Accounts payable professionals know that there is much more involved with their job than just paying invoices! There are certain aspects of accounts payable that can be simplified and streamlined with the setup of a good accounts payable accounting software program. Here are some key things to look for in accounting software to help you streamline your accounts payable.
MICR Check Capability
MICR Check printing lets you print checks on blank check stock (with a special ink) instead of on preprinted check stock. This can be useful when the check information changes, such as address changes, etc. With MICR check printing, you simply change the data and print the checks instead of wasting the remaining preprinted checks. This same tool can allow signatures to be printed, rather than requiring a manager to be present to sign checks.
View vendor balance when entering purchases.
Being able to view vendor balances when entering accounts payable transactions can be helpful, since you can instantly see your status with that vendor. If a payment is necessary, you can promptly make one from the system and then process the new transaction.
Flexible vendor sorting
Perhaps you can’t remember the vendor’s name, but you can recall their city or contact name. Having a system that allows you to sort or look up vendors in a variety of ways can be extremely helpful for this reason.
Accounts payable software is meant to make your job easier and also to pull information out of the system when you need it. Be sure to find a system that can provide the information you and your managers need, the way you need to see it, and in a timely manner. Can you sort credit card purchases from line of credit purchases? Can you move around the fields of information as needed for your accounts payable aging report? Can you sort your purchases by vendor and by account? Not only will strong reporting keep you well organized, it will also keep you looking good when others request details from you, and you can provide them what they need in a timely manner.
By setting up and using a good accounts payable software system; you can make your job so much easier, and also impress your peers with your simplified workflow and reports.