Accounts Payable Software
This post is for small to mid-sized companies who may be vetting an accounts payable system. We hope you find it useful.
Fundamentally, accounts payable is about paying bills versus collecting money owed so it tends to take a back seat to other more interesting aspects of accounting.
Taking a more strategic view, high quality accounts payable software for small business can put owners and managers in a position to have an important impact on a company’s credit standing and available cash flow.
Benefits of AP Software
How does accounts payable software for small business help a growing company?
Success is in the details. Many vendors offer a pre-payment discount which is easily automated.
Vendors may also change pricing, sometimes without notice. Easily comparing pricing for similar products can save money and prevent spending more then needed, which helps profit margins. Checking for duplicate payments and over-looked bills is simplified.
Professional accounting software for small business supports the implementation of fraud prevention measures.
Positive Pay directs a bank to pay only specified payees and amounts. Any other submissions not included will not be paid.
Running a report of all vendors is simple and makes conducting a vendor audit to verify that the companies exist and are approved to do business with your company much easier. Other types of reviews and analyses are possible with detailed reports.
Payment Due Dates
The alternative of managing payables manually is fraught with errors and security risks once a company grows beyond a few bills a month.
Missing payment due dates causes trouble with an individual vendor who may levy a late payment penalty, as well as producing an overall drop in credit rating. And that leads to more expensive trouble in the form of higher interest rates.
Top-rated accounts payable software for small business is a vital part of a growing company’s strategy for success.
With 35 years of business and accounting experience, Passport Software provides comprehensive yet easy to use accounts payable software for small businesses and medium sized companies.
The accounts payable module is part of Passport Software’s accounting software solution.
Call 800-969-7900 – Or Contact Us. We are here to help.