Business payments run uniquely, and software must pay up the pending payments and maintain a record. Out of numerous entities, an account payable is the amount you owe to the suppliers in your business transactions. This payment can be accrued for any given time in your business, and to manage the related complexity, there is an account payable process that this guide will talk about.

What is the function of account payables?

In the absence of account payables, it was initially very tough to maintain the account based solely on the manual handling of the financial records. Account payables have two functions to perform:

  • Tracking the developments of standards payables
  • Separating the purchases of inventory, banknotes, and other financial payables
  • Maintaining vendor’s history
  • For dating the invoices
  • Creating the invoice term payments

So this tool lets you perform the above functions to simplify your business. While talking about the features of the account payable process, you can have a look at the section below.  

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What are the features of the account payable process?

Software for streamlining your financial processes is what the Accounting services Singapore process is all about. Check out what it has to offer to make your business run smoothly; general features of this tool are as follows:

  • You can generate the invoice based upon the criteria like discounts, due date, or the name of the vendor
  • Track your cash on delivery checks
  • Analyze the cost if you are a vendor
  • Checks can also be written through a computer or manually
  • Track the void checks
  • The credit cards can also pay invoices
  • Invoices can be created regularly
  • Term dating
  • Print the complicated budgets belonging to each department
  • Income statements belonging to current and prior years can also be compared without much ado
  • You can analyze through your inventory that how much profit has been earned
  • Reports related to accounts and finances can be created easily
  • Develop the monthly tax report
  • Reports related to audit can also be generated
  • Maintain the records related to discrepancy in the financial transactions
  • You can print the check register, which is usually the bulky one

Using the account payables process indeed provides easy access to simplifying the details related to all the financial transactions. Also, the usage of this tool has resulted in keeping track of the billing, thereby contributing to the profit-building process of the firm.