Accounts payable software helps you track and pay all the money your company owes other companies. Your company purchases products and services. Are you taking advantage of discounts by paying on time or even earlier? Accounts payable solutions help you meet your obligations.
How Accounts Payable Can Work for You
With GRP’s accounts payable software, you can 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 solutions run in the cloud, you can access your reports anytime, anywhere by opening a web browser. Accounts payable software automates receiving the invoices from your suppliers and sub-contractors. It also ensures timely and accurate payment to those creditors, which can improve your relationship with them because they appreciate it greatly. Learn more about accounts payable automation.
Key Benefits of Accounts Payable for your Business
Attach Source Documents to Invoices
Streamline invoice approval 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.
Accept Vendor Prepayments
Enter prepayment requests, issue prepayments, and apply prepayments to invoices as they are received. Prepayment balance is kept separate from the regular AP account.
Recognize Prepaid Expenses
Assign a deferred expense schedule by AP line item. Automatically split payments between the prepaid account and expense accounts.
Calculate Taxes Automatically
Automatically calculate use and VAT taxes and prepare tax filing reports. Assign a default tax zone to each vendor. This default can be overridden during invoice entry. Tax calculation can include multiple tax items per document line, deduction of tax amount from the price, and tax on tax calculation. GRP accounts payable software also supports withholding tax calculations.
Streamline Invoice Approval and Payment
Save time with accounts payable solutions. Set up the process to automatically approve for payment 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.
Avoid late charges and take advantage of vendor discounts by aligning payments with cash flows
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.
Additional Features of Accounts Payable
Multiple AP Accounts in GL
Link groups of vendors to specific AP accounts in the GL. Default account can be overridden during bill or payment processing. GRP automatically offsets the correct account when the payment is applied.