Accounts Payable - What Is It?

 

What is Accounts Payable?

Accounts Payable (AP) departments are tasked with processing and paying bills among  other things. They are driven by internal rules that must be applied over and over again. Many bills also require approvals before they can be paid. It’s costly to manually apply these rules, route bills for approvals, and fix problems any problems that come up. docMgt solves these challenges.

 

What are the primary functions of an AP department?

  • Dealing with payment to vendors
  • Printing and delivering checks
  • Watching for and following up on billing or payment errors
  • Researching returned checks
  • Dealing with credit invoices
  • Storing permanent records that supports payments
  • Providing AP procedures training
  • Settling disputes with vendors
  • Following up on overdue bills
  • Making sure backup documentation exists

 

What can happen if these functions are not managed right?

  • Duplicate payments can be made
  • Check fraud occurs
  • Your company loses out on discounts
  • Vendor relations can be hurt
  • Higher operational costs
  • More audits and their associated costs

 

docMgt help take care of all these functions and helps avoid the problems. This reduces processing times and results in lower labor costs and less errors. docMgt also eliminates the geographical challenges for remote workers. Since docMgt runs in the cloud, documents can be securely accessed anywhere on any connected device. This significantly reduces the labor and cost associated with shipping, sharing, and retrieving invoice documents.

 

When you control the time it takes to process and pay invoices you have the ability to take advantage of quick pay discounts. docMgt also provides the oversight you need to eliminate paying problems and duplicate invoices. Within our solution we can easily identify problem invoices and route them directly to the right users to quickly fix them.

 

docMgt saves any organization time and money while improving vendor relationships. It does this through better process control and quick access to documents when they are needed.

 

Related Links

Accounts Payable

Accounts Payable with docMgt

 

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