A simple accounts payable process for SMBs with Sage 50 Francisc
A simple accounts payable process for SMBs with Sage 50
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A good accounts payable process is important for all companies. In many ways, with more responsibility concentrated in less staff smaller companies can be open to fraud or error in the accounts payable process.
Historically though, software to support an effective accounts payable process has been expensive to implement and out of reach for smaller businesses.
Suntico changes this. Using Suntico, you can implement a simple but effective accounts payable process that works with your Sage 50 accounting.
With Suntico, you can adopt the standard “three-way-match” best practice accounts payable process that can help you to prevent fraud, reduce mistakes and pay your suppliers on time.
Before your vendor invoices are paid, it is important that you can ensure they correctly reflect:
what you ordered
what you received
what you agreed about prices, terms, etc
It is important that you do pay your correct and legitimate vendor invoices on time. This obviously helps to maintain a good relationship with your vendors that can be really important for your business. It also enables you to take advantage of early payment discounts that your vendors may offer to you.
Perhaps more importantly, it actually reduces the risk of common errors, such as paying the same invoice twice. It certainly also reduces the time and cost involved in handling unpaid invoices.
Incorrect vendor invoices can be a significant business expense because of:
Having to resolve accounting errors
Processing & handling time
The best way to handle an incorrect vendor invoice is to spot this quickly and reject it from your accounts payable process.
In many cases this needs to involve people outside the finance team, who may not even be in the same office, or may not often be in the office.
Email is a poor way to manage this interdepartmental communication about a vendor invoice. The thread of a discussion soon gets lost and it is difficult to be sure that you have access to the entire conversation.
Suntico solves this problem by enabling open accountable discussions and tasks to involve all people necessary in an accounts payable process.
Suntico extends the benefits of your Sage 50 accounting software: