Accounts Payable Hub

Procurement Software

Procurement software automates a broad range of activities relating to business purchasing. An umbrella term often used to address the scope of coverage is spend management.

Some accounting problems are caused by using outdated software technology for accounting. Intentional fraud due to greed and poor internal control causes other financial issues. Low staffing levels can cause accounting problems. Not training the financial team causes accounting problems related to improperly applying GAAP.

Real Time Payments

With real time payments, the payee’s account is credited immediately, and the payer is instantly notified about the status. With a paper check, however, a payee could delay cashing it, leaving the payer with an unreliable cash balance and the potential for writing bounced checks. RTPs eliminate that.

Vendor Selection Process

The vendor selection process is important because vetting will help your business avoid low-quality or fraudulent vendors. Your company achieves better terms and reasonable pricing through competitive bids. The vendor selection process includes getting customer references. You’ll ensure that a vendor is financially viable and can make timely product or service deliveries to meet your business needs.

Vendor Fraud

Vendor fraud schemes are one of the major challenges businesses face today. Fraud and billing schemes have ruined the financial fortunes of many, and have threatened the survival of some.
To effectively combat vendor fraud, organizations need to know how to identify them, practice due diligence, and establish effective internal controls.

Concur Competition & Alternatives

Although Concur and Tipalti both help companies automate their accounts payable processes, each platform is designed with different features and solutions for finance teams. Here’s a look at some of the differences between Tipalti and Concur.

Enterprise Risk Management

Enterprise risk management helps a company anticipate, detect, and respond to change. Risk assessment includes potential risks, new risks, and changes to existing business risks. Change creates both threats requiring lessening of downside risks and lucrative opportunities to pursue. ERM methodology builds resilience.

Procurement Strategy

A procurement strategy is the blueprint for implementing a procurement process. It considers everything from building a supply chain, the systems for initiating and tracking purchases, managing costs and risks, and evaluating results. The goal is to quickly match buyers with contracted suppliers, streamline transaction processing, eliminate errors, minimize risk, and effectively manage corporate expenses.

Sourcing Vs Procurement

Sourcing and procurement aren’t separate business practices, where one has more value than the other. They are tightly inter-related business processes for purchasing goods and services. Together, they deliver great value to many businesses, especially those competing in competitive global markets.

e Tendering

E Tendering helps businesses efficiently find the best suppliers for upcoming purchases at the right price. Multiple vendors respond to procurement opportunities electronically, competing to win sales or provide business services.

AvidXchange Competition & Alternatives

AvidXchange and Tipalti both help companies automate their accounts payable processes, each platform is designed with different features and solutions for finance teams. Here’s a look at some of the differences between Tipalti and AvidXchange.

Spend Management

The primary goals of spend management are to prevent unnecessary spending, maintain accuracy and organization throughout the entire billing lifecycle, and manage supplier relationships.

Stampli Competition & Alternatives

Selecting the AP Automation solution that fits your business’ needs is an important choice, especially for growing teams that need a solution that can scale with their business. Your business may also need specific features such as international payment capabilities, Multi-FX Multi-Entity, or tax and regulatory compliance. Evaluate these feature differences to help guide your decision.

Discounted Cash Flow

Discounted cash flow analysis is applied in different areas, including business investment project selection, M&A valuation, and investors determining the market value of stock and other investments.

Purchase Order

This article explains the meaning of purchase order (PO), blanket purchase order, purchase requisition, how a purchase order compares to an invoice, how to create a purchase order, why you need a purchase order, and how a purchase order works.

Blanket Purchase Order

A blanket purchase order works in your favor the majority of the time, as long as the procurement process is strategically planned and organized. If the market value is volatile on products or services you provide, then reoccurring needs won’t matter, because you cannot forecast the cost.

Digital Purchase Order

An electronic purchase order process helps a business better track paperwork and keep the budget in check. It’s also necessary for the audit trail it creates.
In the event of a financial audit, all of your documents are in a single spot. This makes it simple to reproduce and share them, protecting your business from legal repercussions or IRS fines.

CFDI

CFDI, is an electronic invoice format mandated in Mexico and also used in certain Latin American countries. It serves as a digital tax receipt that provides all the details of a business transaction: the goods or services provided, their costs and calculated taxes.

Days Payable Outstanding

DPO is computed by taking standard accounting figures over a specific period of time to calculate this average time cycle for outward payments.

W9 Automation

Automated W9 management helps tremendously with tax compliance but there are several other factors that make digitization an attractive strategy. Automation cuts down on incorrect information and speeds up the entire process. It facilitates invoice management and vendor finances. It helps you create a W-9 invoice, improve cash flow (less labor), and increase payment options. It’s a smart tool to perform tedious tasks so you can better focus on your business.

What is an Invoice

Invoices are an essential bookkeeping tool for business owners that are used to document sales. Crafting clear, concise, and informative invoices benefits all parties involved. It also enables a business to appropriately represent themselves to the IRS in the event of an audit.
Whether you’re an enterprise or a freelancer, invoices increase the likelihood you are paid on time, every time.

This keeps your business growing, cash flow in the positive, and all the records in the right place.

Bill.com Competition & Alternatives

Open Invoice

The full accounting cycle is a step process for recording transactions, preparing financial statements, and making closing entries for the monthly or annual accounting period. At year-end, closing entries include transferring net income or loss to the retained earnings account and resetting income and expense accounts to zero for the next accounting period.

Accounts Payable Internal Controls

An internal controls framework – including approval workflows, signatory rights, and payment processes – provides the basis for minimizing risk and error in AP and ensuring financial compliance before payment.