Automate Accounts Payable

Introduction


 

Almost every organization has an accounts payable (AP) department. Accounts Payable represents a liability for a product or service that has been delivered, but payment has not been made. It is often linked to the issuance of a purchase order and proof of delivery to trigger payment. It is tied to cash management and overall costs as payment terms are typically a component of the Accounts Payable process. They may include the offer of a cash discount for paying an invoice within a defined number of days. For example, “2%, 30 Net 31 terms” means that the payer can deduct 2% from the invoice if payment is made within 30 days otherwise the full amount would be due. In some cases, a penalty may be applied for late payment. This analysis examines the improvements organizations can realize by automating the accounts payable process.

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