Managing Your Accounts Payable: A Guide for Small Business Owners
Are you tired of the countless hours spent managing your accounts payable (AP)? Do you want to streamline your accounting process to save the time and money spent on manual tasks on Quickbooks?
With a growing business, it’s easy to outgrow the accounting systems you’ve relied on since the conception of your company. By moving to Sage Intacct, you’ll gain valuable, actionable insights and true visibility into your business performance while simplifying the AP process.
The Tech Stack for Your Accounts Payable
Technology has revolutionized how we do business, and accounting is no exception. With the right accounting tech stack, you can automate your accounts payable process, improve accuracy, and reduce the risk of costly errors. Here are some of the tools you can use to streamline your accounts payable process:
- Cloud Accounting Software. Cloud accounting software like Sage Intacct can help you manage your accounts payable more efficiently. You can track invoices, payments, and expenses in real time and securely access your financial data from anywhere.
- Electronic Payment Systems. Integrating with electronic payment systems such as Expensify and Bill.com can help you make payments quickly and even automate the process. By eliminating the need for double data entry or paper checks, you’ll cut your time spent with manual entry by half (—or more!).
- Optical Character Recognition (OCR) Technology. OCR technology scans and digitizes your invoices and receipts, making it easier to stay organized. OCR can also extract data from your invoices and reduce the need for manual data entry.
Simplifying the Day-to-Day Accounts Payable Processes with Sage Intacct
Once you have a solid strategy for your tools and technology, it’s time to focus on the processes and controls that will help you manage your accounts payable effectively. Here are some key elements you need to keep in mind to keep your business running smoothly and minimize your financial risk:
- Three-Way Matching — This involves matching your purchase order, invoice, and delivery receipt to ensure the invoice is accurate. Three-way matching helps prevent overpayments and catches discrepancies early on. Sage Intacct utilizes an auto-matching feature to improve the accuracy of invoicing and reconciling your accounts.
- Internal Controls — Keeping tight internal controls will ensure your accounts payable process is accurate and reliable. This includes the segregation of duties, approval workflows, and regular audits. With Sage Intacct, you define the invoice workflows and approval thresholds, so nothing falls through the cracks.
- Reconciliations — Reconciliations involve comparing your accounts payable ledger to your vendor statements and ensuring they match. Sage Intacct provides centralized access to all your financial data, from bills and payment status to approvals and audit trails, so you can be sure your financial statements are accurate.
Streamlining Your AP Process With Trusted CFO Solutions
Whether you’re in the process of establishing an accounting team or already have a strong accounting department, a comprehensive accounting solution can help improve your accounts payable workflows. Sage Intacct is a cloud-based accounting software that allows your team the flexibility and control to focus on more strategic financial tasks to grow your business.
Contact CFO Solutions to learn how we can help you tap into the power of Sage Intacct Accounting and implement the best internal solutions to set yourself up for success.