ACCOUNTS PAYABLE AUTOMATION

Automate your accounts payable process — at scale.

Accounts Payable (AP) software, also known as AP automation software or accounts payable management software, provides the ability to streamline and automate the accounts payable process within an organisation. This software is specifically tailored to manage and optimise the various tasks associated with managing and paying invoices, and managing supplier relationships. Payhawk AP software supports finance and accounting teams in their accounts payable processes with automated invoice data entry via OCR, invoice management, invoice payment, and ERP or accounting software reconciliations.

Accounts Payable (AP) and Accounts Receivable (AR) are two fundamental aspects of a company's financial operations, each representing a distinct side of its financial transactions with other parties.

• Accounts Payable (AP) represents money the company owes to others, and it's recorded as a liability.
• Accounts Receivable (AR) represents money owed to the company by others, and it's recorded as an asset.

Both AP and AR are critical for managing a company's financial health. Efficient management of these accounts ensures that the company maintains liquidity, pays its bills on time, and collects revenue promptly from customers.

Correct data entry is crucial to avoid systematic errors in accounting, which can lead to fines, penalties, audit issues, and management reporting problems.

Invoice data entry and processing in accounting are crucial for ensuring accurate financial reporting, maintaining compliance with policies and standards, effective cash flow management, budgeting and planning, and maintaining vendor relationships. Automating this process reduces errors, saves time, speeds up processing, cuts costs, allows for easy scaling, enhances visibility, and drives effective compliance.

Yes, you can define custom multistep approval workflows within Payhawk. You can designate different approvers based on your organisation structure, individual approvers, roles within the platform, or any custom field (project, cost-centre, location etc). You can set workflows to be managed at a group level so they are consistent across entities, or at the entity level.

Payhawk has partnered with 60dias , a leading VAT recovery expert for travel and expenses across Europe. With our automated data extraction system, we take all the relevant information from the receipts and 60dias converts them into invoices with all the necessary requirements for tax deduction. The integration takes care of multiple steps, from the receipts' digital certification (by the AEAT) to obtaining complete and valid invoices. Learn more in our helpdesk article.

You can make transfers using SEPA Instant, Faster Payments, ACH or Bisera.

Yes, it is very safe. In Payhawk, your funds are securely held in safeguarded accounts with banks in line with European Electronic Money Regulations. Local payments are sent via the following regulated schemes: SEPA Instant, Faster Payments, ACH, or Bisera transfers.

Our live direct integrations allow you to sync all your documents, accounting data and settled payments once reviewed from Payhawk to your ERP or Accounting system of choice. Get in touch and we’ll be happy to explain how we can seamlessly integrate to your ERP or Accounting system. You can also read more in our help desk articles to understand our direct integrations to Microsoft Dynamics, Oracle NetSuite, Quickbooks, Xero, Datev, and Exact Online.