Account Payable Automation Platform

1. EverythingYouNeedtoKnow AboutAccountsPayable Accountspayable(AP)referstowhatisowedforitemspurchasedoncredit.Itisconsidered a short-term debt, or money that a business owes its suppliers. It appears as a liability and shows how much a companyowesto itssuppliers forproducts orservices that it purchased andreceived on credit. Accountspayablemay also referto a company department that is in charge of paying invoices.TheAPdepartment’smainresponsibilityistoprocessandreviewtransactions between thecompany andits suppliers,verifyinginvoicesagainstpurchaseorders(POs), to ensure that goods and services werereceivedbeforeapproving,processing, and issuing payment to their suppliers. Whatisthe processofaccounts payable? The procure-to-pay accountspayableprocess includesinvoice datacapture, coding invoices,approvinginvoicesreceived,2and3-waypurchase-order(PO)matching,and posting forpayments. AP versus AR:Whatisthe difference between accountspayable andaccounts receivable? Bothaccounts payable(AP) andaccounts receivable (AR)are importantparts ofthe accounting process. While accountspayableis theamount of money owedtoits suppliers, accountsreceivable is the amount of moneyowedto a companyfrom its customers. AP is considered a short-termliability,whereas AR isa currentshort-term asset. HowdoesAPAutomationsupportbusinesses? Manyorganizationsuseautomationtostreamlinebusinessprocesseswithintheiraccounts payabledepartments. While this process is straightforward, it can be cumbersome, especially with organizations that processthousands of invoices permonth. In addition, thisissue canbe compounded bypaper invoiceuse, the lossof invoices,human error, and duplicateinvoices.Theseproblemsarejustsomeofthereasons thatorganizationsfacea high cost per invoice metric.

2. AP automationresolvesmany issues facedby manual accountspayableprocessing. However,iftheideaofselectingorimplementinganewAPsolutionseemsdaunting,then hiring a new employee may be a temporary solution. But does hiring someone optimize your existingprocesses? Takingthe time to learnabout differentAP automation solutionssuch as EZ Cloud may benefit yourorganizationinboththeshortandlong-term.Notonlyis ourpatent-pending solution cost-effective, but our team supportsyourAP departmentwith aseamless integration with yourcurrent ERP systemand offers support along theway. That way,your AP team can enjoygreater productivity with faster approvalsand all while receivinggreater satisfaction for both youremployees and suppliers.