Accounts payable and Accounts receivable modules are two important execution modules under finance segment of an ERP system. Financial relationship with vendors who are providing input to the organization in the form of goods and services are maintained in Accounts Payable (AP) module.
What role does the ERP system play in Accounts Payable (AP) and enterprise finance innovation?
The ERP system runs and drives the business and is the ultimate single source of truth and system of record for organizations. That’s why Accounts Payable processes must be inextricably linked and interact with the ERP system. In addition, there is new movement within finance teams to embrace new innovative strategies, tools and technologies put finance at the center of the enterprise for value creation – creating new sources of cash and cost efficiencies that dramatically and fundamentally transform AP from a cost center to a profit center.
To capture these benefits, organizations have to be able to process invoices and payments quickly, via single, unified and uninterrupted process between the AP automation and ERP system—leveraging (not replicating) the data and business logic already inherent in the ERP system. Today’s ERP systems (including new cloud offerings) alone have consistently shown to lack the requisite processing velocity, functionality, integration and user experience that is needed. Likewise, we see the same gaps with the majority of AP solution offerings that suffer from the inherent lack of integration and interaction with the ERP system—that actually end up compounding the automation and efficiency gap.
YGL BeyondERP Account Payable Overview
Accounts Payable allows you to enter vendor invoices for purchases that you make, and then create checks for the invoices you want to pay. The system can generate payments for all invoices due, those for a specific vendor, or only for specific invoices. If a vendor calls you to discuss an invoice, you will have complete information at your fingertips, and that history can be kept indefinitely.
Accounts Payable allows you to update both purchase orders in the Purchasing Management module, as well as actual job costs. Adjustments are created if the purchase price does not match the invoiced price. With Accounts Payable, you will always know how much you owe and when it is due.
Cash Management
Improves cash management through the automatic handling and reporting of discounts available, payment due dates and payment selection methods.
Easy Entry
Allows easy entry of all invoices, debits and payments.
Checks
Print checks for select payments, or create manual checks.
On-Line Cost Updates
Jobs created in the Job Management module can be updated directly by material and subcontract costs entered through Accounts Payable.
History
Keep Accounts Payable transactions and vendor history files indefinitely.
Vendor Tracker
On-line inquiry shows open invoices, outstanding balances and payment detail.
G/L Interface
General Ledger entries are automatically created and posted from Accounts Payable transactions.
Purchasing Variance
Readily visible variances between planned and actual purchase price allow cost adjustments and analysis.
3-Way Match
On-line match between invoice, receipt and purchase order.
Bank Reconciliation
Reconcile your bank statement with entries generated in the Accounts Payable and Payroll modules.
Recurring Entries
Allows creation of standard Accounts Payable invoices.
Integration
Accounts Payable is fully integrated with the Job Management, Inventory Management, Purchasing Management, Currency Management and General Ledger modules.
How YGL BeyondERP can help SMEs in manufacturing industry to adopt and implement Industry 4.0?
We Help Manage Industry 4.0 Implementation via ERP System
With YGL, you’ll be working with the most experienced professionals in the ERP industry. Whether you need short-term support or resources for a long term engagements, our ERP Consultants have the expertise to help you implement and integrate the ERP system requirement for Industry 4.0. With a core team of functional and technical ERP consultants that are both skilled and certified, we can quickly implement a robust ERP System to maximize the value of your investment.
YGL BeyondERP system applications allows you to enable a seamless workflow from your finance to warehouse and right down to your production efficiency by providing you the essential management dashboard which allows you to have a clear visibility.
As an industry leader in ERP system Implementation, we can be sure that each YGL consultants have the highest qualifications. We provide a wide range of ERP System Integrations with experience ranging from IOT(Internet of Things) right down to Data analytics on OEE (Overall Equipment Effectiveness), supporting all functional modules to complete project management for your project needs. All of our consultants are fully vetted for the project they’re submitted for, which means you’re only reviewing the most qualified consultants who do what you need done.
We Can Help to implement ERP System Integration under Industry 4.0
We look forward to hearing from you. Contact us today so that we can help you with our YGL BeyondERP which is strategy Industry 4.0 ready implementation needs heading towards Industry 4.0.
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