Account receivable (AR) refers to the money the company is owed in return for products and services provided. After the delivery of the product and service, an invoice is sent to the client and the company expects payment. Until this payment is received, the company holds it as ‘Accounts Receivable’.
‘Accounts Receivable’ manages customer accounts and improves payment collections by automating the processes of tracing receivables on a real-time basis. It helps to generate invoices, send statements, collect and apply payments, verify balances, aid debit/credit note booking, facilitates approval sand deliver customer reports.
In short, less time is spent sorting information, performing manual entries and then awaiting long physical approval processes.
Accounts Payable
- Ensures 100% invoice delivery.
- Facilitates more cash flow visibility and monitoring.
- Reduce Days Sales Outstanding (DSO).
- Integrates with SAP.
- Supports Multicurrency.
- Reduce operating costs and data entry errors by capturing customer order forms and purchase orders electronically.
- Provides with instant access to information in a central location.
- Provide for security in access controls.
