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4 Tips to Save More Time as an Accounts Payable Professional

Published on

07 Aug 2023

Try these four time-saving tips for the Accounts Payable professional. This article is the first in a 2-part series assisting accounting professionals working in ag business.

Read the next article in this 2-part series here: 6 Accounts Receivable Ideas to Start Today

Recurring AP Bill Payment

With a little setup at the front end, you can save yourself time by using automation for routine bills such as monthly storage rent, equipment leases, utility bills, and other expenses. Taking advantage of available automation in your software shortens your usual AP steps each month for those expected expenses.

In Agvance Accounting, users can set up a recurring accounts payable bill for vendors that are paid repetitively. Document the invoice number, the day of the month the invoice is due, a description, and expense it to the General Ledger. When it is time to post the recurring bills, display the invoices by date and preview each entry allowing you to change the amount, if needed. Due dates are not missed and the payment can be finalized quickly with much of the information pre-populated.

Reconciling Freight

Frequently, the estimated freight and actual freight amounts differ. Agvance, designed for the agriculture industry, adjusts the freight or extra charges and creates the bill all at one screen. The Accounts Payable (AP) professional using Agvance can reconcile freight by choosing the vendor and entering the actual amount of the freight for each load and the AP bill information on the same screen. Agvance makes a journal entry, posts the difference between the estimated and actual amounts, and posts the AP Bill. It is then available when paying bills.

Product Cost Variance Dashboard

Several Agvance Analytic dashboards can be used to monitor accounts payable such as the Product Cost Variance Dashboard. This dashboard shows the product cost variance across locations and can assist with identifying outliers and possible costing errors. View the product, product cost, the department average cost, and the percentage difference. This ready-to-use Analytics dashboard, like other dashboards, can be subscribed to so that it is received regularly, giving you a heads-up on products with cost variances that may need further investigation.

Cash Needs Analysis Dashboard

Another time-saving analytic tool, the Cash Needs Analysis dashboard in the Vendor section of Agvance Analytics gives an overview of unpaid AP Bills, the bill detail, and discounts available. Using this dashboard, the AP professional views graphs and can drill into needed details. View bills due by month including aging buckets on upcoming bills, the GL accounts and profit center breakdown of the bills, and specific due dates.

Read the next article in this 2-part series here: 6 Accounts Receivable Ideas to Start Today

Learn more about Agvance Accounting.

For a demonstration of how Agvance can help your business improve accounting processes and more, please fill out the form below.

If you currently use Agvance, visit the Agvance Help Center and use the search bar to find more detailed information on each of these time-saving tips. You can also contact our Customer Service Team for assistance in better utilizing Agvance to improve your accounts payable workflow.

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