable is the aggregate amount of an entity’s short-term obligations to pay suppliers for products and services which the entity purchased on credit. If accounts payable are not paid within the payment terms agreed to with the supplier, the payables are considered to be in default, which may trigger a penalty or interest payment, or the revocation or curtailment of additional credit from the supplier.

When individual accounts payable are recorded, this may be done in a payables subledger, thereby keeping a large number of individual transactions from cluttering up the general ledger. Alternatively, if there are few payables, they may be recorded directly in the general ledger. Accounts payable appears within the current liability section of an entity’s balance sheet.

Accounts payable are considered a source of cash, since they represent funds being borrowed from suppliers. When accounts payable are paid, this is a use of cash. Given these cash flow considerations, suppliers have a natural inclination to push for shorter payment terms, while creditors want to lengthen the payment terms.

From a management perspective, it is of some importance to have accurate accounts payable records, so that suppliers are paid on time and liabilities are recorded in full and within the correct time periods. Otherwise, suppliers will be less inclined to grant credit, and the financial results of a business may be incorrect.

Other types of payables that are not considered accounts payable are wages payable and notes payable.

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