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Glossary

Set of all the questions and their resolutions on accounts payable and AP automation.

What is Accounts Payable?

Accounts payable (AP) is an accounting term that represents the amount a company owes to its creditors and suppliers. It is recorded on the balance sheet or through software under current liabilities. In contrast, an increase or decrease in total AP from the period prior will appear on the cash flow statement.

What is Accounts Payable Automation (AP Automation)?

Accounts Payable Automation refers to the advanced technology that is used for streamlining and automating accounts payable processes. AP automation software removes manual tasks, provides better visibility, and also assists with critical financial data. This is a method of minimizing human intervention and eliminating error-prone tasks.

What is Invoice Processing?

Invoice processing is a business function that involves managing all incoming invoices from receipt to payment. This is mainly carried by the accounts payable department within a company. It refers to handling supplier invoice from receipt to payment. This is performed with software and is referred to as automated invoice processing.

What is Invoice Matching?

Invoice matching is matching invoices against purchase orders to reconcile and adjust charges. It ensures that the customer receives the correct quantity and minimizes the time and resources required to process transactions.

What is Invoice Scanning?

Invoice scanning is data capturing and extracting invoice data for downstream business processes. An invoice scanning software feature captures all the critical information on invoices and displays it in a machine-readable format. It allows the smooth movement of data in automated workflows.

What is Invoice Approval?

The process of reviewing and approving supplier invoices before payment processing is known as invoice approval. Typically, the invoice approval process begins when the buyer gets a supplier invoice (by email, mail, etc.). The invoice is subsequently classified and routed to the appropriate stakeholder for approval.

Spend Analysis

The practice of examining spending to reduce expenses, increase efficiency, or strengthen supplier relationships is known as spending analysis. Spending analytics is gathering, categorizing, and analyzing spend data using either specialist software or one-time expenditure and cash flows.

Spend Management

Spend management refers to a company's techniques to regulate its expenditure. Everything from office supplies to monthly software subscriptions falls under this category. Spend management enables easily avail staff requirements with best spend management practices.

Supplier Portal

A supplier portal is an internet-based system for managing and connecting with third-party providers of goods or services. It is a security management solution that businesses collaborate with various providers.‍

What is Vendor Validation?

The vendor validation process establishes a supplier's validity. Verifying that you do not engage with phony suppliers and that your current vendors have not changed their branding, moved their offices, or gone out of business, can help your organization save money.

Dashboards

Dashboards are reporting tools in accounts payable process automation that compiles and presents metrics and important indicators so that all potential audiences can quickly scan them

What is Supplier Relationship Management (SRM) in expense management software?

Supplier Relationship Management (SRM) is a coordinated activity within a corporation that engages with third-party service and product providers to optimize their benefit to the company's objectives.

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