{"id":269451,"date":"2024-07-08T15:49:17","date_gmt":"2024-07-08T03:49:17","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?p=269451"},"modified":"2024-07-18T14:10:21","modified_gmt":"2024-07-18T02:10:21","slug":"accounts-payable-automation","status":"publish","type":"anb","link":"https:\/\/www.reckon.com\/au\/accountant-bookkeeper-resources\/invoicing\/accounts-payable-automation\/","title":{"rendered":"Accounts payable automation and its benefits for your clients"},"content":{"rendered":"

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.23″ custom_padding_tablet=”” custom_padding_phone=”0px||||false|false” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.23″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” width=”100%” custom_padding=”||0px||false|false” global_colors_info=”{}”][et_pb_column type=”1_3″ module_class=”table-contents” _builder_version=”4.23″ background_color=”#f3f2f6″ custom_padding=”25px||25px||true|false” sticky_position=”top” sticky_limit_bottom=”section” sticky_position_tablet=”top” sticky_position_phone=”none” sticky_position_last_edited=”on|desktop” pac_dcm_carousel_specific_module_num=”0″ border_radii=”on|24px|24px|24px|24px” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.23″ text_font=”||||||||” locked=”off” global_colors_info=”{}” background__hover_enabled=”on|desktop”][\/et_pb_text][\/et_pb_column][et_pb_column type=”2_3″ _builder_version=”4.16″ custom_padding=”|||” pac_dcm_carousel_specific_module_num=”0″ global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Copy paste body text here” _builder_version=”4.23″ header_2_font_size=”32px” header_2_font_size_tablet=”30px” header_2_font_size_phone=”26px” header_2_font_size_last_edited=”on|tablet” global_colors_info=”{}”]As a bookkeeper, many of your clients face the reality of paying invoices. Whether to suppliers and contractors, or energy, internet and phone providers, the act of invoicing creates an ongoing need to organise, calculate, record, and of course pay<\/em>, a host of invoices.<\/p>\n

By advising your clients on accounts payable processes (and urging them to use proper accounts payable automation software<\/a>) you\u2019ll provide significant value<\/a>; not only will you free up their time you\u2019ll also automate a frustrating yet necessary workflow for them.<\/p>\n

What is an accounts payable ledger?<\/h2>\n

Accounts payable, or an accounts payable ledger, is a record of a business\u2019s unpaid invoices. A business\u2019s accounts payable is essentially a record of their business debts<\/a>, in the form of invoices.<\/p>\n

Immediately upon receiving an invoice, businesses usually record and update their accounts payable ledger<\/a> (often within their accounting software<\/a>). For accounting and bookkeeping purposes, your AP is viewed as \u2018expenses\u2019 which feed into other types of reports such as balance sheets<\/a> and financial statements. Indeed, it\u2019s important to understand that if a business has a large accounts payable ledger, it should be viewed as a liability.<\/em><\/p>\n

While big companies often have a dedicated accounts payable department in-house, most small businesses manage invoice processing themselves.<\/p>\n

What’s accounts payable automation?<\/h2>\n

Historically, paying invoices and managing an accounts payable ledger are manual-heavy processes. When a business receives an invoice, whether by mail, email or through eInvoicing<\/a>, they have to process the payment and keep a record.<\/p>\n

However, when you automate accounts payable processes, those invoices which are imported or scanned into software, are easily paid, managed, and reported upon.<\/p>\n

What\u2019s accounts payable automation software?<\/h2>\n

Accounts payable automation software works by compiling invoices in a solution ready for prompt and easy payment<\/a>. Regardless of whether a business receives an invoice by mail, email, or an online portal, with fit-for-purpose technology, invoices can be swiftly and accurately imported, then paid and easily reported upon.<\/p>\n

Common features of accounts payable automation software include:<\/p>\n