Accounts Payable
ManageMore Accounts Payable software helps you order inventory, manage vendor amounts owed, due dates and available discounts properly. Automatically generate purchase orders for the items you need. Create accounts payable invoices instantly from existing purchase orders, as well as completely control payments processing and the printing of checks.
Accounts Payable Software Review
Along with managing your accounts receivable by improving your credit and collections techniques, sound cash flow management demands that you keep a sharp eye on your payables and expenses.
Each time you make a purchase from a supplier without paying for it at the time of the purchase, you create an account payable (a payable) for your business. Accounts payable are amounts you owe to your suppliers that are payable sometime within the near future — “near” meaning 30 to 90 days.
A temporary cash shortfall can be a death sentence for many businesses. That’s why it is critical to understand how to manage all three components of your cash cycle: accounts receivable, inventory and finally accounts payable.
Accounts payable is the forgotten stepchild of the cash management system. Payables systems are often seen as just a bill paying mechanism, and what, after all, can be done about that?
Take Advantage of Your Cash Cycle
Payables are actually the least-managed, most neglected component of the cash cycle, simply because most small-business managers assume there is little that can be done about them. Psychologically, they have ceded control over their payables to their vendors and simply adopted the receivables standards of their suppliers. However, the truth is… not all bills should be paid on time. Many large companies figured this out some time ago and have adapted their high-end accounting systems to wait until the last conceivable moment to pay a bill.
With ManageMore’s Accounts Payable software, we provide tools (typically only found in high-end A/P systems) necessary for any business to extends its payment cycle intelligently. By providing instant analysis of the average age of your payables (AAP) and keeping track of your vendors payment policies, we make it easy to take advantage of your debt with all vendors.
Hold on to Your Cash
ManageMore’s payables objective is to hold on to cash without damaging credit relationships. The number one error that most small business managers (and some large-business managers) make when managing their payables is forgetting who they work for. Payables management too often becomes the management of the vendors’ receivables systems instead of management of your company’s disbursement system. In addition, to speeding collections as much as possible without damaging customer relations, one of the jobs of the financial manager of any business is to hold cash as long as possible without damaging credit relationships. ManageMore can help make sure that you don’t pay vendor bills until the minimum acceptable time frame allotted by your vendor.
Unfortunately, some managers confuse good management with unethical behavior. The question of ethics in payables management is one that should be addressed, because the business manager without a clear set of priorities is unlikely to manage payables properly. The real important issue is to have good inventory management combined with good payables management to significantly reduce the cash needs of your business. ManageMore can accomplish this by automating aspects of your payables and ensuring your policies are followed all the time.
Let ManageMore’s Accounts Payable software accurately manage vendor amounts owed, due dates and available discounts properly. Create accounts payable invoices instantly from existing purchase orders. Completely control payments processing and the printing of checks. Never be penalized again for a late payment charge or finance fee from your vendors.
