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Fast and secure invoice processing for every organization.
Fast and secure invoice processing for every organization
Accounts payable means that you record, check, and pay all incoming invoices from suppliers on time. It ensures that your organization always has insight into outstanding payments and when they are due. This prevents fines, duplicate payments, and ensures an efficient cash flow.
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An effective accounts payable process consists of a number of logical, repeatable steps. By structuring these well and automating where possible, you keep control over your payments and prevent mistakes or delays.
Each invoice that arrives by mail, email, or digital platform must be recorded in the accounting system. It’s important to immediately record the correct creditor, cost center, and invoice date.
Before proceeding to payment, you check whether the invoice is correct. Think about the agreed price, delivered products or services, and the VAT information. This check helps you prevent errors or duplicate payments.
It is smart to record the agreed payment terms for each supplier. That way, you can clearly see when an invoice needs to be paid and avoid late payments.
As soon as everything has been checked and approved, you execute the payment. This can be done manually, but it is more efficient to do this through an automated payment system that is connected to your accounting.
After payment, the invoice is archived. Additionally, you keep track of which invoices are still outstanding and when it’s necessary to send payment reminders or get in touch with your supplier.
A mistake in your accounts payable process can lead to late payments, missed discounts, or a disturbed relationship with suppliers. On the other hand, a well-functioning system delivers many benefits:
Accounts payable goes beyond just processing invoices. It’s about control, communication, and trust.
A healthy financial administration consists of two sides: your accounts payable and your accounts receivables management. Where accounts payable focuses on paying your suppliers on time, receivables management ensures that your customers pay you on time.
For the latter, Payt offers the perfect solution. Our software helps you get paid 30–50% faster structurally, without compromising personal contact with your customer. With automated follow-up, direct communication, and real-time insight into outstanding invoices, you stay in control of your cash flow.
Curious to know what Payt can do for you? Download our brochure below and schedule a demo today.
In accounts payable, you manage the incoming invoices from suppliers. Receivables management focuses on outgoing invoices to customers.
Use fixed process steps, work with approvals, and apply automation where possible. Also make clear payment arrangements with your suppliers.
Duplicate payments, forgotten invoices, payments after the agreed term, and unclear communication are common pitfalls.
Use accounting software that supports payment files, offers a clear overview of outstanding invoices, and lets you manage supplier details easily.
