Finance Accounts Payable Software

Accounts payable is a central aspect of any finance or accounting program. LogicManager’s robust Accounts Payable solution package helps create efficiencies and set your business up for financial success.
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What is Accounts Payable?

“Accounts payable” refers to the money owed by a business to its suppliers. It’s viewed as a short-term debt or obligation. Managing accounts payable helps to maintain the financial stability of your organization. By having a strong accounts payable process, ensure that your organization is:

  • Accurately tracking cash flow
  • Staying on top of payment timeliness
  • Properly managing invoices and products received against purchase orders or contractual agreements
  • Maintaining favorable relationships with vendors
  • And more

LogicManager’s Accounts Payable content package is a point solution that has out-of-the-box resources and customizable features to help you streamline your accounts payable process. Read on to learn more.

Risks

Without a robust accounts payable program program, you are setting your organization up for missed deadlines and poor cash flow management. Missing goals and inaccurate financial reporting can result in poor relationships with shareholders, other vendors and customers. These negative relationships can slow down project timelines, affect deliveries and ultimately create additional obstacles that could have otherwise been avoided.

Consultants and additional FTEs are required to run a due diligence and contract program in the absence of software. Once you factor in the cost of unintended auto-renewals, missed payments and poor financial management, expenses become high. On top of that, outstanding payments or mismanagement of invoices can cause a misunderstanding with respect to your company’s financial standing, and in turn negatively affect leadership’s understanding of how funds can be allocated for future projects and goals.

Enhance your Accounts Payable Process with LogicManager

Maintain a centralized repository

Managing accounts payable in one centralized location within LogicManager helps you tie your efforts closely to your company’s third party management program. This makes it easier to identify relationships and spot emerging issues.

Strengthen vendor relationships

A mature accounts payable process helps ensure that your organization is maintaining strong relationships with its vendors. In both the short and long term, positive vendor relationships are key in positioning your business for success.

Design strategic objectives

Your financial planning and target goals should be crafted with as much context and foresight as possible. Keeping all data centralized within LogicManager’s fully integrated GRC platform helps you see how other departments are performing, gain a clear picture of your financial status and understand how you’re measuring up against projected cash flow and financial goals.

LogicManager’s Accounts Payable Solution

Here’s what you can expect with LogicManager’s Accounts Payable solution package: 

  • By operationalizing the accounts payable process and engaging team members through date-based automated tasks, your organization can ensure it is consistently documenting its payment processes and keeping an accurate record of available cash flow.
  • Through LogicManager’s task functionality, if a product or order is late, missing or inaccurate, you can easily engage with vendors to swiftly resolve the issue. Tracking this information over time gives you an accurate read on vendor performance year over year.
  • LogicManager’s event management form can be leveraged to submit incidents for any problems that require unique attention. This may include order issues, payment discrepancies, or mismanagement of contractual agreements. By collecting data and automatically engaging the relevant parties through automated tasks, you’re tracking all events from start to finish.
  • Through our reporting tools, aggregate all accounts payable information to easily see any outstanding payments, trending patterns or mismanaged vendors. Reports commonly used for accounts payable include:
    • Tasks Due in the Next 90 Days – This displays tasks that are due in the next 90 days and highlights areas based on how far out the due date is. This report is optimal for Excel, where you can then filter and sort as needed.
    • Overdue Tasks – This report shows overdue tasks within LogicManager, including who is responsible for those tasks. It’s also compatible with Excel.
    • Incidents Dashboard – Get a graphical representation and summary overview of your incidents with this dashboard style report.

Request a Free Demo Of LogicManager’s
Accounts Payable Tools

Want to learn how LogicManager’s Accounts Payable solution package can help transform your finance program? Start by requesting a free demo today.

REQUEST FREE DEMO