Every financial document makes its way through multiple employees, departments, and steps at a business before being stored for future reference. Incoming client payments are managed during the accounts receivable (AR) workflow, whereas your accounts payable (AP) team tracks outgoing payments to vendors.
The AR management process requires data entry, invoice approvals, client follow-ups, and paper check collection. Similarly, during the AP process, your accounting employees collect vendor invoices, seek manager approval for payments, and record amounts paid. Carefully tracking both workflows is essential because it allows you to compare the payments you receive against the payments you make.
Without an automated system, your employees must manually scan, assess, and pass along accounting files for approval. If they miss a step in the process, it can lead to unprocessed payments, missed deadlines, and lost income. Automated accounting and invoicing software reduces human error and prompts employees to complete every critical step in the document management process.
Americom partners with Square9 to offer AR and AP automation solutions. Automated accounting software scans and imports financial documents, reads their contents, extracts data, routes files to designated personnel, and tracks payments. During the accounts payable process, Square9 software checks vendor invoices against related purchase orders, requests payment approval, and records each step to ensure IRS compliance.