Why Do Businesses Consider NOVA’s Accounts Payable Software?
- SUBMITTED BY :
- Dec 20, 2022
Defining Accounts Payable Software Systems
Generally, Accounts Payable Software Systems comprise a set of instructions customized specifically for the automation of the business payment procedures from beginning to end. They classify, match, and verify the information before forwarding them to the business accounting system
Understanding Accounts Payment Automation
Accounts Payable Automation is the latest technology that involves the automation of accounts payment invoice processes by the accounting teams. The Accounts Payable Software Systems have intellectual Optical Character Recognition (OCR) technologies integrating both Artificial Intelligence (AI) and Machine Learning Software (MLS). They enable the automation of the entire accounting and payment procedure of your business.
Why Do Businesses Switch to Accounts Payable Software Systems?
It’s time to consider NOVA’s Accounts Payable Software for your business which comes with several benefits including”
Minimizing the fraud-related risks
NOVA Accounts Payable Software isolates the responsibilities between processing, approval, and payment. It offers a digital approach to handling the accounting system as the software application uses the cloud and reduces the risk of theft of checks.
However, digital payments through NOVA software keep the information more confidential and minimize the risks of misusing your information.
Eliminating the hassles of paper invoices
With NOVA’s Accounts Payable Software, you can store the invoice images in the compliant archives that help in backing up those images regularly. Hence they remain safe from floods, fire accidents, and theft. So, you should avoid the hassle of paper invoices and unwanted clutter. So, it is significant to go digital for your business.
Avoid adding the duplicate invoice entries
It is truly frustrating to make duplicate payments to a vendor. With NOVA’s Accounts Payable Software System, it becomes easier for you to identify duplicate invoice numbers from the same vendor. Hence, you won’t need to review the invoices manually again and again.
Understanding the Key Features of NOVA’s Accounts Payment Software
- The software allows you to see the full extent of your cash needs.
- The software application combines with the accounts receivable system, offering the ability and knowledge to make considered decisions.
- The reports on the software system show open and closed invoices, cash requirements and aging, journal entries, audit lists, and several reports on vendor and invoice files.
- The software provides you with online inquiry programs that allow you to find invoices much faster to check the status and answer questions.
- It has a flexible payment selection option allowing you to have full control over payments.
- The software has several manual, semi-automatic and automatic methods.
- You can even set up recurring payments once and generate invoices weekly, semi-weekly, monthly, quarterly, or annually.
- The system is able to handle both manual and voided checks.
- It creates all types of journal entries required and transfers them to General Ledger.
Bottom Line –
Do you want to integrate one of the best accountable payable software systems into your organization? If yes, then feel free to contact Aurora Software today and let us provide you with more practical, automated, and highly efficient accounting solutions for your business.